Green Finance: Exploring The Indian Financial System
Sustainable development is a key concept in environment
jurisprudence that has aimed at harmonising economic development
and environment protection. To combat the imminent threats of
climate change various summits and conferences have based their
plan of action on the lines of sustainable development. The 2030
Sustainable Development Goals (SDGs) are a unique set of
seventeen-time bound goals that aim to balance all three objectives
of sustainability i.e., economic, social and environment.
Sustainability has emerged as a driving force for all sectors of
the economy. The financial sector especially has been under the
lens to contribute towards environment sustainability. In this
backdrop ‘green finance’ has become a hot topic among
corporates globally. Green finance means to include all public and
private entities which provide financial assistance for sustainable
development initiatives. A few of these initiatives include climate
change, renewable energy, environmental pollution, deforestation
and carbon neutrality. However, the context in which green finance
is applicable depends on the economy of respective nations.
Developed nations have the requisite economic resources to finance
sustainability driven initiatives whereas developing countries face
numerous challenges in financing their national goals. The
Association of Southeast Asian Nation demand for green finance is
estimated to hit three trillion US dollar in 2030
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