International Experiences in Green Finance Development

4 Contents Executive Summary 6 1. The Burgeoning Green Finance Ecosystem Worldwide 7 1.1 Background 8 1.2 The Fieldtrips 9 2. Green Finance Ecosystem in London 11 2.1 The UK Has Regulated Green Finance Through Legalization and Public Policy 12 2.2 Market, Government and Civil Society All Play Indispensable Roles 14 2.2.1 The Three-layer Policy Formulation Practice 18 2.2.2 Market Players Take Their Initiatives to Respond to the Market Demands 19 2.2.3 Civil Society Aspects of the Green Finance Ecosystem, the British 19 Culture’s Concern for Environmental Protection, and Numerous NGOs Have Played an Important Role 3. Green Finance Ecosystem in New York 20 3.1 Climate and Energy Policy Propels the Development of Green Finance 21 3.2 State Level Efforts Converges with Federal New Policy 24 3.3 The Inner Demands for Green 25 4. Green Finance Ecosystem in Singapore 29 4.1 Singapore’s Government is Central to Promoting Green Finance 30 4.2 A Clear Positioning and Strategic Plan for the Direction of 33 Future Financial Development 4.3 Strong Financial Support 33 4.4 Being at the Forefront of Adopting International Standards 33 4.5 Linking Up the Parts 34 5. Evolution of Green and Sustainable Finance Policies in Hong Kong 37 5.1 Hong Kong’s Green and Sustainable Finance Ecosystem 43 5.2 Challenges Hindering the Growth of Green Finance in Hong Kong 46 5.2.1 Unclear Market Positioning Leads to Insufficient Top-level Design 46 5.2.2 Supporting Measures Lag Behind 47