Project Background

To strengthen the knowledge on the latest carbon credit standards and requirements of voluntary carbon markets (VCMs) for Hong Kong testing and certification (T&C) industry
The Hong Kong Association for Testing, Inspection and Certification Limited has successfully applied to the Trade and Industrial Organisation Support Fund for the project "To strengthen the knowledge on the latest carbon credit standards and requirements of voluntary carbon markets (VCMs) for Hong Kong testing and certification (T&C) industry" which aims to help the industry to understand the latest requirements of the standards in the voluntary carbon market and to explore new opportunities, so as to enhance their competitiveness.

In the current voluntary carbon market, different countries have launched different voluntary carbon reduction programs to meet the growing demand. Enterprises are required to obtain carbon credits through a third-party independent verification body (Validation and Verification Body (VVB)) of the corresponding scheme, to achieve emission reductions and participate in carbon market transactions. VVB acts as a third-party certifier in the voluntary carbon market to ensure that emission reduction projects are carried out in accordance with the requirements and rules set out in the relevant standards, and that carbon credits can be traded in the market at a fair price.

The voluntary carbon market is a new area for Hong Kong. Although some local testing enterprises have expressed interest in expanding their business to provide testing and certification services in the voluntary carbon market, low participation from them because they do not have sufficient channels to understand the market mechanism, and do not have sufficient knowledge of the development and future demand of the voluntary carbon market.

The Purpose of Project

  • Enhance the capability of Hong Kong's testing and certification industry in the areas of voluntary emission reduction (also known as carbon credit) calculation, carbon audit, carbon footprint calculation, etc.
  • To help the local industry understand the latest requirements of different voluntary carbon market standards and enhance their knowledge of carbon emission monitoring, reporting and verification methods.
  • Enhance the recognition of the local testing and certification industry in monitoring and verifying carbon emission data in Hong Kong.
  • Promote Hong Kong as a monitoring and verification center for the voluntary carbon market in Asia.