Hong Kong · Voluntary carbon credit marketplace (no compliance carbon price)

Hong Kong: no carbon tax or ETS, only HKEX's voluntary Core Climate marketplace, settled in Hong Kong dollars and renminbi

Hong Kong has no compliance carbon price. Its carbon market is Core Climate, a voluntary international marketplace run by HKEX since 28 October 2022, where companies buy, settle and retire Verra and Gold Standard credits in Hong Kong dollars or renminbi. The Government counted more than 130 participants in March 2026; prices and transaction values are not disclosed.

13 November 2026No mandatory carbon priceLast checked 2026-11-13
Victoria Harbour and Kowloon at night, seen from Sky100
Victoria Harbour and Kowloon at night, seen from Sky100. Photo: Diego Delso, CC BY-SA 3.0, source. Resized only; no other change.
Summary

In brief

Hong Kong has no emissions trading scheme or carbon tax; in 2018 the Government said it was not yet in a position to set up its own carbon trading market, and in March 2022 it backed a voluntary, on-exchange market instead.

HKEX launched Core Climate on 28 October 2022. Companies register as participants, then buy, settle, hold and retire certified credits there, paying in Hong Kong dollars or renminbi. Verra VCS credits are offered from launch and Gold Standard VERs since 1 August 2024.

The Government reported 100 registered participants at end-2024 and over 130 in March 2026, with over 60 projects on the platform at end-2025. It says prices and transaction values cannot be disclosed because they are commercially sensitive.

Links with mainland China are at the pilot stage, under MOUs with Guangzhou, Shenzhen and Macao exchanges. Hong Kong's own target is to halve emissions from the 2005 level before 2035; 2024 emissions were 33.2 million tCO2e.

Data

Platform growth and emissions in charts

HKEX publishes no price or volume series for Core Climate. The charts use the participant counts the Government has stated, plus Hong Kong's official emissions inventory.

Core Climate registered participants, Government figures

participants037.575112.5150End-2024Mar 2026100130

Source: HKSAR Government, Secretary for Environment and Ecology; HKSAR Government, Secretary for Financial Services and the Treasury. Checked 2026-11-12. Government statements to the Legislative Council: 100 at end-2024 and over 130 in March 2026 (lower bound).

Table of the same figures
PeriodparticipantsSource (checked)
End-2024100HKSAR Government, Secretary for Environment and Ecology 2026-11-12
Mar 2026130HKSAR Government, Secretary for Financial Services and the Treasury 2026-11-12

Hong Kong total greenhouse gas emissions and the 2035 target (ktCO2e)

Total GHG emissions012,50025,00037,50050,00020052008201120142017202020242035 target ≈21,400 (50% of 2005, calc.)33,200

Source: Environment and Ecology Bureau, Carbon Neutrality and Sustainable Development website; HKSAR Government, Environment Bureau. Checked 2026-11-12. Emissions are not priced; this shows the target Core Climate buyers in Hong Kong work against. The target line is calculated as 50% of the 2005 total.

Table of the same figures
PeriodTotal GHG emissions
200542,800
200643,700
200744,200
200842,700
200943,300
201041,800
201143,400
201243,600
201344,800
201445,600
201542,100
201642,300
201741,500
201842,100
201941,300
202034,900
202136,300
202234,600
202334,500
202433,200
Chronology

Timeline

Red dates are still ahead.

From 'not ready' to a voluntary market

  • 2018-12-12Government says Hong Kong is not yet in a position to set up its own carbon trading market.
  • 2021-10-08Climate Action Plan 2050: halve emissions from 2005 before 2035; carbon neutrality before 2050.
  • 2022-03Steering group backs an on-exchange voluntary carbon market; HKEX signs an MOU with China Emissions Exchange.
  • 2022-07HKEX forms the Hong Kong International Carbon Market Council.
  • 2022-10-28HKEX launches Core Climate, with Verra VCS credits.
  • 2023-10HKEX signs an MOU with Shenzhen Green Exchange.
  • 2024-08-01Gold Standard VERs become tradable alongside Verra VCS.
  • 2025HKMA and HKEX complete a tokenised carbon credit test under Project Ensemble.
  • 2025-09-23MOU with three Greater Bay Area carbon exchanges.
  • 2026-03Government reports over 130 registered participants.
  • 2035Target: emissions half the 2005 level.
  • 2050Target: carbon neutrality.

