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ISSN 0976-1519, Volume 06, No. 01

www.cafetinnova.org March 2015, P.P. 24-30

Green Banking: Comparing Environmental Sustainability with

Socially Responsible Investments
DHARMENDRA KUMAR MISHRA
Education Officer, Central Board for Workers Education, Ministry of Labour & Employment, Government of India,
Panposh, Main Road, Rourkela-769004
Email: dharmendra_mishra75@rediffmail.com

Abstract: During the epoch of economic progress and rapid industrialization, we have also realized, of course a bit
late, that development needs to be sustainable and equitable. Loss of biodiversity, climatic change and
environmental disorder - the side effects of these money making process have become the prime concern of
individual and a non-detachable part of business process. Business operations and industrial activities are now being
closely observed by community which has made pressure on industries to strictly monitor the social and
environmental implications of their business operations. In a globalised economy, environmental facet of business
operations by industries and firms are under scanners of regulators, governments, media, judiciaries, civil society
organizations and social activist groups, which have put a pressure on them to become green and greener. One of the
major economic agents influencing overall industrial activity and economic growth is the financial institutions such
as banking sector. Normally they do not pollute but plays a crucial role in promoting clean development mechanism
and environmental sustainability - in banking term often we called as socially responsible investments. Green
banking means promoting environmental friendly practices, reducing emission of carbon from banking operations
by using clean mechanism and renewable sources of energy. It is an effort by the banks to make the industries grow
green and reinstate the natural environment, which is mutually beneficial to the banks, industries and economy.
Though online banking is a part and partial of the green banking, it cannot be construed as green banking, which is
empowered with latest technological revolution making banking easier, quicker and transparent. Accuracy,
accountability as well as accessibility throughout the world are some of its unique features. Green banking takes
environmental sustainability as well as ecology into consideration by promoting less carbon emission technologies
and practices use of renewable sources of energy in operation. But in online banking customer is the focal point.
This paper intends to compare the benefits of green banking with the environmental sustainability as well as
accessed its customer friendliness aspect.
Keywords: Green Banking, Socially Responsible Investment, Banking Technology, e-banking

Introduction and environment. The problem is universal but in our

case it is more crucial as we are the world’s second
Development needs to be sustainable and it is
most populous country, sharing 17.3% of world
emphasized globally. Sustainable development
population after 19.1% of China. Presently India has
generally makes a balance between the demand of the
more than 36,000 hazardous waste generating
economic development and the need for protection of
industries, releasing approximately 6 million tons of
our natural environment. The classic concept of
hazardous waste annually. Strange thing is that 50% of
economic development is to use all available resources
this waste can be recycled but not done and exposed to
to produce as more as you can and simultaneously
environment. (Chakrabarty, 2013) Economic reform
pollute uninterrupted - sustainability was the not at all a
initiated by government in 1991 and its impact during
matter of concern for any one. During this classical era
post reform era had act like a catalyst to economic and
of economic and industrial development, we have made,
industrial development in India. Its adverse impact on
witnessed and promoted giant industrious steps, without
environment now stood as a major challenge before us.
realizing its ill effects on human, environment and
Business operations and industrial activities are now
society. The side effects of this development processes
being closely observed by community which has made
have, however, also been equally enormous – loss of
pressure on industries to strictly monitor the social and
biodiversity, climatic change, environmental damage,
environmental implications of their business operations.
etc. (Mishra, 2013). We have equitably endangered our
In a globalised economy, industries and firms are under
biodiversity, wild life, society, human beings, climate
scanners of regulators, governments, media, judiciaries,

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 DHARMENDRA KUMAR M ISHRA 25

