Hana Securities CEO Lee Eun-hyung, right, poses with CIX CEO Mikkel Larsen after signing an MOU at CIX's headquarters in Singapore, Dec. 9. Courtesy of Hana Securities

By Yoon Ja-young

Hana Securities signed an MOU with Climate Impact X (CIX), a Singapore-based carbon credits exchange, to promote the voluntary carbon market.

Following the MOU on Dec. 9, which was signed by Hana Securities CEO Lee Eun-hyung and CIX CEO Mikkel Larsen at CIX's headquarters in Singapore, the Korean brokerage and CIX agreed to make joint efforts for the successful and stable operation of the voluntary carbon market, including the promotion of an over-the-counter market and auction system.

In the voluntary carbon market, businesses or other entities that are not bound by obligations to cut carbon emissions voluntarily trade carbon credits to protect the environment or to strengthen of environmental, social and corporate governance (ESG) management efforts. Hana Securities has been making a preemptive move in this sector to strengthen its foothold, leading efforts to combine this market with finance.

"Environmental issues are becoming more crucial, as seen in ESG and how we cope with climate changes and Hana Securities has been leading diverse efforts to promote the voluntary carbon market," Hana Securities CEO Lee Eun-hyung said.

"We will continue our efforts to set up a virtuous circle in carbon financing," he added.

Established in 2021, CIX is a huge platform for voluntary carbon trading. It is getting the spotlight due to being one of the exchanges that leads this new market. Its major services include CIX Marketplace, which supports voluntary carbon trading as well as CIX Auctions where carbon credits are put up for auction.