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Internationalising China’s Carbon Market: The Role of Hong Kong as an International Financial Centre

As corporates in Hong Kong actively work to mitigate climate risks, the carbon market is emerging as a key strategy. A notable milestone in this endeavour is the establishment of the Core Climate in 2022, an international carbon marketplace launched by the Hong Kong Exchanges and Clearing Limited (HKEX). This platform has laid a foundation for capturing regional carbon trading activity and supporting the global effort to manage climate challenges.

The Financial Services Development Council (FSDC) has been a keen advocate for these initiatives. In November 2024, the FSDC participated in the United Nations Climate Change Conference (COP29), highlighting how Hong Kong’s financial services and its position as an international hub could drive a sustainable future. This participation underscored the FSDC’s commitment to supporting Hong Kong's becoming a green and sustainable finance hub.

This study highlights the importance of internationalising Mainland China’s carbon market, outlines the challenges faced in this process, highlights Hong Kong’s pivotal role in overcoming these obstacles, and proposes policy recommendations for the Hong Kong SAR Government to consider.