International Experiences in Green Finance Development

2 The Hong Kong Green Finance Policy Research Series The primary objective of this series is to provide recommendations for developing Hong Kong into a leading green finance center, aligning with its status as a premier international financial hub. The project has produced three key deliverables: (1) Hong Kong in Transition: A Paradigm Shift Towards a Green and Sustainable Finance Center; (2) Hong Kong’s Transition Towards a Green and Sustainable Finance Center: Building a World Top Green and Sustainable Bond Hub; and (3) International Experiences in Green Finance Development: Lessons for Hong Kong. Acknowledgments This publication is a joint effort of HKUST and HKUST(GZ). We would like to thank the Strategic Public Policy Research Funding Scheme (project no. S2019. A7.007.19S), which is administrated by the Chief Executive’s Policy Unit, and the Theme-based Research Scheme (project no. T31-603/21-N), which is administrated by the Research Grants Council (RGC). We express our deep gratitude to Christine Loh of the Hong Kong University of Science and Technology for her invaluable guidance and unwavering support throughout this report. Her expertise and dedication have been instrumental in shaping the success of our endeavor. We also express our special appreciation to the following institutions and individuals, whose pivotal roles in networking and facilitating our research activities were instrumental to the success of our project (organizations are listed alphabetically): • Asia Carbon Institute John Lo • British Consulate-General Hong Kong Jenny Ho; Prinal Vegad • CFA Institute David Yi Zhang • GFANZ Ben Weisman • Finance Society of Guangdong Meng Meng • Hong Kong Monetary Authority James Fok • Net Zero Asia Limited Grace Hui • Shenzhen Emissions Exchange Ltd. Jianxiong Wang • The University of Cambridge Canhui Liu