Carbon Neutrality & Finance
Carbon trading is a relatively new idea and STARS Foundation understands that in-order to become competitive a large number of Hong Kong businesses will need to carbon offset and carbon finance. Applying for an receiving Carbon Finance and credits can be a lengthy and somewhat complicated process, we would like to provide a unique service to the Hong Kong SME and Listcos communities, a consulting service the not only answers specific questions on Carbon credits but actively helps clients to apply for and obtain credits.
- To Guide and assist SMEs and Listcos to reduce their carbon emissions and increase their competitiveness;
- To provide information on Carbon trading to local SMEs, Listcos and the public;
- Research and identify key regional and global Carbon Exchanges with optimum growth patterns; and
- To provide the foundation for Hong Kong to become a leading regional Carbon Exchange.
Benefits and Contributions of the Project
Tackling climate change is widely acknowledged as one of the biggest challenges of this century and its negative effects will disproportionately affect poor countries, which makes it even more urgent to act. Emissions of various gases that arise from industrial activities and the burning of fossil fuels and biomass need to be reduced in order to limit the negative impacts of climate change. The most important of these so-called ‘greenhouse gases’ is CO2 which originates in the combustion of fossil fuels or other organic matter. To help the global reduction of greenhouse gas emissions, projects can be eligible to receive funding from countries or companies if their project reduces greenhouse gas emissions. Under this process, which is mostly referred to as 'carbon finance', countries or companies can help to meet the costs for such projects, through the purchase of Carbon Credits. This process is regulated through special markets where these emission reductions are traded.
Hong Kong is one of the world's most open and dynamic economies. The government promotes its self as a commercial and trading centre, Carbon exchanges are the nest step forward for the Hong Kong financial industry and if we do not take steps to promote carbon trading we will be left behind there are already several Carbon and Environmental exchanges on the mainland and in Taiwan and Singapore.
By making a situation where a Carbon Exchange is created with proper reference to Hong Kong's companies we can promote them in the international community. As businesses do not normally have the resources to spend on carbon audits and such they can often make some very big gains when the do switch to energy saving practices. This project will produce the frame work for a Carbon Exchange that will work with companies in Hong Kong rather than against them. Local companies will be able to reduce their carbon footprint and bolster their image, with help from our program, gain some international recognition.