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Embracing Sustainability: The Evolution of Conventional Banking through Green Banking Initiatives

In: Proceedings of the 3rd International Conference on Reinventing Business Practices, Start-ups and Sustainability (ICRBSS 2023)

Author

Listed:
  • T. C. Catherin

    (SRM Institute of Science and Technology, Department of Business Administration)

  • C. L. Jeba Melvin

    (N.M. Christian College, Marthandam, Affiliated to Manonmaniam Sundaranar University, Department of Management Studies)

Abstract

In India, the banking sector wields substantial influence over various industries and plays a pivotal role in the country's economic and monetary progress. Recently, there has been a growing emphasis on environmental consciousness and ethical social responsibility within banking practices, leading to the emergence of the Green Banking concept in contemporary finance. This shift towards sustainability in banking has been instrumental in fostering the nation's green initiatives. The successful implementation of Green Banking practices hinges on raising public awareness about these initiatives. Therefore, this study aims to meticulously explore the Green Banking initiatives embraced by various banks. Additionally, this research assesses the extent to which these initiatives have been integrated into the banking sector. The findings of the study underscore the importance of giving equal attention to all aspects of Green Banking, including eco-friendly practices and their consistent enforcement, the incorporation of green processes within internal banking operations, efficient waste management strategies, energy conservation measures, as well as green funding and carbon offset initiatives. It is imperative for banks to prioritize these diverse Green Banking initiatives to facilitate sustainable development and contribute significantly to environmental preservation.

Suggested Citation

  • T. C. Catherin & C. L. Jeba Melvin, 2024. "Embracing Sustainability: The Evolution of Conventional Banking through Green Banking Initiatives," Advances in Economics, Business and Management Research, in: Meena Rani Nimmagadda & Catherine S. & Praseeda Challapalli & V. Sasirekha (ed.), Proceedings of the 3rd International Conference on Reinventing Business Practices, Start-ups and Sustainability (ICRBSS 2023), pages 398-409, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-374-0_35
    DOI: 10.2991/978-94-6463-374-0_35
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