Source: HKSAR Government, Secretary for the Environment; HKSAR Government, Environment Bureau; HKSAR Government, Secretary for Financial Services and the Treasury; HKSAR Government, Secretary for Environment and Ecology; Hong Kong Exchanges and Clearing Limited (HKEX); HKEX; Environment and Ecology Bureau (EEB).

Mechanism

How it works

Core Climate is a voluntary marketplace: companies buy credits to meet their own goals, not a legal cap.

How a purchase works on Core Climate

  1. Step 1

    Join

    A company registers as a participant (over 130 by March 2026).

  2. Step 2

    Choose credits

    Pick from certified projects verified under Verra VCS or Gold Standard.

  3. Step 3

    Trade or settle

    Buy on the platform, or use it to settle a deal agreed bilaterally.

  4. Step 4

    Pay in HKD or RMB

    Settlement in Hong Kong dollars or renminbi.

  5. Step 5

    Hold or retire

    Credits are held in custody or retired against the buyer's own climate claims.

Source: HKSAR Government, Secretary for Financial Services and the Treasury; HKEX.

Coverage

Scope

What exists in Hong Kong today, and what does not.

Carbon pricing in Hong Kong

Source: HKSAR Government, Secretary for the Environment; HKSAR Government, Secretary for Financial Services and the Treasury; HKSAR Government, Financial Secretary; HKSAR Government, Environment Bureau; Environment and Ecology Bureau (EEB). Checked 2026-11-12.

Table of the same figures
ItemStatus
Emissions trading schemeNone. 2018: 'not yet in a position' to set up its own
Carbon taxNone confirmed in official texts
Carbon market policyVoluntary carbon market on exchange (March 2022 assessment)
Core ClimateVoluntary international marketplace run by HKEX
2035 targetHalve emissions from the 2005 level
Long-term targetCarbon neutrality before 2050
2024 emissions33.2 MtCO2e; 4.41 t per person; −27% from the 2014 peak
Main sources (2024)Electricity 61%, transport 18%, waste 8%
Offsets

Credits and offsets

Which credits are offered, how they are settled, and where the market is heading.

Credits on Core Climate

Source: HKSAR Government, Secretary for Financial Services and the Treasury; HKEX. Checked 2026-11-12.

Table of the same figures
ItemDetail
StandardsVerra VCS since launch; Gold Standard VERs from 1 Aug 2024
Unit1 credit = 1 tonne CO2
Project typesForestry, solar, wind, biomass in Asia, South America and Africa
Settlement currencyHong Kong dollar and renminbi
Mainland linksMOU with Guangzhou, Shenzhen and Macao carbon exchanges (23 Sep 2025)
Cross-boundary settlementPilot to be completed within 2026
Tokenised creditsTest completed in 2025 by HKMA and HKEX (Project Ensemble)
PricesNot disclosed: wide price range, commercially sensitive
Reference

All figures

35 figures with numbers, each linked to the official text with the date we checked it.

