Authors: Prerana Sarma; Arup Roy
Addresses: Department of Business Administration, Tezpur University, Assam, India ' Department of Business Administration, Tezpur University, Assam, India
Abstract: The purpose of this paper is to explore the present scenario of green financial instruments in India. The paper also highlights the scope for introducing additional green financial instruments in India. Results reveal that Indian banks are active issuers of green financial instruments. Stock exchanges in India are also seen implementing green finance by modifying their operations and by abiding to International Sustainable Finance Initiatives. Results highlight that India has introduced a variety of green financial instruments which include green indices, green venture capital, green bond, green loans, green insurance, guarantees, green banking, and risk-sharing tools. However, only 8 out of 18 green financial instruments found in other nations are available in India. The study recommends scope for introducing additional green financial instruments in India. This study may benefit the regulators for identifying scope for expansion of green finance in India.
Keywords: green finance; green financial instrument; GFI; India; current status; future prospects.
International Journal of Business Innovation and Research, 2021 Vol.26 No.2, pp.194 - 218
Received: 24 Jul 2019
Accepted: 01 Nov 2019
Published online: 26 Oct 2021 *