International Experiences in Green Finance Development

The Burgeoning Green Finance Ecosystem Worldwide 9 1.2 The Fieldtrips To achieve this goal, our research team conducted an in-depth examination of green finance development in three cities, namely London, New York and Singapore. The selection of these cities was carefully planned to provide a diverse array of green finance practice cases, aiming to comprehensively understand and offer recommendations for the future of green finance in Hong Kong. London , Europe’s financial center, has a rich history and significant influence in green finance.The UK is the world’s first country to legislate for net-zero emissions by 2050, making it a critical case study for sustainable finance. Nine activities in London provided a deep dive into the UK’s green finance initiatives, policies, and regulatory framework. New York , as a global financial powerhouse, was included in our research to understand its recent rapid rise in global green finance rankings. We closely analyzed its latest advancements in the sector through five field activities, focusing on how New York’s financial system has integrated green finance into its broader financial structure. Singapore , a key player in Asia and a longstanding competitor to Hong Kong, was chosen due to its consistent commitment to sustainable finance. We conducted fourteen discussions concentrated on Singapore’s flourishing green finance ecosystem, spotlighting its continual efforts to strengthen its position as a regional green finance hub. Our fieldtrip engaged a broad array of stakeholders, which were categorized into three primary groups: market practitioners, regulators, and academia. Within these groups, we identified seven specific types: investors, green finance asset managers, financial institutions, borrowers, government/ financial regulatory bodies/ certification organizations, professional service providers, non-governmental organizations, top academic research institutions, and other institutions involved in green finance. This classification ensured a comprehensive range of perspectives from various stakeholders. Market Practitioners Academia Regulators Investors, Green Finance Asset Managers, Financial Institutions, Borrowers, Professional Service Prodviders Government, Financial Regulatory Bodies, Certification Organizations, International Governmental Organizations Non-Governmental Organizations, Top Academic Research Institutions Figure 1: Key Stakeholder Types in Our Fieldtrips