Following the launch of Core Climate by HKEX in 2022, carbon credit development in Hong Kong is on a fast track. The geographical proximity to Mainland China, close ties with international investors, and abundant experience in capital markets give Hong Kong an edge in developing voluntary carbon markets. How can Hong Kong capture the carbon market opportunities and what problems and challenges is Hong Kong facing?
TMA is delighted to have invited Mr. Water Cheung, Senior Partner, CEO Asia Pacific, StormHarbour Securities (Hong Kong) Ltd., and Board Chair, Climate Finance Asia, to share his view on carbon credit, with synopsis as follows:
1. Types of Carbon Credit:
- Compliance – used for cap-and-trade;
- Voluntary – used for carbon offset
2. Source of Carbon Credit:
- Carbon removal technology;
- Emission avoidance / reduction;
- Nature based sequestration;
- Avoid nature lost
3. Who are the participants in the market:
- Exchanges;
- Standard setters;
- Buyers;
- Sellers; and
- Verifiers / Reviewers
4. Problems in Carbon Credit Market:
- Lack of global standardization;
- Low liquidity;
- Scarce financing;
- Limited data availability
5. Key Concern over Green Washing:
6. How to invest in Carbon Credit:
- Futures (ICE);
- Listed companies;
- Mutual funds;
- ETFs
Water Cheung
Senior Partner, CEO Asia Pacific
StormHarbour Securities (Hong Kong) Ltd.
Board Chair, Climate Finance Asia
Water Cheung has more than three decades of extensive global investment banking experience. He is currently the Senior Partner and CEO, Asia Pacific, at StormHarbour Securities. StormHarbour is an independent merchant banking partnership and had offices in New York, London, Lisbon, Hong Kong, Dubai and Tokyo. The firm had been awarded “Boutique Investment Bank of the Year” by The Banker Magazine.
Cheung is also the Chairman of Climate Finance Asia (CFA), the succeeding entity of CarbonCare Asis (CCA) which is a leading ESG consultant in Hong Kong. He is instrumental in developing the green finance business in CCA/CFA. Deloitte acquired the general advisory portfolio of CCA in 2022. CFA continues to develop the green finance business. CFA has partnered with Solactive, a leading global index developer, to launch the world’s first Asia Pacific Green REIT Index.
Before setting up StormHarbour in 2010, Cheung was the Head of Emerging Markets and Regional Treasurer in Asia for The Royal Bank of Scotland (RBS). Cheung was hired to assist RBS’ acquisition of ABN Amro Bank, the largest bank M&A in history. Post-acquisition, Cheung headed up the integration of the two banks’ market businesses in Asia, which represented more than GBP 1 billion revenue.
Cheung is an Executive Board Member of Treasury Market Association (TMA), an industry body sponsored by Hong Kong Monetary Authority (HKMA). Cheung has been a regular columnist in many local Chinese newspapers including Ming Pao, Hong Kong Economic Journal and Apple Daily.
Language: English
Deadline for Registration and Payment: 10 April 2024 or quota is full (whichever is applicable)
Participants are entitled to receive 1.5 CPD (TMA) credit upon completion of the seminar. TMA is the administrator for the Enhanced Competency Framework on Treasury Management (ECF-TM) and a recognized institution of Securities and Futures Commission (SFC) for providing continuing professional development (CPD) activities. The CPD hour can be used to meet the CPD requirements of the ECF-TM and the SFC. To qualify for the CPD credit or attendance certificate of the webinar, participants are required to use the same registered names and email address when joining/registering the webinar. We regret that neither CPD nor attendance certificate will be given to those who are late for the webinar or leave early. TMA Office will update TMA Individual Members’ CPD record after the webinar is held.