ItemValueSource (checked)
Core Climate launch date28 October 2022Hong Kong Exchanges and Clearing Limited (HKEX) 2026-11-12
Participants, end-2024 (Government)100HKSAR Government, Secretary for Environment and Ecology 2026-11-12
Projects on the platform, end-2025Over 60 carbon reduction projectsHKSAR Government, Secretary for Financial Services and the Treasury 2026-11-12
Cumulative traded volume, as of March 2026Exceeded 1 million tonnesHKSAR Government, Secretary for Financial Services and the Treasury 2026-11-12
Registered participants, as of March 2026Over 130HKSAR Government, Secretary for Financial Services and the Treasury 2026-11-12
Disclosure of transaction valuesNominal volumes and transaction information not disclosed (commercially sensitive; very wide price range)HKSAR Government, Secretary for Financial Services and the Treasury 2026-11-12
Settlement currencies2 currencies: Hong Kong dollar (HKD) and Renminbi (RMB)HKSAR Government, Secretary for Financial Services and the Treasury 2026-11-12
Credit standard at launchVerra Verified Carbon Standard (VCS); all projects verified against it (Nov 2022)HKEX 2026-11-12
Gold Standard VERs addedGS-VERs tradable from 1 August 2024HKEX 2026-11-12
Unit size of a GS-VER1 tonne of CO2 per creditHKEX 2026-11-12
Project types and regionsForestry, solar, wind, biomass projects in Asia, South America and AfricaHKSAR Government, Secretary for Financial Services and the Treasury 2026-11-12
Hong Kong International Carbon Market Council formedJuly 2022HKSAR Government, Secretary for Environment and Ecology 2026-11-12
GBA exchanges MOUSigned 23 Sep 2025 with 3 exchanges: Guangzhou Emissions Exchange, Shenzhen Green Exchange, Macao International Carbon Emission ExchangeHKEX 2026-11-12
Cross-boundary settlement pilot targetPilot to be completed within 2026HKSAR Government, Secretary for Financial Services and the Treasury 2026-11-12
GEC pilot trading targetPilot trading of GECs in Hong Kong in 2026HKSAR Government 2026-11-12
Tokenised carbon credit test (Project Ensemble)Completed in 2025 by HKMA and HKEXHKSAR Government, Secretary for Financial Services and the Treasury 2026-11-12
Co-operation countries named in 2026 Policy Address3: Brazil, Malaysia, KazakhstanHKSAR Government 2026-11-12
Compliance carbon trading market (2018 position)Steering Committee on Climate Change: Hong Kong not yet in a position to set up its own carbon trading marketHKSAR Government, Secretary for the Environment 2026-11-12
Policy direction (March 2022 feasibility assessment)Develop a centralised, on-exchange voluntary carbon market (2022 target, as worded in the official reply)HKSAR Government, Secretary for Financial Services and the Treasury 2026-11-12
Government description of Core Climate (2026)Voluntary international carbon marketplace run by HKEXHKSAR Government, Financial Secretary 2026-11-12
First carbon futures ETF listed on HKEX23 March 2022HKSAR Government, Secretary for Financial Services and the Treasury 2026-11-12
2035 interim targetHalve carbon emissions from the 2005 level before 2035 (-50%)HKSAR Government, Environment Bureau 2026-11-12
Carbon neutrality targetBefore 2050Environment and Ecology Bureau (EEB) 2026-11-12
Climate spending planned (CAP2050)About HK$240 billion over the next 15-20 yearsHKSAR Government, Environment Bureau 2026-11-12
Renewable energy share target in power mix7.5%-10% by 2035, 15% subsequentlyHKSAR Government, Environment Bureau 2026-11-12
Total GHG emissions 2024About 33.2 million tCO2e (-3.6% vs 2023)Environment and Ecology Bureau (EEB) 2026-11-12
Per capita emissions 20244.41 tCO2e per personEnvironment and Ecology Bureau (EEB) 2026-11-12
Largest emission source 2024Electricity generation 61%, transport 18%, waste 8%Environment and Ecology Bureau (EEB) 2026-11-12
Change since 2014 peak (2024)Total emissions down about 27%Environment and Ecology Bureau (EEB) 2026-11-12
Total GHG emissions 2005 (baseline year)42,800 ktCO2eEnvironment and Ecology Bureau, Carbon Neutrality and Sustainable Development website 2026-11-12
Total GHG emissions 2014 (peak)45,600 ktCO2eEnvironment and Ecology Bureau, Carbon Neutrality and Sustainable Development website 2026-11-12
Annual GHG emissions table 2005-2024Total GHG emissions by year, ktCO2e (AR5 GWP)Environment and Ecology Bureau, Carbon Neutrality and Sustainable Development website 2026-11-12
Implied 2035 emissions levelAbout 21,400 ktCO2e = 50% (f41) x 42,800 (f49)Environment and Ecology Bureau, Carbon Neutrality and Sustainable Development website 2026-11-12
2024 emissions vs 2005About -22.4% = 33,200 (f51 table) / 42,800 (f49) - 1Environment and Ecology Bureau, Carbon Neutrality and Sustainable Development website 2026-11-12
Climate Action Plan 2050 reviewReview result expected in 2026HKSAR Government, Secretary for Environment and Ecology 2026-11-12
Climate Action Plan 2050 announced8 October 2021HKSAR Government, Environment Bureau 2026-11-12
HKEX - Shenzhen Green Exchange MOUOctober 2023HKEX 2026-11-12
HKEX - China Emissions Exchange (Guangzhou) MOUMarch 2022HKSAR Government, Secretary for Financial Services and the Treasury 2026-11-12
Earlier target (CAP2030+, 2017)Carbon intensity -65% to -70% by 2030 vs 2005 (= total -26% to -36%)HKSAR Government, Environment Bureau 2026-11-12
Questions

