International Experiences in Green Finance Development

19 Green Finance Ecosystem in London The TPT was established in April 2022 to accelerate the green classification system (UK Green Taxonomy) in order to formulate and promote the transition plan of the UK financial system to a low-carbon economy, in the process of promoting the transformation plan and the development of comprehensive Sustainable Disclosure Requirements. Field research shows that this collaborative model between the government and multiple participants provides extensive participation and support for green finance policy formulation, ensuring policy effectiveness and sustainability. 2.2.2 Market Players Take Their Initiatives to Respond to the Market Demands Among them, the London Stock Exchange deserves special attention due to its importance in the process of building a green finance hub. As a platform of convening power, the LSEG can bring together issuers, corporate entities and investors, promote cooperation between financial centers and exchanges, and coordinate strategies and standards, so as to make the market function more smoothly. It is particularly worth noting that the London Stock Exchange is currently realizing the importance of data in green finance and is undergoing transformation. At present, the data analysis business has become 70% of the revenue of the LSEG, while the listing part and the clearing part together only account for 30% of the total revenue. The London Stock Exchange is committed to developing a data analysis business, providing a solid infrastructure for the development of green finance in the UK. 2.2.3 Civil Society Aspects of the Green Finance Ecosystem, the British Culture’s Concern for Environmental Protection, and Numerous NGOs Have Played an Important Role First, the UK has a cultural affinity for environmentalism, which is reflected in the consumer and business demand for climate-friendly action and in prioritizing climate change and the environment in the political vote. Secondly, a large number of non-governmental organizations have taken root in London. These organizations cover a wide range of fields, including information disclosure, personnel training, foundations and so on. Their advocacy and actions in the field of green finance have not only continuously improved the public’s awareness of sustainable finance and further promoted the development of green finance, but have also played an important role in information disclosure, personnel training, and capacity building.