International Experiences in Green Finance Development

59 Appendix: Green Finance Development in Beijing, Shanghai, Shenzhen and Guangzhou Beijing Beijing’s green finance policies demonstrate a comprehensive and coordinated approach to building a sustainable financial system. Key features of these policies include clear division of responsibilities among authorities, a focus on elevating Beijing as a global hub for green finance, and targeted measures for reforming and opening up the financial sector to support ecological development (Table 9). The 2017 Notice on Issuing the Implementation Measures for Building a Green Financial System in the Capital laid the groundwork by assigning responsibilities to various authorities, ensuring collaboration in developing a green financial system. In 2021, the Opinions of the State Council on Supporting the High-quality Development of Beijing Municipal Administrative Center proposed elevating the China Beijing Green Exchange to a national and international hub for green finance. This was followed in 2022 by the Action Plan for Green Finance Reform, Opening up and Development in the Construction of “Two Zones” and advancing Beijing’s ecological civilization. Most recently, in 2023, the Notice on Issuing the Guideline for the Construction of Green Financial System Mechanisms in the Banking and Insurance Sectors in the Beijing Area (Trial Implementation) provided practical steps for the banking and insurance sectors to adopt green finance principles, improve services, and strengthen risk management related to sustainability. Beijing’s green finance ecosystem involves a wide range of participants. Government agencies, such as the Beijing Municipal Bureau of Local Financial Regulation and Supervision, the People’s Bank of China, and the China Securities Regulatory Commission, play a central role in establishing and regulating green financial systems and products. The Beijing Stock Exchange and China Beijing Green Exchange provide platforms for securities trading and carbon emission rights trading, respectively. Key market participants include financial institutions like China Everbright Ltd. and the Bank of Beijing, along with major emitters like the China National Offshore Oil Corporation, which engage in carbon financial transactions. Additionally, academic and social organizations, such as the International Institute of Green Finance and Beijing Green Finance Association, contribute research and act as intermediaries, facilitating collaboration between the government, enterprises, and financial institutions (Table 10).