International Experiences in Green Finance Development

63 Appendix: Green Finance Development in Beijing, Shanghai, Shenzhen and Guangzhou targets with carefully planned steps. The 2022 Action Plan for the Banking and Insurance Industries in Shanghai to Promote Green Financial Development and Serve the Strategies of Carbon Peak and Carbon Neutrality During the 14th Five-Year Plan Period focuses on enhancing the green financial market system and strengthening the role of banking and insurance sectors in supporting the development of Shanghai’s financial center. Finally, the 2023 Key Points for Shanghai’s Climate Change Response Work in 2023 details the city’s efforts to improve climate change responses by integrating pollution and carbon emission reduction strategies for greater overall efficiency. Shanghai’s green finance system includes the Shanghai Municipal Financial Regulatory Bureau for framework setup, the People’s Bank of China for product regulation, and the Development & Reform Commission for planning. The Banking and Insurance Regulatory Commission, CSRC, and Municipal Bureau of Ecology and Environment oversee green finance, enterprise financing, and environmental information, respectively. The Shanghai Stock Exchange facilitates trading, while financial institutions like the Shanghai Pudong Development Bank Co., Ltd. and the National Green Development Fund Co., Ltd. handle green finance services and funding. The Green Finance and Development Centre (GFDC) links stakeholders (Table 12). Table 11: Key Green Finance Policies in Recent Years in Shanghai Time Policy Content Institution 2021.10.08 Implementation Opinions on Accelerating the Construction of an International Green Financial Hub in Shanghai to Serve the Implementation of Carbon Peak and Carbon Neutrality Targets (In Chinese: 《上海加快打 造國際綠色金融樞紐服務 碳達峰碳中和目標的實施 意見》) The Opinions fully leverage the radiation function of Shanghai’s international financial center, promoting comprehensive green transformation for economic and social development. The Shanghai Municipal People’s Government 2022.07.08 Shanghai Carbon Peak Implementation Plan (In Chinese: 《上海市碳達 峰實施方案》) The Plan steadily and systematically advances Shanghai's carbon peak and carbon neutrality efforts with swift yet well-grounded steps. The Shanghai Municipal People’s Government