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Exploring Green Loans: Financing Eco-friendly Initiatives In The Usa

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New Sustainability Linked Financing Framework

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Sustainability Improvement Loans

By Xin Zhang Xin Zhang Scilit Preprints.org Google Scholar 1 , Zhihui Wang Zhihui Wang Scilit Preprints.org Google Scholar 1, * , Xiaobing Zhong Xiaobing Zhong Scilit Preprints.org Google Scholar 1 , Shouzhi Yang Shouzhi Yang Scilit Preprints.org Google Scholar and Abu Bakkar Siddik Abu Bakkar Siddik Scilit Preprints.org Google Scholar 3, *

Received: 18 December 2021 / Revised: 11 January 2022 / Accepted: 12 January 2022 / Published: 17 January 2022

(This article belongs to the Special Issue The Mediating Role of Environmental, Social, and Governance (ESG) Orientation in Finance and Investments)

The main objective of this study is to identify the effect of green banking activities on green finance and banks' environmental performance. It also identifies the mediating effect of green finance on the relationship between green banking activities and environmental performance of private commercial banks (PCBs) in Bangladesh. Furthermore, this study also examines the major challenges and benefits of developing green banks in a growing economy like Bangladesh. The convenience sampling technique was used to collect primary data from bankers of PCBs in Bangladesh and a final sample size of 352 was recorded. To assess the relationship between the study variables, the method Structural Equation Modeling (SEM) was used. The empirical results revealed that green banking activities have a significant positive effect on banks' environmental performance and sources of green finance, and that sources of green finance have a significant impact on banks' environmental performance. In addition, it was observed that green finance mediates the link between green banking activities and banks' environmental performance. Furthermore, the study identified insufficient customer awareness of green banking, high investment costs, technical obstacles, lack of skilled and competent staff to evaluate green credits/loans, and difficulty and complexity in evaluating green projects as major challenges affecting the development of green banks . in Bangladesh. Furthermore, the study also discovered that increasing banks' competitiveness, reducing long-term costs and expenses, providing online banking facilities, improving customer goodwill and reducing carbon footprints are the most important benefits of green banking development as it helps achieve the country's sustainable economic development . Therefore, larger theoretical and management policy implications are further discussed with study limitations and future research directions.

Exploring Sustainability And Green Banking Disclosures: A Study Of Banking Sector

The planet suffers from climate crises such as droughts, storms, coastal flooding, rising sea levels and tsunamis. These climate changes endanger the sustainable way of life on this globe, prompting developed and developing countries, especially Bangladesh, to act quickly and collectively [1]. Bangladesh is perceived as one of the world's next growing economies as it is characterized by huge investment, development and economic potential to become a prominent market in the 21st century [2, 3]. Nevertheless, developing countries such as Bangladesh are experiencing challenges related to climate change and the associated consequences for the environment [1, 4]. Obviously, Bangladesh is considered one of the most affected nations by climate change due to rising global sea temperatures, which damages natural ecosystems and results in economic instability [5, 6, 7]. From that point of view, appropriate long-term initiatives must be taken to sustain future growth through the execution of green strategies and frameworks. As a result, Bangladesh has adapted the design of green structures to its broad scope of sustainable development through the wide implementation of green banking. In addition, banks and financial institutions especially affect an economy through their financing roles in various operations, which will affect the overall economy and ultimately the reduction of environmental risks in the real world [5, 7]. These organizations can greatly promote the campaign for a cleaner environment, adopt a "green" policy and facilitate clean technology for client companies. Therefore, all financial institutions must pursue a long-term plan to monitor the environmental impact of their clients or projects to ensure overall sustainability, as it tends to reduce costs and contribute to the growth of new businesses [1, 8].

Green banking (GB), also known as socially responsible banking, sustainable banking and ethical banking, is widely used in academic and business contexts and has a variety of meanings [3, 4, 5, 9, 10]. GB is a form of banking with an ultimate goal of preserving the environment and protecting natural resources while taking into account all social and environmental factors (Bangladesh Bank, 2020). On the one hand, the banking sector is considered one of the main sources of financing for industrial projects that generate maximum carbon dioxide emissions via steel, paper, cement, pesticides, fertilizers, electricity and textiles. As a result, the banking sector can act as an intermediary between social and economic growth and environmental conservation, thus promoting environmentally and socially responsible investments [1, 4]. Therefore, it can be concluded that GB is a form of banking established in green and environmentally friendly areas that aims to reduce total internal and external carbon emissions and improve environmental performance.

Moreover, the banking sector in Bangladesh faces challenges which prevent the development of GB in their day-to-day operations, thus hindering their achievement of sustainable economic growth [1, 5, 7, 8, 11]. In addition, Islam [11] studied the challenges and opportunities of GB development in Bangladesh and discovered that high operating costs, diversification problems, start-up, reputation risk and credit risks were the major challenges of GB development in Bangladesh. Recently, Qureshi & Hussain [12] have studied the challenges and problems of GB product development among Islamic and conventional banks in Pakistan. The study identified lack of knowledge and skills, identification of target market, lack of funding and customer persuasion as the main barriers to development and implementation of GB products in Pakistan. Sharma & Choubey [13] further investigated GB initiatives in the Indian banking sector from a qualitative approach. The study identified the challenges preventing the Indian banking sector from "going green" as: lower customer confidence in green goods and services, customer reluctance to adopt new tools and technologies, lack of customer awareness of GB products and technology, lack of on training, lack of knowledge about GB activities among bank staff, high implementation costs in the short term and technical obstacles. Therefore, it can be concluded that high operating costs, diversification problems, start-up, reputational risks, credit risks, insufficient awareness of customers about green banking products and technology, lack of training and ignorance of bank staff about green banking activities the development of GB in developing countries like Bangladesh.

Recently, various studies have been conducted in GB development, green finance and also the various challenges and benefits associated with GB globally [1, 3, 6, 9, 12, 13, 14, 15, 16, 17, 18 , 19 , 20, 21]. However, these studies are mainly focused on the uptake of GB [9, 22, 23]; GB activities and its development in the Bangladeshi economy [3, 7, 19]; challenges and benefits of GB [11, 12, 13, 24]; performance and environmental sustainability of GB [4, 6, 14, 19]; and sustainable financing [1, 5, 25]. Moreover, a few studies have investigated the impact of GB practices on banks' environmental performance in Pakistan [9], Nepal [26], India [20] and Sri Lanka [27]. In Bangladesh, few studies have measured the relationship between GB activities and GB performance based on secondary data [ 6 , 14 , 19 ]. However, there are very few documented studies in the current literature that highlight the impact of GB activities on banks' environmental performance via the mediating effect of green finance in emerging countries such as Bangladesh. Therefore, a thorough study and exploration of the issue in Bangladesh is necessary.

Green Bonds, Sustainable Finance And Climate Change

This study attempts to bridge the research gap in the following ways: First, it identifies the relationship between GB activities,

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