In
a move towards sustainability, numerous countries have set out to
achieve a net-zero carbon emission target by the middle of the century.
As a result, there has been a global surge of collective efforts across
various sectors to combat climate change. China has pledged to reach its
carbon emission peak by 2030 and attain carbon neutrality before 2060,
while Hong Kong has set out to halve its carbon emission by 2035 and
achieve carbon neutrality by 2050. However, the journey towards
decarbonisation is becoming increasingly challenging and expensive due
to the large amount of emissions that need to be removed. The rise of
voluntary carbon markets (VCMs) is one of the strategies that can be
employed to mobilize funding for the transition to a low-carbon economy.
Given that Hong Kong is a prominent global financial centre and a
regional hub for green finance, it can take on the task of playing a
significant role in both regional and global carbon markets,
contributing to the decarbonisation goals of Hong Kong, China, and
beyond.