Hong Kong makes a push to integrate global carbon markets

Hong Kong hosted the International Emissions Trading Association’s Asia Climate Summit from July 7 to 9, where a new platform intended to connect global carbon markets and climate finance pathways was announced. CGS International and Verdana HK signed an agreement with the Global Carbon Council to develop the Hong Kong Carbon Register and Services Body, a carbon registry and independent carbon finance facilitation platform aligned with Article 6 of the Paris Agreement and intended particularly to facilitate Chinese investment. The initiative supports Hong Kong’s ambition to become a major green and climate finance hub. As carbon-pricing mechanisms expand worldwide, the article argues that harmonising laws is the next step towards a global carbon market. Hong Kong’s platform could potentially link carbon trading systems in China, Vietnam, Indonesia and Singapore with the EU ETS and, eventually, markets in the Americas, including the Regional Greenhouse Gas Initiative in the north-eastern United States.
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