Retail Banks

Standard Chartered completes first voluntary carbon credit transactions on HKEX’s Core Climate

Standard Chartered Bank (Hong Kong) Limited (“Standard Chartered Hong Kong”) has announced that it has completed the first batch of voluntary carbon credit transactions with New World Development Company Limited (“NWD”) and CLP Holdings Limited’s Apraava Energy business respectively on Core Climate, which is a new international carbon marketplace launched by the Hong Kong Exchanges and Clearing Limited (“HKEX”) that connects capital with climate-related products and opportunities in Hong Kong and in the region.

As a founding member of the HKEX’s Hong Kong International Carbon Market Council, Standard Chartered Hong Kong has been playing a leading role in facilitating the first batch of carbon credit transactions on Core Climate since its launch in late October. Among these transactions, the Bank helped NWD successfully source and purchase a batch of highquality voluntary carbon credits – the first time for NWD to conduct voluntary carbon credit transaction in Hong Kong – to meet with its ambitious sustainability aspirations. Meanwhile, the Bank also bought voluntary carbon credits from Apraava Energy's renewable energy project in India on the platform.

 

Helen Hui, Managing Director, Head, Client Coverage, Corporate, Commercial and Institutional Banking, Hong Kong, Standard Chartered, said, “The successful completion of the first batch of voluntary carbon credit transactions on Core Climate marks an important milestone for the development of a voluntary carbon market in Hong Kong. It is also a testimony to the strong capabilities of Standard Chartered in supporting clients’ net-zero transition as Hong Kong targets to achieve carbon neutrality by 2050. It is estimated that the global voluntary carbon markets could grow to US$50 billion by 20501 . With its robust financial infrastructure, Hong Kong is well positioned to capture these opportunities and become an international carbon trading hub.”

 

To learn more about Standard Chartered’s offering in sustainable finance, please visit: https://www.sc.com/en/about/hereforgood/through-different-eyes/