International Experiences in Green Finance Development

66 International Experiences in Green Finance Development: Lessons for Hong Kong Shenzhen On the basis of providing policy guidance, the city of Shenzhen initiated its first local green financial legislation, which provided legal support for the establishment of a green financial product management system, green financial statistical standards, a green investment assessment system, and the clarification of environmental informationdisclosure responsibilities for various stakeholders (Table 13). Specifically, in its Outline of the Thirteenth Five-Year Plan for National Economic and Social Development of Shenzhen Municipality released in 2016, Shenzhen emphasized the fundamental requirements of promoting green, low-carbon development and enhancing sustainable development capabilities. In 2018, guided by the Guidance on Building a Green Financial System, Shenzhen, considering its unique urban characteristics, formulated the Implementation Opinions of the Shenzhen Municipal People’s Government on Building a Green Financial System. These opinions put forward the requirements for promoting industrial structural transformation and upgrading and deepening financial system and mechanism reforms through the concept of green development. In 2019, the Opinions on Supporting Shenzhen in Building an Advanced Demonstration Zone of Socialism with Chinese Characteristics issued by the Central Committee of the Communist Party of China and the State Council further advanced the development of green finance in Shenzhen by emphasizing the need to construct a new pattern of urban green development. Moreover, the release of the Regulations of Shenzhen Special Economic Zone on Green Finance in 2020 marked a significant turning point in the development of green finance in Shenzhen, and not only provided regulations for the establishment of organizations, standards, and systems but also offered support for information disclosure, industrial transformation, and system reforms. To support the Regulations of Shenzhen Special Economic Zone on Green Finance, Shenzhen issued the Guiding Opinions on Strengthening the Construction of a Green Finance Franchise System for the Banking Sector in Shenzhen (for Trial Implementation) and the Guidelines on Environmental Information Disclosure for Financial Institutions in Shenzhen in 2021 and 2022, respectively. These policies provide specific guidance to financial institutions regarding green financial business processes and environmental information disclosure. In this comprehensive green finance ecosystem, various stakeholders collaborate to ensure the effective implementation of policies and regulations. Key stakeholders include the Shenzhen Municipal People’s Government, financial institutions, and third-party organizations involved in green finance (Table 14). These entities play crucial roles in shaping and implementing the city’s green finance framework. The Shenzhen Municipal People’s Government leads in policy formulation and oversight, financial institutions are responsible for integrating green finance principles into their operations, and third-party organizations contribute by providing evaluation, verification, and environmental information disclosure services. Through their collaboration, Shenzhen is advancing its green financial development and ensuring the implementation of sustainable practices across sectors.