The Role Of Green Banking In The Development Of A Sustainable Financial Eco-System: A Global Perspective
The present century is witnessing a drastic change in all spheres of human life especially in their habitat. Man has converted the natural beautiful face of the earth into an ugly mask. Till the blasting of the Industrial revolution in 17thCentury, the earth remains virgin. The growth of factories and industries like mushrooms in different parts of the globe triggered of the declining of quality of the natural environment. The demand for both Industrial and consumer goods roses up in a dramatic manner which was over and above the expectations of the producer community. This in deed acted as catalyst for the increase in requirements for all factors of production namely men,material,money,machinery and methods. Most of the producers and Industrialist confronted with the problemof mobilization and utilization of the resources. The entities which were having better technology went to explore and exploit the resources with a greed heart and cunning brain. Consequently, the business people transformed themselves from mere consumers of raw materials into products into ruthless exploiters of the life blood and flesh of their mother earth. The economies of the worldface the serious problem of climate change. Hence both the developed and developing nations finds it extremely difficult to manage the various types of pollution i.eair, water and land pollution. Empirical evidences have been put forth by researchers that the level of pollution have been rising beyond the control of human beings.A plethora of studies proves that the business enterprises are ultimate culprits behind the creation of tragic situation. The financial power houses of every business entities across the globe is either banks or non-banking financial institutions.it is the absence of a green financial eco-system which have helped the business institutions to forgo the concept of sustainability. The financial system has a commanding role to control, regulate and to make the business people to think differently. The world at present requires the business world to focus on the core concept of Sustainable Financial Development.This can be attained only by empowering the financial eco-system with sustainability oriented green Mandates, The paper tries to suggest effective guidelines to build up a sustainable financial eco-system, by appraising and critically evaluating the green financial practices followed by developed and developing nations. Further the paper tries to bring out the methodology for the effective implementation of the suggested guidelines.
Keyword- Sustainable Financial Eco-system, Green Banking, Transit Oriented Development