Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Wednesday) that Cathay Pacific Airways Limited (Cathay Pacific), a leading Hong Kong-based carrier, has successfully settled a total of 50,000 tonnes of carbon credits as part of their voluntary carbon offset programme on HKEX's Core Climate carbon marketplace. The transaction underscores Core Climate's ongoing commitment to supporting corporates on their climate transition journey.
HKEX's Group General Counsel, Paul Chow, said: “We are delighted to welcome Cathay Pacific to the Core Climate community, marking the collaboration between two of Hong Kong's most well-known companies in facilitating the region's sustainability journey. At HKEX, we are committed to building an international carbon marketplace that addresses the needs of participants across the climate value chain, whilst providing a convenient and efficient platform for carbon transactions. We look forward to working closely with more industry leaders in Hong Kong, the Greater Bay Area, and beyond, as we collectively march towards a net-zero future.”
Core Climate's settlement services can help corporates and market participants reduce settlement risk for voluntary carbon credit transactions conducted through bilateral over-the-counter agreements, improving transaction efficiency and making the process more secure and convenient.
Launched in 2022, HKEX's Core Climate is the only carbon marketplace that offers Hong Kong dollar and Renminbi settlement for the trading of international voluntary carbon credits. The platform has over 90 participants and offers quality carbon credits from more than 50 internationally certified projects in Asia, South America and West Africa, covering forestry, solar, wind and biomass initiatives.
All projects available on Core Climate are verified against international standards, including the Verified Carbon Standard (VCS) by Verra and the Verified Emission Reductions (VERs) by Gold Standard.
