The Financial Services and the Treasury Bureau (FSTB), Hong Kong has welcomed Cathay Pacific Airways Limited’s settlement of 50,000 tonnes of voluntary carbon credits through the Hong Kong Exchanges and Clearing Limited (HKEX)’s carbon marketplace, Core Climate. This move is part of Cathay Pacific’s voluntary carbon offset programme and highlights Hong Kong’s role in advancing sustainable finance.
Secretary for Financial Services and the Treasury Christopher Hui, described the transaction as a benchmark example of how Hong Kong’s green finance platform supports businesses in achieving sustainability goals. “This aligns with the Chief Executive’s 2024 Policy Address vision of enhancing Hong Kong’s green finance ecosystem and reinforcing our position as a leading sustainable finance hub in Asia,” Mr. Hui said.
He also emphasised the government’s commitment to fostering cooperation between the HKEX and its Mainland and international counterparts to build a dynamic, trustworthy carbon marketplace. “By enabling access to high-quality carbon credits verified by international standards and fostering interaction among local, Mainland, and overseas carbon market participants, we aim to strengthen Hong Kong’s leadership in driving green transitions through finance,” he added.
The settlement underscores Core Climate’s role in facilitating efficient and secure transactions that mitigate risks while supporting corporations on their climate transition journeys. It also highlights Cathay Pacific’s dedication to sustainability as a leading airline in Hong Kong, proactively working to reduce its carbon footprint.
Core Climate, currently the world’s only carbon marketplace offering settlement in both Hong Kong dollars and Renminbi for international voluntary carbon credits, provides businesses access to internationally certified carbon credits. This positions Hong Kong as a regional hub for green and sustainable finance.
In addition to the carbon marketplace development, the FSTB recently published a roadmap for the full adoption of the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards). This move positions Hong Kong among the first jurisdictions to align local requirements with these global standards, reinforcing its leadership in sustainability reporting and disclosure.
Hong Kong has pledged to achieve carbon neutrality before 2050 and reduce carbon emissions by 50% by 2035. These ambitious targets, supported by initiatives like Core Climate and the adoption of international sustainability standards, solidify Hong Kong’s position as a leading international green finance centre driving sustainable development in Asia and beyond.
