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Green Banking for Environmental Sustainability-Present Status and Future Agenda: Experience from Bangladesh

Author

Listed:
  • Chen Zhixia
  • Md. Miraj Hossen
  • Sayed Sami Muzafary
  • Mareum Begum

Abstract

The concept of green banking is becoming a buzzword in the financial and banking sector and in the common people of the world over the last few decades. This paper tries to highlight the present status of green banking practice, progress, and different green initiatives taken by the Bangladeshi banks to keep the environmental sustainability. Through content analysis of the annual reports of Bangladesh Bank (the Central Bank of Bangladesh), quarterly review report of green banking activities and annual review report of CSR activities, the study discovers that Bangladeshi banks are doing well in practicing sustainable baking with maintaining the specific guidelines of Bangladesh Bank. Though the green banking initiatives were introduced by Bangladesh bank in 2011 but within a short period, it’s achievement is mentionable. As the guardian of the banking companies, Bangladesh Bank provides a standardized guideline, and all the banks practice green banking activities according to its instruction along with their own policies. Mostly the banks insert their good news about green activities, investments, and achievements in their annual reports and also report to the Bangladesh Bank. This type of green practices aids the banking institutions to attract the regulator, customers, public and also get the greater legitimacy. As a developing country with lower technological advancement and minimum social and environmental awareness of the general people, Bangladeshi banking companies face many challenges to be green and environment-friendly. Finally, the study concludes with mentioning some suggestions to make the practices of green banking effective through gathering experiences from different research in advanced countries.

Suggested Citation

  • Chen Zhixia & Md. Miraj Hossen & Sayed Sami Muzafary & Mareum Begum, 2018. "Green Banking for Environmental Sustainability-Present Status and Future Agenda: Experience from Bangladesh," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 8(5), pages 571-585.
    • Handle: RePEc:asi:aeafrj:v:8:y:2018:i:5:p:571-585:id:1696
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    Cited by:

