International Experiences in Green Finance Development

18 International Experiences in Green Finance Development: Lessons for Hong Kong The High-level Task Force: Implement the government’s will The Delivery Group: Focusing on specific topics and areas Different Expert Organizations: Required by Each Work Stream 100+ work stream Figure 2: Three Layers of UK Green Finance Policy Formulation 2.2.1 The Three-layer Policy Formulation Practice The green finance formulation process in the UK is systematic, and contains 3 layers of practice (Figure 2). The foundation layer is the multi-sector working groups of over 100 work streams from different expert organizations. The 2nd layer is the delivery group which focuses on special areas and topics. The 3rd layer, as the top one, is the high-level task force to implement the government’s will and plan. Firstly, the UK government actively solicits opinions from the private sector during the policy formulation process to ensure the sustainability of the policy formulation process and ensure the quality of the policy. The government leads the formation by establishing a working group that consists of a variety of stakeholders, including companies, financial institutions, regulators, governmental officials, academia, and civil society. For example, the UK government established the Green Finance Taskforce in 2017 and the UKGFI in 2019, and these organizations play an important role in the macro policy development. The GTAG, established in June 2021, is mainly responsible for addressing design and implementation issues related to the UK Green Taxonomy. It has released two documents concerned with the UK Green Taxonomy, and discussion surrounding the report has facilitated the process.