Hong Kong can use digital tech to build trust in its carbon market and strengthen its position as an international emissions trading hub
- Digital technology, can help companies and participants in the carbon market to access data and information about carbon credit generating projects, and build transparency and greater trust in Hong Kong’s voluntary emissions trading platform
- Blockchain may be used to underwrite carbon projects, involving auditor lawyers, regulators and the stock exchange to verify carbon credits from different projects
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Hong Kong can use digital technology to build trust in its carbon market and strengthen its position as an international emissions trading hub, a panel organised by the government and the Cyberport hi-tech hub said on Friday.
The use of digital technology can help companies and participants in the carbon market to access data and information about how projects can generate carbon credits, and also build transparency and greater trust in Hong Kong’s nascent voluntary carbon trading platform, said Mohit Grover, risk advisory partner at Deloitte China.
“The kind of transparency, enabled through digital platforms, is going to be one of the key contributing factors of building more trust in the carbon markets,” Grover told the panel at the Digital Economy Summit.
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China launches world’s largest carbon-trading scheme as part of 2060 carbon neutrality goal
He added that more local projects that generate carbon credits and collaborations with the Greater Bay Area could also help drive trust in Hong Kong’s carbon market.