CARBON CREDITS SETTLEMENT WELCOMED

The Financial Services & the Treasury Bureau today said it welcomes Cathay Pacific Airways’ settlement of 50,000 tonnes of voluntary carbon credits using Core Climate, a carbon marketplace on the Hong Kong Exchanges & Clearing.

The transaction is part of the carrier’s voluntary carbon offset programme.

Secretary for Financial Services & the Treasury Christopher Hui said: “The transaction showcases how Hong Kong’s green finance platform helps businesses achieve sustainability goals through our robust financial market infrastructures, and sets a benchmark example for more transactions to follow.”

The settlement also aligns with the vision outlined in the 2024 Policy Address of enhancing Hong Kong’s green finance ecosystem and promoting the city’s role as a leading sustainable finance hub in Asia, Mr Hui added.

“By enabling access to high-quality carbon credits verified by international standards, and facilitating interaction between local, Mainland and overseas carbon market participants, we aim to further strengthen Hong Kong’s leadership in empowering green transition through finance.”

The bureau added that the transaction highlights the role of Core Climate in offering trustworthy settlement services that support corporates in their climate transition journeys, and reflects Cathay Pacific’s commitment to sustainability and to proactively reducing its carbon footprint.

Core Climate is, at present, the world’s only carbon marketplace offering settlement of voluntary carbon credits in both Hong Kong dollars and renminbi. It provides businesses with access to quality carbon credits from internationally certified projects and reinforces Hong Kong’s position as a leading regional hub for green and sustainable finance.

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