Development Pathways for Green Finance in the Guangdong-Hong Kong-Macao Greater Bay Area: A Comparative Analysis with Three Global Bay Areas

Abstract

This study examines the development of green finance in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) through a comparative analysis with three leading international bay areas: New York, San Francisco, and Tokyo. While the GBA has achieved initial progress in green finance, it faces challenges such as cross-border policy conflicts, market structure imbalances, technological and data deficiencies, underdeveloped ESG ecosystems, weak international influence, and talent shortages. To address these issues, this study proposes a multi-dimensional strategy: establishing a rule-mutual-recognition and regulatory-coordination framework, activating a diversified green financing market, enhancing technological empowerment, fostering ESG ecosystems, and strengthening global competitiveness. These measures aim to drive sustainable green finance development, support industrial upgrading, and elevate the GBA’s international standing in green finance.