Hong Kong aims to build a premier carbon market to achieve a low-carbon economy
Hong Kong Exchanges and Clearing Limited (HKEX) launches Hong Kong International Carbon Market Council to develop international carbon market on July 5, 2022. This reinforces HKEX vision of building a premier carbon hub with low-carbon economy as it will gather insights from members to develop an effective and efficient infrastructure, products and services. This is a collaboration with leading corporations and financial institutions, which includes many major banks and corporations.
The inaugural members of the Council comprise Hong Kong, Mainland China and international corporates and financial institutions. They include: Australia and New Zealand Banking Group Limited Hong Kong Branch, Bank of China (Hong Kong) Limited, BNP Paribas Hong Kong Branch, Cathay Pacific Airways Limited, China Energy Conservation and Environmental Protection Group, China Forestry Group Corporation, Industrial and Commercial Bank of China (Asia) Limited, Standard Chartered Bank (Hong Kong) Limited, State Power Investment Corporation Limited, Tencent Holdings Limited and The Hongkong and Shanghai Banking Corporation Limited.
Turkey becomes the world’s second largest rare earth element reserve
The Turkish Ministry of Energy and Natural Resources announced on its official government website on July 6, 2022 that it has discovered 694 million tons of rare earth elements in the Beylikova region of Eskisehir. The Turkish reserve size came after China, as Chinese reserve size which is the largest amount of 800 million tons. The discovery will increase the local production of rare elements, mainly for domestic industrial use and export. This newly found reserve develops Turkish position as an exporter of “high-tech and value-added products”.
Commodities prices are on a decline as recession fears increase
Despite global supply chain issues, NYMEX West Texas Intermediate (WTI) Crude Oil futures fell more than 4.9% on July 21, 2022. With the decline of the Crude Oil market, Commodities Markets saw a pullback across the board. Similarly, London Metal Exchange (LME) copper prices have fallen below $7,000 per ton and major industrial metals such as Lead, Zinc, Nickel have posted their biggest quarterly declines. Agricultural prices have also been impacted as Chicago Wheat Futures hit a 5-month-low of $7.70 Bushel on July 15, 2022. The global outlook seems to be heading towards a slow down and this could further impact prices.
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