On October 31st, Hong Kong Exchanges and Clearing Limited (HKEX) announced that it has signed a Memorandum of Understanding (MOU) with the China Emissions Exchange Shenzhen (CEEX Shenzhen) to collaborate in fostering the development of the carbon market ecosystem in Hong Kong and the broader Greater Bay Area.
Under the terms of the MOU, HKEX and CEEX Shenzhen will jointly explore opportunities for connectivity and climate financing between their respective carbon markets, with the shared goal of building a vibrant and sustainable regional financial ecosystem. This collaboration is set to support China's ambitions to reach its carbon peak by 2030 and achieve carbon neutrality by 2060, propelling the healthy development of green finance in Asia.
Leveraging their respective strengths, HKEX and CEEX Shenzhen are committed to providing high-quality carbon projects and facilitating interaction between the mainland's mandatory carbon markets and the international voluntary markets.
CEEX Shenzhen, established in 2010 and commencing China's first carbon trading market in 2013, is the pioneer in involving foreign investors in domestic carbon trading and one of the first in the country to operate a greenhouse gas voluntary emission reduction trading market.