Research Front

Author(s) :

Dr. Anjua V. Gawade.

Volume/Issue :

Abstract :

In the era of climate change and environmental degradation, the financial sector has started playing an important role in promoting sustainable development. Green banking and sustainable finance have emerged as key mechanisms through which financial institutions encourage environmentally responsible investments and sustainable economic growth. These practices involve financing renewable energy projects, promoting digital banking to reduce paper consumption, and supporting environmentally friendly business initiatives. India’s vision of becoming a developed nation by 2047, often referred to as Viksit Bharat 2047, requires a strong financial system that integrates sustainability into its operations. The banking sector can significantly contribute to this vision by directing capital toward green technologies, renewable energy, and environmentally responsible industries. However, the implementation of green banking in India faces several challenges including lack of awareness, regulatory limitations, technological gaps, and limited availability of green financial products. The present study explores the opportunities and challenges associated with green banking and sustainable finance in India. The research is primarily based on secondary data collected from books, journals, and research papers related to sustainable finance and green banking. The study highlights that green banking has the potential to promote sustainable economic growth, improve environmental quality, and enhance financial stability. At the same time, policy support, institutional reforms, and awareness initiatives are necessary to fully utilize the potential of sustainable finance in India.

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