Sustainable economic development through green innovative banking and financing

Abstract

The essence of the paper is a new concept of finance, which is synchronized with the environmental processes of the planet development - green finance. Green finance is positioned between the financial industry, sustainable economic development, and environmental protection. Banks can play a relevant role in promoting environmental sustainability by financing environmentally and socially responsible projects. To fulfill this role, the banking sector in certain countries has adopted the concept of Green Banking which promotes environmentally responsible financing and sustainable internal processes. The paper aims to study the role of banks in sustainable economic development through green banking activities. Building on the theoretical concept of green finance and green banking activities, it is ultimately suggested that developing green banking products are is a proactive idea that might enable eco-friendly business practices for present and future generations.

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