全球绿色金融指数11-补充“碳转型”

April 2023 Beginning in March 2018, as part of its Long Finance initiative, Z/Yen published the first five editions ofthe Global Green Finance Index with the generous support of the MAVA Foundation. Z/Yen continuesthis work and is pleased to present the eleventh edition of the Global Green Finance Index (GGFI 11). In 2022, Abu Dhabi Global Market (ADGM) became the sponsor of the GGFI, and we look forward toworking with ADGM to develop the GGFI and to focus on the impact that financial centres make tosustainable finance. Z/Yenhelps organisations make better choices-ourclientsconsider us a commercial think-tank thatspots, solves, and acts. Our name combines Zen and Yen-‘a philosophical desire to succeed’-in aratio, recognising that all decisions are trade-offs. One of Z/Yen’s specialisms is the development andpublication of research combining factor analysis and professional assessments. Abu Dhabi Global Marketis an award-winning international financial centre strategically located in thecapital of the United Arab Emirates. Established by UAE Federal Decree, ADGM’s jurisdiction extendsacross the entire 114 hectares of Al Maryah Island. ADGM's four independent authorities-theRegistration Authority (RA), the Financial Services Regulatory Authority (FSRA), ADGM Courts andADGM Authority-together ensure that its business-friendly environment operates in line withinternational best practices, recognised by major financial centres worldwide. Long Financeis a Z/Yen initiative designed to address the question“When would we know ourfinancial system is working?”This question underlies Long Finance’s goal to improve society’sunderstanding and use of finance over the long-term. In contrast to the short-termism that definestoday’s economic views the Long Finance time-frame is roughly 100 years. The authors of this report, Mike Wardle,Simon Mills, and Professor MichaelMainelli, would like to thank Bikash Kharel,Sasha Davis, Charlotte Dawber-Ashley andthe rest of the Z/Yen team for theircontributions with research, modelling,and ideas. Contents Summary Overview This is the eleventh edition of the Global Green Finance Index (GGFI 11). The GGFI is a factorassessment index, based on a range of instrumental factors-quantitative measures-and a worldwidesurvey of finance professionals’assessments on the quality and depth of green finance offerings infinancial centres. The centres which perform well in the GGFI are generally places that commit to environmentalimprovements across the economy as well as directly in finance. Centres such as London, New York,and Stockholm have a commitment to providing sustainable economic development and to buildingtheir skill base and green infrastructure. In the last edition of the GGFI, we noted the growing interest in carbon pricing and trading as amechanism to address the central issue of greenhouse gas emissions, particularly as existing systems ofESG analytics come under criticism. Among those responding to the GGFI survey, SustainableInfrastructure Finance, Carbon Markets, and Energy Efficient Investment are rated as the areas ofgreen finance with the most impact. The fact that carbon markets are now listed as one of the topfactors with an impact on climate change reflects the increased focus on carbon pricing and trading. Policy & Regulatory Frameworks continue to be identified as the leading driver in the development ofgreen finance, alongside International Initiatives. This continues to highlight the importance oftransnational cooperation and policy in setting the framework for green finance to thrive. In the supplement to this edition of the GGFI, we focus on transition finance, and the efforts to moveaway from fossil fuels to renewable energy sources. The exposure of companies, economies andfinancial centres to transition risk needs both further research and policy change. Index Results •London retained its first position in the index, with New York moving up one place to take secondplace.•Washington moved into the top 10, replacing Sydney.•Western Europeancentrestake six of the top 10 places, with US centres taking the other four top 10places.•The marginsseparatingcentres at the top of the index continue to be tight in GGFI 11. Among thetop 10 centres the spread of ratings is 31 out of 1,000, compared to 42 out of 1,000 in GGFI 10.•Confidence in green finance appears to be strong, with all centres improving their rating in GFCI 11,and the average rating up just over 10% compared with GGFI 10.•We researched 126 financial centres for GGFI 11. The number of centres in the index has increasedto 86 (84 in GGFI 10), with the addition of Lagos and Kigali. Western EuropeSix Western European centres feature in the top 10 in GGFI 11. ••Edinburgh and Munich both gained 8 rank places to move into the top 22. North America •New York rose to second place overall, with Washington DC up six places to 9th position, SanFrancisco falling 5 places to 10th, and Los Angeles down 1 place to