International Experiences in Green Finance Development

22 International Experiences in Green Finance Development: Lessons for Hong Kong Table 3: Key Environmental, Climate, and Energy Policies in Recent Years in the US Time Policy Content Institution 1980 Superfund Law This law created a tax on the chemical and petroleum industries and provided broad federal authority to respond directly to releases or threatened releases of hazardous substances that may endanger public health or the environment. Over five years, US$1.6 billion was collected and the tax went to a trust fund for cleaning up abandoned or uncontrolled hazardous waste sites. United States Congress 1990 Clean Air Act Amendment This law encouraged the use of market-based principles and other innovative approaches, like performance-based standards and emission banking and trading. Environmental Protection Agency (EPA) 1993 Climate Change Action Plan This plan aimed to reduce greenhouse gas emissions to 1990 levels by 2000. United States Government 2005 Energy Policy Act This law called for the development of grant programs, demonstration and testing initiatives, and tax incentives that promote alternative fuels and advanced vehicles’ production and use. United States Congress 2007 Energy Independence and Security Act This law aimed to improve vehicle fuel economy and reduce US dependence on petroleum. United States Congress