International Experiences in Green Finance Development

52 International Experiences in Green Finance Development: Lessons for Hong Kong In the case of Singapore, green finance development starts with the establishment of a clear PPP. Specifically, on the one hand, the Singapore public sector serves as a hub for numerous conversations and inquiries with other actors. Furthermore, it clarifies the roles played by all parties to meet the different needs of Singapore’s green finance ecosystem. Among them, the government acts as a regulator to provide guarantees and support in technology and infrastructure. Other participants perform their own duties in the ecosystem, that is, they carry out different practices according to different market needs. This kind of close tie between the government and other actors in the society is based on the deep trust between them. Such bottom-layer trust and upper-layer collaboration structure has not only attracted more individuals and organizations to come together, but also created a conducive environment for existing participants to make more progress. When the Singaporean government plays its guiding role to direct participation in the green finance ecosystem, striking a balance among the participants has been regarded as key. It relies on the private sector through improving public policies and the supervisor mechanism to mobilize capital and influence companies to take action. At the same time, it utilizes the government’s internal capabilities and the willingness of various departments to provide support to the private sector. In this way, both public and private sectors in Singapore ensure that the capital remains highly liquid and fully utilized, allowing resource allocation to maximize the impact in the green finance transformation. Secondly, active cooperation between the public and private sectors in the UK has formed a huge green financial system. Specifically, the UK government’s “One Bill and Two Strategies” framework sets out its political leadership and regulatory direction. At the same time, under this framework and policy commitment, the British government has established a three-level system including a high-level taskforce, a delivery group and a multi-disciplinary expert group, with different expert organizations required by eachworkstream to collaboratively solve specific problems. Among them, the high-level taskforce is responsible for delivering government goals; the delivery group is responsible for macro technical operations; the multi-field expert group composed of talents from different disciplines and expert organizations is responsible for specific products and tasks, and the final output will be able to achieve a common goal. In the case of London, there is a sophisticated communication and coordination mechanism between the public and private sectors. On the one hand, a mix of governmental and non- governmental entities was taken into account in setting up the working group. For example, the TPT, which is committed to developing a gold standard for private sector climate transition plans, was initiated by the UK Treasury, working closely with the FCA, and in line with international sustainability standards. The committee is coordinated by international organizations such as the ISSB and the GFANZ, and is formed with the participation of talents from all walks of life. On the other hand, the government not only actively collects suggestions from the private sector, but also launches intensive communication sessions. This provides an open discussion environment and a professional platform for stakeholders to fully understand the industry status, existing challenges and common opportunities. This information exchange channel can comprehensively enhance the willingness of private investors to participate, improving their risk awareness and action logic based on scientific evidence, thereby realizing the transfer of capital from projects that create climate risks towards projects provide climate solutions. Openness and transparency have been repeatedly emphasized in our interviews with stakeholders in New York. Although specific coordination mechanism or government-driven