Road to Carbon Neutrality: Hong Kong's Role in Capturingthe Rise of Carbon MarketOpportunities
2 Feb 2023
Seeing sustainability as the key to a better future, many countries have embarked on their sustainability journey of achieving net-zero carbon emissions by mid-century, collective efforts have surged globally across sectors in combating climate change. Among these, Mainland China has pledged to reach a carbon emission peak by 2030 and to attain carbon neutrality before 2060, while Hong Kong has committed to halve its carbon emission before 2035 and to reach carbon neutrality by 2050. The journey to decarbonisation is becoming more challenging and costly given the enormous scale of emissions that need to be removed. Voluntary carbon markets (VCMs), among others, emerge as one of the key tools to mobilise finance for the transition to a low-carbon economy. Hong Kong, being a leading international financial centre and regional green finance hub, should take on the mission of playing a pivotal role in the regional and global carbon markets, thereby contributing to the decarbonisation goals of Hong Kong, the country and beyond.