Accounting Research and Audit Practices | Journals

The IUP Journal of Accounting Research and Audit Practices:

Green Finance Initiatives in India

Article Details

Pub. Date	: April, 2022
Product Name	: The IUP Journal of Accounting Research and Audit Practices
Product Type	: Article
Product Code	: IJARAP0504 22
Author Name	:Krishnendu Ghosh*
Availability	: YES
Subject/Domain	: Finance
Download Format	: PDF Format
No. of Pages	: 21

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Abstract

"Go Green" has become the buzzword associated with every sphere such as socio-economical, environmental, ecological and political. Green Finance or sustainable finance aims at incorporating environmental protection into economic profits and also at better achievement of ecological balance to accomplish sustainable utilization of resources, highlighting two significant areas, "green" and "finance". To implement the Green Finance initiative successfully, huge amount of funding is required from both governments and private players. The study is mainly based on the best practices followed across the globe for promoting Green Finance, recent trends and future opportunities in emerging India. The methodology used is mainly theoretical framework built based on the existing literature. The study could benefit policymakers and researchers in understanding the challenges and the way forward concerning Green Finance in India.

Introduction

We have witnessed many environmental issues over the past few decades which are strictly connected with sustainable growth and human survival. Maintaining the environment, development and sustainability together have become the most challenging phenomena in today's volatile and complex global business landscape. Continuous development has resulted in environmental degradation, destruction of ecosystems, etc., which has got a direct impact on the overall sustainable development. According to Burton (1987), the Brundtland Commission Report entitled 'Our Common Future', 1987, has defined sustainable development as "development that meets the needs of the present, without compromising the ability of future generations to meet their own needs." Factors like urbanization, increase in population, massive economic growth, increase in energy consumption and agricultural growth are considered as the root cause of environmental deterioration (Choudhary et al., 2015). Sustainable development aims at minimizing the depletion of natural resources and encourages development without producing damage to the environment and use of environment-friendly practices. To preserve the environment by preventing the adverse impacts on nature, 'Greenism' or 'Environmentalism' has become a key necessity across the globe.