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Green Banking in Bangladesh: a Commitment Towards the Global Initiatives

MD. MASUKUJJAMAN*
Senior Lecturer in Finance
Department of Business Administration, Northern University Bangladesh, Dhaka-1209,

SERENA AKTAR
Assistant Professor in Management, Department of Business Administration, Northern University Bangladesh, Dhaka-1209,

Abstract/ Executive Summary:

Banks usually provide dedicated public services for profits. It is believed that profit should not be earned at the expense of the world's most pressing environmental problems. Thus the concept of green banking is evolved in response to the global initiative to save environment. It is a kind of welfare banking for the society at large, it responses to be green in daily operations and financing of nature conservation projects. The present paper aims to highlight the green banking road map in Bangladesh and the status of its implementation. Further, an attempt has been made to explore activities of commercial banks in comparison with global green banking initiatives. The study utilized secondary data available from related websites, published reports and articles. The study concluded that Bangladesh is far behind their counterparts from the developed countries. But the general picture presents a transition to green banking in a consistent manner for most banks. By taking care of its infrastructure development and accelerating its existing green movements, banks can ensure sustainability for itself and greener world for communities.

Keywords: Climate Change, Sustainable Development, Global initiatives, Green Banking

Location: In Bangladesh

Start Date:

End Date:

Program Area: Socio-economic and Policy

Non-commodity: Adoption and mitigation technology

Objectives:

Banks hold a unique position in an economic system that can affect production, services, business and other activities through their financing activities and thus may contribute to removing polluted environment. The banks should go green and play a pro-active role to take environmental and ecological aspects as part of their lending and investment principle, which would direct industries to go for mandated investment for environmental management, use of appropriate technologies and management systems

Methodology:

The present study is of analytical and conceptual in nature based on the secondary data. The secondary data has been collected from various newspapers, magazines, internet and commercial banks websites, Bangladesh Bank websites and reviews etc. Additionally, different working papers, journals and articles have been pursued enriching the literature of the study. To find out various green banking practices nationally and internationally, the websites of the respective banks have been utilized and studied. An intensive desk research has been undertaken to collect published data. The collected data are analyzed in the perspective of progress and adequacy of green banking activities in Bangladesh compared to the global endeavors. Microsoft office package especially MS-excel have been used mostly for summarizing and illustrating the collected data systematically.

Source of Information: Journal of Business and Technology (Dhaka); Volume VIII, Issues 1 and 2, January-June, July-December, 2013

Article Link (Online Journal):

Funding Source:

Budget:

Total Budget (Tk.) :

Achievement/Findings:

As far as green banking is concerned Bangladeshi banks are far behind their counterparts from developed countries. The implementation status of the study highlights the fact that banks in Bangladesh are beginning to understand the importance of introducing green banking into their mainstream operations. Still, no bank in Bangladesh has been found in the UNEPs signatories of the Equator Principlesvii (which is regarded as one of the most important standards for responsible financing). The general picture presents a transition from some notable individual actions in a consistent and measurable environmental performance for most banks. According to this study, though the banking industry in Bangladesh are in the intensification phase passing through the foundation phase within the time frame, some banks are yet to stand on its feet. A few commercial banks are engaged in in-house environment management and are contributing towards environment friendly finance through their Green Energy Loans. However banks have a lot more scope to contribute and should make adequate investment in generating renewable energy.

Knowledge Management: Journal