Achieving Sustainability Through Green Banking

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Achieving Sustainability through Green Banking
Overview
The devastating effect of recent storms, floods and other natural calamities forces us to think seriously about global warming. Governments, corporations and individuals all have their own role to play in combating the demon called Global warming that we have conjured out of our own activities. There are a lot of discussions about who can really contribute to the emancipation of the environment and everyone seems to shrug off the responsibility. This article discusses the intermediary role between economic progress and environmental safeguarding being played by the BFSI sector in tackling global warming. Green Banking is a very broad term that encompasses all the practices and guidelines that renders banks sustainable with respect to the economic, environment and social paradigms. Banks can go green to achieve sustainability in three ways:
1. Greening their products, services, strategies and processes
2. Greening their infrastructure
3. Sustainable investment and lending activities
This article will touch upon the importance and relevance of Green banking, aspects of green banking, international initiatives in this direction, Green Banking in India and the future scope of this concept.
Importance and Relevance of Green banking
Until the last decade, environmental and sustainability concerns were not considered to be caused by banks. This was because showing concern for the environmentally degrading activities of their
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