Hong Kong Exchanges and Clearing Limited (HKEX) is today (Wednesday) pleased to announce that Kinming Resources Holdings Limited (Kinming Resources), a natural resources company specialising in sand exploration and production, has bought over 200,000 tonnes of voluntary carbon credits on HKEX's Core Climate Platform. Kinming Resources has also signed a letter of intent with Core Climate to facilitate the company's decarbonisation journey by purchasing carbon credits on the Core Climate platform. This collaboration will help support the region's transition to a low-carbon economy, reflecting the critical role that carbon markets will continue to play in practical climate-related solutions.
HKEX Group Head of Emerging Business & FIC, Glenda So, said: "We are very pleased to welcome Kinming Resources to our Core Climate platform, committing to offset their future carbon footprint through the purchase of voluntary carbon credits. As part of Core Climate's commitment to connecting capital with climate-related products and opportunities in the region, this agreement marks another step forward in cementing Core Climate's position as one of the world's most exciting new carbon marketplaces, further strengthening Hong Kong's role as a leading international green finance centre. We look forward to collaborating with more industry leaders in Hong Kong, the Greater Bay Area and beyond, to support their net-zero journey, as we facilitate to the global drive towards a sustainable future."
The letter of intent was signed today at the Belt and Road Summit, underscoring the important role Core Climate plays in mobilising the investment needed to fund new climate projects, green technologies, and business models.
Hong Kong-headquartered Kinming Resources currently has exclusive exploration rights to over 1.5 billion metric tonnes of natural sand resources in the Philippines. In the letter of intent, Kinming Resources intends to purchase voluntary carbon credits on Core Climate to offset carbon emissions generated from the production of natural sand resources that will be supplied to infrastructure and construction projects in the region, with a specific focus in China's Greater Bay Area.
Launched in October 2022, HKEX's Core Climate is currently the only carbon marketplace that offers Hong Kong Dollar and Renminbi settlement for the trading of international voluntary carbon credits. The platform's participant number has tripled to nearly 70 in less than a year. It offers quality carbon credits from more than 40 internationally-certified projects in Asia, South America and West Africa, covering forestry, solar, wind and biomass initiatives. All projects available on Core Climate are currently verified against the Verified Carbon Standard by Verra.
To learn more about Core Climate, please visit theor contact us at.
Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code: 388) and one of the world's leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metal Exchange.
As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of the world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets.
HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all.
HKEx - Hong Kong Exchanges and Clearing Ltd. published this content on 13 September 2023 and is solely responsible for the information contained therein. Distributed by, unedited and unaltered, on 13 September 2023 08:17:08 UTC.