Frequently asked questions

Does Hong Kong have a carbon tax or an emissions trading scheme?

No. No official text confirms a carbon tax or ETS. In 2018 the Government said Hong Kong was not yet in a position to set up its own carbon trading market; its March 2022 assessment recommended a voluntary carbon market instead.

What is Core Climate?

A voluntary international carbon credit marketplace run by HKEX, launched on 28 October 2022. Companies buy, settle, hold and retire certified credits there, in Hong Kong dollars or renminbi.

Are Core Climate prices or volumes published?

No price or volume series is published. The Government says transaction values cannot be disclosed because prices vary widely and the information is commercially sensitive.

How many companies take part?

Over 130 registered participants as of March 2026, up from 100 at the end of 2024, according to the Government.

Which credits can be traded?

Credits verified under Verra's VCS, and Gold Standard VERs since 1 August 2024, from over 60 projects (end-2025) in forestry, solar, wind and biomass. Each credit is 1 tonne of CO2.

Is Core Climate linked to mainland China's carbon markets?

Pilots only so far. HKEX signed an MOU with three Greater Bay Area exchanges on 23 September 2025, and in October 2026 it began pilots in Shenzhen allowance settlement and green electricity certificate trading. The Government aims to complete the settlement pilot within 2026.

What is Hong Kong's emissions target?

Halve emissions from the 2005 level before 2035 and reach carbon neutrality before 2050. Emissions were 33.2 million tCO2e in 2024, about 27% below the 2014 peak.

Gaps

Not listed yet

Items we could not confirm in an official text are left out on purpose.

  • Prices and transaction values on Core Climate: the Government says they cannot be disclosed.
  • Annual or monthly Core Climate volumes: not published.
  • Core Climate fees and rulebook: behind the platform login.
  • Official traded price or transaction value on Core Climate — Government reply (LCQ21, 18 Mar 2026) says nominal volumes and transaction information cannot be disclosed; no HKEX price series found.
  • Compliance carbon price (ETS or carbon tax) in Hong Kong — No official statement found that Hong Kong has or has legislated an ETS or carbon tax; the 2018 Government position was that it was not yet in a position to set up its own carbon trading market.
  • Annual or monthly Core Climate trading volume — HKEX publishes no annual/monthly Core Climate statistics in the releases and results reports read; only cumulative figures for Nov 2022 and Mar 2026.
  • Core Climate fees and trading rules — The Core Climate rulebook/fee schedule is behind the platform login; not read.
  • Results of the 2026 review of the Climate Action Plan 2050 — Review was expected in 2026; no published result found as of 12 Nov 2026.
  • Exact participant count at end-2024 — Only the Government figure is shown: 100 by end-2024 (LCQ20, 2025). Counts published by the exchange are not republished here.
Record

Sources