International Experiences in Green Finance Development

71 Appendix: Green Finance Development in Beijing, Shanghai, Shenzhen and Guangzhou NGO Shenzhen Green Finance Association The Association fosters collaboration among various financial institutions and stakeholders to drive the development of green finance products and practices. Guangzhou During the process of constructing its green financial system, the city of Guangzhou has formulated a series of relevant policies, primarily encompassing institutional mechanisms within experimental areas, green financial instruments and products, green financial standards, support and incentives for green finance, and cooperation within the Greater Bay Area for green finance (Table 15). Specifically, in 2017, seven ministries, including the People’s Bank of China (PBC), the National Development and Reform Commission (NDRC), the Ministry of Finance, and the Ministry of Ecology and Environment, jointly issued the Overall Program for the Construction of the Pilot Zones for Green Finance Reform and Innovations of Guangzhou . The primary objective of this plan is to pioneer the establishment of green financial reform and innovation pilot in Guangzhou’s Huadu District, thereby ensuring the exploration of a novel development model that aligns green financial reform with economic growth, while focusing on servicing the real economy. Subsequently, guided by this plan, Guangzhou released specific implementation guidelines to propel the construction of the green financial reform and innovation experimental zone. These guidelines include the Several Measures to Support the Innovative Development of Green Finance and Green Industry in the Huadu District of Guangzhou City and the Implementing Rules for Supporting Green Financial Innovation and Development in the Huadu District of Guangzhou City . These ten measures and twenty rules propose robust fiscal support for industry clustering, the development of financial market trading platform business, enterprise technological transformation, green upgrading projects, innovation in green financial products, and the attraction of green finance talent. Furthermore, to prevent the occurrence of greenwashing and to facilitate the alignment between finance and green industries, Guangzhou, in 2019 and 2022, respectively, issued the Administrative Measures for the Recognition of Green Enterprises and Green Projects in the Pilot Zones for Green Finance Reform and Innovations of Guangzhou and the Guide to Green Financial Products in Guangzhou . These measures provide a solid foundation for promoting the implementation of complementary policies and ensuring that incentive policies are genuinely utilized to support the development of green finance. Key stakeholders in Guangzhou’s green finance ecosystem include the Guangzhou Municipal People’s Government, the Local Financial Supervision Bureau, and the Nansha Economic and Technological Development Zone Financial Work Bureau, which promote policies, regulate institutions, and encourage sustainable investment. Financial institutions like the Guangzhou Emissions Exchange and the People’s Bank of China (Guangzhou Branch)