The Hong Kong Exchanges and Clearing Ltd. (HKEX), on Tuesday (Jul. 5), said it had recruited banks including HSBC and companies like China's Tencent to help it create a global carbon market.
The need to combat climate change brought about voluntary carbon markets. These markets allow emitters to offset their carbon, by purchasing credits. Projects targeting removal or cutting of emissions issue the so-called credits.
In a statement, HKEX said it was establishing the Hong Kong International Carbon Market Council. However, there was no mention of when it planned to launch a market. HKEX also said that six international and Chinese lenders are among the inaugural members. The lenders include HSBC, Standard Chartered, BNP Paribas, ANZ, Industrial and Commercial Bank of China and Bank ...
