BOAO, China (Reuters). China should establish a pilot market access program for carbon with Hong Kong, a prominent Chinese expert suggested on Thursday. This would allow foreign investors to gain entry to the country’s rapidly growing green finance sector.

China has established connect programs for bonds and stocks that allow Hong Kong investors and foreigners to trade securities on their domestic exchanges.

Ma Jun, Chairman of China Society for Finance and Banking’s Green Finance Committee said, “We should create such a route – a link in Hong Kong that will allow foreign investors to take part in some liquid carbon market,” referring to the body established by China’s central banking.

Ma said that the pilot linking Hong Kong with the Guangdong southern province could be possible and would then expand nationwide when liquidity is better.

Guangdong said that it will investigate the possibility of setting up a carbon trading platform in Guangdong Hong Kong Macao to help bring both regions closer to one another.

China is the largest lender of green finance loans in the world, and this green credit will likely grow from the 10% it has now to 20% in the future. Ma stated that China’s green credit accounts now account for more than 10% of the country’s total credit.

The percentage of green bonds in China’s overall bonds is expected to grow tenfold over the level currently at 2%.

China’s National Emission Trading Scheme (ETS), which was established last year following years of delay, only covers the power sector. It allocates permits on the basis of a plant’s “carbon intensity” and not its gross emissions.

Starting in 2019, the scheme will expand to include other industrial sectors, such as steel and nonferrous metals, as well building materials.