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Towards Better Involvement In Green Banking Practices: Evidence From Romania

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  • BAICU Claudia Gabriela

    (Institute for World Economy, Romanian Academy)

Abstract

The European Green Deal has re-ignited the imperative of green finance that is called to support the European Union transition to a greener economy. Green finance becomes even more opportune in the context of the economic recovery after the COVID-19 pandemic. The aim of the paper is to explore green banking practices in the Romanian banking system. The investigation reveals the efforts of banks to be environmentally friendly and to be involved in financing of some green projects, such as the energy efficient projects. Nevertheless, the green banking products are still in the emerging stage and banks in Romania should develop their role in the field, by diversifying the range of green products and services, improving the expertise to assess green projects or intensifying the marketing initiatives to promote green products. In order to encourage banks in Romania to provide green financing several incentives should be conceived; similar to banks, the borrowers seeking green projects should be rewarded. Some mandatory requirements for banks to be involved in green investments may promote green banking in Romania. An essential condition to achieve the development of green banking in Romania is to increase awareness towards environmentally friendly behaviour at all levels.

Suggested Citation

  • BAICU Claudia Gabriela, 2021. "Towards Better Involvement In Green Banking Practices: Evidence From Romania," Management of Sustainable Development, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 13(1), pages 9-13, June.
    • Handle: RePEc:blg:msudev:v:13:y:2021:i:1:p:9-13:n:3
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    References listed on IDEAS

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    1. Georgiana-Loredana FRECEA & Candidate Constantin SCHIPOR, 2017. "Corporate Social Responsibility - The Romanian Banking Sector Perspective," Management Intercultural, Romanian Foundation for Business Intelligence, Editorial Department, issue 39, pages 155-162, December.
    2. Hyoungkun Park & Jong Dae Kim, 2020. "Transition towards green banking: role of financial regulators and financial institutions," Asian Journal of Sustainability and Social Responsibility, Springer, vol. 5(1), pages 1-25, December.
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