Abstract: A mature and well-functioning green finance governance system has become an essential mechanism for guiding the global economy toward a green and low-carbon transition while addressing escalating environmental crises. According to the collective action theory, the nature of the green finance governance constitutes a form of global public goods, thus requiring robust international cooperation. Over the past three decades, global green finance governance has undergone significant development and refinement, resulting in a relatively mature institutional framework. However, the emerging global green finance governance framework remains insufficient in resolving distributional imbalances and continues to face challenges stemming from regional disparities and negative externalities in implementation. Overall, the global green finance governance faces challenges such as inconsistent governance standards, inadequate information disclosure mechanisms, insufficient regulatory coordination, imperfect green finance incentive mechanisms, and insufficient motivation for international cooperation. Therefore, countries should accelerate the harmonization of green finance standards, utilize emerging technologies to enhance information disclosure and regulatory requirements, leverage government guarantees to attract private capital into the market, increase the development of cross-border green products and the sharing of relevant experiences to promote the effective operation of the global green finance governance system, and establish a more comprehensive global green finance governance system to efficiently address the global economic and environmental crises.

Key words: green finance, global financial governance, international cooperation