GREEN BANKING: AN INNOVATIVE INITIATIVE FOR SUSTAINABLE FINANCIAL DEVLOPEMENT
Assistant Professor, College of Applied Science
In the present epoch, sustainability is becoming a fundamental part of every business. The rapid growth of industrialization and globalization has offered tremendous economic progress at the cost of environmental exploitation. Today every sector in the economy is struggling to deal with environmental problems and their related consequences .It has led to a alarming call by the society to take a proactive outlook in protecting and preserving the planet. We find a paradigm shift in the corporate sector from the single bottom line approach that is profit to the wider approach of â€˜Triple bottom lineâ€™ in view of achieving economic,social and environmental performance simultaneously for achieving sustainable development. Thus, in order to be successful in the modern world every sector needs to be supplement itself with the title of Green Label in their approaches, and the Banking sector is also moving towards their â€œgoing greenâ€ approach which give rise to â€œGreen Bankingâ€. Green Banking is a form of banking activity from which the country and nation gets environmental benefits. It means developing inclusive banking strategies which will ensure substantial economic development and promoting environmental â€“friendly practices as well. This paper makes an attempt to understand and examine the concept of â€œGreen Bankingâ€ and its role towards sustainable development. It also focus on Green banking initiatives in India .Further ,opportunities and challenges of green banking are discussed and suggestions to promote green practices for sustainable development are also mentioned.
Keywords: Green Banking , Sustainable Development ,Banking Sector
Journal Name :
EPRA International Journal of Multidisciplinary Research (IJMR)
Published on : 2021-12-11