Hong Kong trade enrolls HSBC, Tencent to assist

• Hong Kong’s stock trade said on Tuesday.
• It had enrolled banks including HSBC (HSBA.L).
• Organizations like China’s Tencent (0700.HK) to assist.

Hong Kong Exchanges and Clearing Ltd said in a proclamation that it was setting up the Hong Kong International Carbon Market Council.

Overall endeavors to battle environmental change have brought forth willful carbon markets, which permit producers to counterbalance their carbon by buying purported credits, which are given by projects focused on at eliminating or cutting emanations.

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Six worldwide and Chinese moneylenders, HSBC, Standard Chartered (STAN.L), BNP Paribas (BNPP.PA), ANZ (ANZ.AX), Industrial and Commercial Bank of China (601398.SS) and Bank of China (601988.SS), are among the debut individuals, HKEX said.

Hong Kong’s Cathay Pacific Airways and Chinese tech monster Tencent are likewise individuals from the chamber, which HKEX CEO Nicolas Aguzin said would “assume an imperative part in supporting our vision to fabricate a main carbon market”.

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“This is a critical step in the right direction in our aggregate process to accomplishing net zero,” Aguzin added.

Singapore in May 2021 said it expected to carry out a worldwide commercial center and trade for quality carbon credits this year. Named Climate Impact X, this is a joint endeavor between Singapore Exchange, DBS Bank, and sovereign asset Temasek.