Title: Green finance - a strategic approach on transition towards sustainable India

Authors: K.S. Raghavendra

Addresses: PG Department, School of Commerce, Mount Carmel College, Autonomous, Bengaluru, India

Abstract: The industrial revolution had an impact on the environment which led to depletion of natural resources, excessive emission in the atmosphere resulting in global warming. For a nation to develop, it must grow technologically, and it is equally important for it to have an ecological balance in the environment for sustainable development. Economic growth and ecological balance should go simultaneously. Green finance is an arrangement of funds for investing in environmentally sustainable projects through the financial instruments and it ensures economic growth along with environmental, social improvement and development of finance industry. This research identifies different products and services related to green finance and the impact of green finance on sustainable practices. A total of 430 employees of non-banking financial institutions were investigated and the findings revealed that green finance is positively and significantly correlated with economic, social, environmental dimensions and sustainability performance. Suggestions were also provided in terms of policy formulation, products design and to increase education and awareness level towards green finance by government and non-banking financial institutions.

Keywords: green finance; sustainability; non-banking financial institutions; NBFIs; green products and investments; environment; India.

DOI: 10.1504/IJBCG.2024.142853

International Journal of Business Competition and Growth, 2024 Vol.9 No.2, pp.148 - 164

Received: 05 Aug 2023
Accepted: 12 Feb 2024
Published online: 28 Nov 2024 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article