On 28 October 2022, the Hong Kong Exchanges and Clearing Limited (“HKEx”) launched Core Climate, an international carbon marketplace designed to allow for the trading of voluntary carbon credits and instruments, which provides a best-in-class, trusted market infrastructure and helps connect capital with climate-related products and opportunities in Hong Kong, Mainland China and globally. Core Climate participants will be able to source, hold, trade, settle and retire voluntary carbon credits through the Core Climate platform.  

According to HKEx, the carbon credits on the platform will come from internationally-certified carbon projects from around the world, including carbon avoidance and reduction projects such as deforestation avoidance and removal projects such as reforestation. All carbon credits generated by projects listed on Core Climate will be issued under international standards, such as the Verified Carbon Standard by Verra.

The launch of Core Climate follows HKEx’s formation of Hong Kong International Carbon Market Council in July this year, which comprises leading corporates and financial institutions focused on supporting the development of an international carbon marketplace.

The initiative is also welcomed by the Green and Sustainable Finance Cross-Agency Steering Group co-chaired by the Hong Kong Monetary Authority and the Securities and Futures Commission, which published the Preliminary Feasibility Assessment of Carbon Market Opportunities for Hong Kong in March this year, and supports the development of a global, high quality voluntary carbon market and Hong Kong’s growth as a premier carbon hub in Asia.

Further details on Core Climate can be found in HKEx’s press release here.  

Photo of Mark Uhrynuk Mark Uhrynuk

Mark Uhrynuk is a partner of Mayer Brown resident in the Hong Kong office. Mark represents assets managers, family offices and other investor groups, corporations, and financial institutions in a variety of transactional matters. His wide-ranging experience includes private equity and venture capital…

Mark Uhrynuk is a partner of Mayer Brown resident in the Hong Kong office. Mark represents assets managers, family offices and other investor groups, corporations, and financial institutions in a variety of transactional matters. His wide-ranging experience includes private equity and venture capital investment and related financings; cross-border mergers, acquisitions, divestitures, joint ventures and strategic alliances; investment fund matters, including the formation of private equity, infrastructure and real estate funds; and international equity and debt capital markets transactions.

Mark is a key contact point for the ESG Initiative within the Mayer Brown network and is a founding member of the Firm’s ESG Steering Committee.  Mark also co-leads the Firm’s Family Office Initiative in the region.  An active thought leader in these fields, Mark has been widely quoted by the leading media and has authored a number of articles and legal updates on these and related topics.

Read full bio.