    1. Xin Zhang & Zhihui Wang & Xiaobing Zhong & Shouzhi Yang & Abu Bakkar Siddik, 2022. "Do Green Banking Activities Improve the Banks’ Environmental Performance? The Mediating Effect of Green Financing," Sustainability, MDPI, vol. 14(2), pages 1-18, January.
    2. Azhar Susanto & Meiryani Meiryani, 2019. "The impact of Environmental Accounting Information System Alignment on Firm Performance and Environmental Performance: A case of Small and Medium Enterprises s of Indonesia," International Journal of Energy Economics and Policy, Econjournals, vol. 9(2), pages 229-236.
    3. Ahmed Nahar Al-Hussaini, 2019. "The Role of Financial Management in Testing Environmental Kuznets Curve in Kuwait: Evidence from ARDL Bound Testing Approach," International Journal of Energy Economics and Policy, Econjournals, vol. 9(3), pages 353-359.
    4. Mira Susanti Amirrudin & Mazni Abdullah & Nooraslinda Abdul Aris & Nor Farizal Mohammed, 2019. "Are SMEs Ready for Integrated Reporting? The Malaysian Experience of Accountability," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(5), pages 301-312, August.
    5. Alam Rehman & Irfan Ullah & Fakhr-e-Alam Afridi & Zain Ullah & Muhammad Zeeshan & Arif Hussain & Haseeb Ur Rahman, 2021. "Adoption of green banking practices and environmental performance in Pakistan: a demonstration of structural equation modelling," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 23(9), pages 13200-13220, September.
    6. Guang-Wen Zheng & Abu Bakkar Siddik & Mohammad Masukujjaman & Nazneen Fatema, 2021. "Factors Affecting the Sustainability Performance of Financial Institutions in Bangladesh: The Role of Green Finance," Sustainability, MDPI, vol. 13(18), pages 1-27, September.
    7. Jing Chen & Abu Bakkar Siddik & Guang-Wen Zheng & Mohammad Masukujjaman & Sodikov Bekhzod, 2022. "The Effect of Green Banking Practices on Banks’ Environmental Performance and Green Financing: An Empirical Study," Energies, MDPI, vol. 15(4), pages 1-22, February.
    8. Sun, Yunpeng & Anwar, Ahsan & Razzaq, Asif & Liang, Xueping & Siddique, Muhammad, 2022. "Asymmetric role of renewable energy, green innovation, and globalization in deriving environmental sustainability: Evidence from top-10 polluted countries," Renewable Energy, Elsevier, vol. 185(C), pages 280-290.
    9. Md. Nur-E-Alam Siddique & Shifa Mohd Nor & Zizah Che Senik & Nor Asiah Omar, 2023. "Corporate Social Responsibility as the Pathway to Sustainable Banking: A Systematic Literature Review," Sustainability, MDPI, vol. 15(3), pages 1-19, January.
    10. Md. Mohosin Talukder, 2021. "Relationship between Green Human Resource Management and Individual performance as Non Environmental factor: A study on commercial banks in Bangladesh," International Journal of Science and Business, IJSAB International, vol. 5(8), pages 73-88.
    11. Markus Riegler, 2023. "Towards a definition of sustainable banking - a consolidated approach in the context of guidelines and strategies," International Journal of Corporate Social Responsibility, Springer, vol. 8(1), pages 1-26, December.
    12. Nkechi Vivian Adubor & Anthonia Adenike Adeniji & Odunayo Paul Salau & Oluwapelumi John Olajugba & Grace Oluwabukola Onibudo, 2022. "Exploring Green Human Resource Adoption and Corporate Sustainability in Nigerian Manufacturing Industry," Sustainability, MDPI, vol. 14(19), pages 1-15, October.
    13. Grace Ibe-enwo & Nicholas Igbudu & Zanete Garanti & Temitope Popoola, 2019. "Assessing the Relevance of Green Banking Practice on Bank Loyalty: The Mediating Effect of Green Image and Bank Trust," Sustainability, MDPI, vol. 11(17), pages 1-16, August.
    14. Muhammad Haseeb & Sebastian Kot & Hafezali Iqbal Hussain & Kittisak Jermsittiparsert, 2019. "Impact of Economic Growth, Environmental Pollution, and Energy Consumption on Health Expenditure and R&D Expenditure of ASEAN Countries," Energies, MDPI, vol. 12(19), pages 1-21, September.
    15. Meenakshi Sharma & Akanksha Choubey, 2022. "Green banking initiatives: a qualitative study on Indian banking sector," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 24(1), pages 293-319, January.
    16. Ronaldo, Reza & Suryanto, Tulus, 2022. "Green finance and sustainability development goals in Indonesian Fund Village," Resources Policy, Elsevier, vol. 78(C).
    17. Winwin Yadiati & Nissa Nissa & Sugiono Paulus & Harry Suharman & Meiryani Meiryani, 2019. "The Role of Green Intellectual Capital and Organizational Reputation in Influencing Environmental Performance," International Journal of Energy Economics and Policy, Econjournals, vol. 9(3), pages 261-268.
    18. Guang-Wen Zheng & Abu Bakkar Siddik & Mohammad Masukujjaman & Nazneen Fatema & Syed Shah Alam, 2021. "Green Finance Development in Bangladesh: The Role of Private Commercial Banks (PCBs)," Sustainability, MDPI, vol. 13(2), pages 1-17, January.
    19. Wang Bing & K M Safiqul Islam & Md. Miraj Hossen, 2019. "Economic development through the implementation of environment policies:An empirical study from the South-West coastal areas of Bangladesh," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 8(6), pages 292-300, October.
    20. Abdul Aziz Khan Niazi & Tehmina Fiaz Qazi & Hira Tanweer Butt & Ifra Aziz Khan Niazi & Abdul Basit, 2023. "A Structural Analysis of Barriers Being Faced by Green Banking Initiatives in Pakistan," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 9(2), pages 182-199.

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