By Selena Li
HONG KONG (Reuters) - Hong Kong's stock exchange said on Tuesday it had enlisted banks including HSBC and companies such as China's Tencent to help it develop a global carbon market.
Worldwide efforts to combat climate change have spawned voluntary carbon markets, which allow emitters to offset their carbon by purchasing so-called credits, which are issued by projects targeted at removing or cutting emissions.
Hong Kong Exchanges and Clearing Ltd (HKEX) said in a statement that it was setting up the Hong Kong International Carbon Market Council but did not say when it planned to launch a market.
Six international and Chinese lenders, HSBC, Standard Chartered (OTC:SCBFF), BNP Paribas (OTC:BNPQY), ANZ, Industrial and Commercial Bank of China and Bank of China, are among the inaugural members, HKEX said.
Hong Kong's Cathay Pacific Airways (OTC:CPCAY) and Chinese tech giant Tencent are also members of the council, which HKEX CEO Nicolas Aguzin said would "play a vital role in supporting our vision to build a leading carbon market".
"This is a significant step forward in our collective journey to achieving net zero," Aguzin added.
Singapore in May 2021 said it aimed to roll out a global marketplace and exchange for quality carbon credits this year. Named Climate Impact X, this is a joint venture between Singapore Exchange (OTC:SPXCY), DBS Bank, and sovereign fund Temasek.