International Experiences in Green Finance Development

56 International Experiences in Green Finance Development: Lessons for Hong Kong data harmonization, actionable tools and analytical technologies to ensure that capital can be effectively mobilized to support the sustainable development of various industry sectors. London’s leading position in the development of green finance can be attributed to the gathering of comprehensive talents in multiple fields. Based on consistent policy support and cultural values, this strong internal thought leadership spontaneously and continuously attracts more talent in related fields. Furthermore, the public and private sectors are actively cooperating to establish a talent collaboration and integration network. For example, the Green Finance Institute, co-funded by the UK government and the City of London Corporation, brings together policymakers, financial institutions, businesses, academics, philanthropists and civil society experts. This involvement of cross-sector talent gives it a strong ability to address market obstacles and develop solutions that cannot be accomplished by independent institutions, thereby developing frameworks, guidance and policy concepts to expand green investment and promote the development of green finance. At the same time, London actively cooperates and innovates with other countries and international organizations. For example, the UK has developed various initiatives and frameworks in collaboration with the EU. The DBT promotes investment and advocates free trade to support overseas growth. Crown Agents, a not-for-profit international development company based in London, works with change-makers in governments, public sector agencies, businesses and communities around the world to develop solutions that help countries transition to low-carbon, climate-resilient economies and societies. E3G, a climate change think tank with a global perspective, has created a global platform that brings together companies, politicians, non- governmental organizations and civil society leaders, and advocates for the use of London’s power to carry out global climate action plans. Thus, the city is positioned as a center of climate leadership and expertise. The initiatives launched by many organizations in London serve as a hub to attract talent from all over the world to create cutting-edge solutions to address climate change in terms of policy, market and technology. This has fostered collaboration between key stakeholders and components of London’s green finance ecosystem and further enhanced the impact of London’s Global Climate Action Network. The training of green finance talent in New York is something not overstated but internalized through its financial system. The fundamental understanding is that green finance remains essentially based on finance. New Yorkers do not treat the subject of green finance as an enigma but as an evolved version of finance. Their respect for green finance talent is no different from their everyday respect for financial professionals. Although Hong Kong has the advantages of low entry barriers for talent and a deep capital market, it still faces a shortage of talent in the green finance field. As a hub connecting China and the West, the city can choose multi-dimensional mechanisms and methods. The SAR’s government should formulate policies to directly stimulate the demand for green finance-related training, including both professional training and degree programs, and at the same time work with various institutions in and outside Hong Kong to provide relevant study courses and degree education to narrow the skills gap and strengthen capacity building. Hong Kong should also not focus solely on the land of the SAR but broaden the scope at least to the whole GBA, as it is Hong Kong’s closest market for green capital. Hong Kong should also encourage green finance professionals to participate or form think tanks that play a critical role in supporting policymaking in the ecosystem. In addition, Hong Kong