civil society organizations and social activist groups, future. However we must distinguish it through the
which have forced them to become green and greener. social and environmental lenses. Socially, sustainability
Use of mesmerizing terms like liberalization, must promote social cohesion and reduces inequality
privatization and globalization (LPG) had obstructed whereas environmentally, it preserves the ecology and
our visibility to foresee its devastating impact on future ecosystem for sustainable growth. Poverty reduction
of our earth - a home of about 8.7 million of species, out and economic growth can be sustained only if natural
of which 6.5 million found on the land and rest 2.2 resources are managed on sustainable basis. (UNDP,
million, say 25% dwelling in the ocean depth. (Mora, 2012)
2011)
Traditionally banks and financial institutions (FIs) are
Our demand driven development process had put a confined to money and profit only. Ethics has not
threat on the functioning of our well balanced and self- infiltrated into their operations. It is the changes in our
regulated ecosystem. We have to build houses, cities, social system and public opinion that have forced banks
railroads, highways and ports to serve our rapidly to implement ethical standards in their business.
growing population. All the technological inventions Banking Industry - generally they do not pollute as
have added to humanity but equally caused deterioration compared to other sectors of economy but may take a
to environment. Conveniences that we get from these great responsibility in promoting environmental
inventions are unable to compensate the destructions it sustainability through socially responsible investments
causes. Albert Einstein described this as ‘technology (SRI), whom we called as green banking (GB). Banks
exceeds humanity’. Gandhiji depict it as ‘the world has have a banking relationship with some
enough for everyone's need, but not enough for companies/investment projects that are polluters or
everyone's greed’. Excessive interferences on nature, could be in future, such as metallurgical industries,
which is well balanced is being reciprocally paper and pulp, pesticides/insecticides, fertilizers,
acknowledged and takes its own courses of actions so mining industries, chemical/pharmaceuticals and textile.
that equilibrium will be maintained, which we often Industries, which are ill equipped to control pollution
called as natural disasters. We have realized, but a bit now, are the possible polluters of future. Banks may
late that economic and industrial development also ask such ill equipped industries to adopt pollution
needs to be sustainable and balanced. Therefore in 1987 control device before sanction of credit as a pre-
World Commission on Environment and Development condition. However Indian banking sector has failed to
(WCED), popularly known as Brundtland Commission realize their vast inherent potential in promoting
in its report recommends that all development projects environmental sustainability in comparison to banks of
and programmes must be designed for sustainable developed countries and the concept of GB or SRI is
development. (UN, 1987) United Nations Framework still in its infancy stage in India. Generally, it is the
Convention on Climate Change (UNFCCC, 1992) and nature of business, that decides whether an investment
Kyoto Protocol (KP, 1997) are also two global is socially responsible or not. SRI mostly avoid
instruments similar in line with Brundtland report that investment on business like producing or selling of
had made an obligation before world leaderships to addictive substances like alcohol or tobacco, gambling
adopt Clean Development Mechanism (CDM) to reduce etc, whereas it encourage business or industries engaged
emissions of carbon through renewable energy and its in environmental sustainability, CDM, recycle business,
efficient use in different development projects. When alternative energy, clean technology efforts, etc.
such mega events are being organized globally for a Investment in pension funds, social security schemes
common consciousness among countries towards and group insurance plans are also considered as SRI.
sustainability of our earth, how India could keep herself
GB is similar to normal banking which considers social,
isolated from these phenomenons and hence we also
environmental/ecological factors in banking operations
signed UNFCCC, 1992 on 10th June, 1992 and KP,
with an aim to protect and preserve our natural
1997 on 26th August, 2002. Sustainability moment and
resources. Simply, we may call bank’s participation in
environmental concern in India has started in early
sustainable development as GB. Online banking is the
1980s, to a certain extent influenced by above
easiest way for GB - alternatively called as ethical or
international developments, but mainly due to the
sustainable banking. GB is a proactive concept and
biggest environmental disorder of 1984 - the Bhopal gas
smart approach of thinking with a dream for future
tragedy. This unfortunate manmade havoc put a
sustainability of our only spaceship – the earth.
pressure on Indian government, leading to a number of
(Khawaspatil, 2013)
environmental policies and legislations to meet
ecological challenges. (Mohanty, 2012) As per Green Banking v/s SRI
Brundtland report (1987), sustainability generally refers
Banking and financial sectors are the major economic
to full fill our all present needs without affecting the
agent which not only influences the overall industrial,

International Journal of Biological Sciences and Engineering

ISSN 0976-1519, Vol. 06, No. 01, March 2015, pp. 24-30
 26 Green Banking: Comparing Environmental Sustainability with Socially Responsible
Investments

economic and development process but also imposes On the other hand SRI is a growing discipline aims at
conditions as they are the main sources of finance to long term value creation for investors as well as society
companies/industries. GB is an attempt of banks to as a whole. It is stimulated by its sponsors who
make industry grow green and simultaneously restore incorporate diverse social and environmental screening
the natural environment, which is mutually beneficial to criteria into their investment decision processes. Social
banks, industries, society and economy. It will also add issues like poverty alleviation and welfare of poor have
value to the asset’s quality of the bank and substantially become more important as the world has progressed
reduce nonperforming assets of banks as the risk economically, which has pushed both individual and
involves in green companies/ industries are institutional investors for SRI, which is gaining
comparatively low. Some of the characteristics of GB popularity around the globe. Knoll defined SRI as
are: ‘managing money according to ethical criteria’, but
banks and investors who are the main crusaders of GB
(a) Integrating banking operations with technologies,
and engaged in SRI, apply different environmental,
customer’s need, make an attempt to change
social and governance (ESG) criteria during investment
client’s habits, using renewable energy,
analysis. (Knoll, 2002) Their expertise in applying
(b) Promoting environment friendly practices, CDM,
social and environmental concerns in their financial
recycling business, natural resource conservation,
deals have recognized SRI as an integral organ and
green projects, online banking instead of branch
separate branch of banking sector, generally known as
banking, online payment instead of mailing them,
Community Development Financial Institutions
opening online deposits, loan and money market
(CDFIs). They are the main campaigners of GB and
accounts, mobile banking, phone banking, green
SRI. In India we popularly called it as ‘micro finance’,
deposit, green credit cards, green mortgages.
where a large number of community based
(c) Reducing carbon foot print from all banking
organizations (CBOs) are engaged in promoting
activities, carbon dioxide emission,
environmentally sustainable business among low-
(d) Adopting paper less practices, softer approach and
income group rural women, most often described as Self
flexible terms for financing green projects,
Help Groups (SHGs). This has helped both in
environmental standards for lending.
conservation of our environment and provided sources
(e) Create awareness about GB among bank employee,
of revenue to many poor families in rural area. These
customers, associates and general public.
poor families were never been to any banks or FIs in
(f) Design and lunch green products and services.
their life and hence excluded from banking services,
Under GB, generally following three types of projects either due to lack of information/knowledge or due to
are encouraged after being audited by a third party bias in the market. SRI seeks to identify these unearned
expert, may be a person or institute. communities to meet their ‘unmet’ needs. (BC, 2007)
GB must apply suitable ESG standards during
(a) Projects with sustainable development and using
investment analysis to identify their unmet needs and
natural renewable resources.
suitable strategies to address these needs.
(b) Projects which prevent and control pollution and
minimize waste. SRI cost nothing when examined in term of total cost
(c) Projects which protect human health, bio-diversity, and benefits, i.e. financial and social, but surely it will
occupational health and safety and efficient have a cost when it is looked through financial term
production, delivery and use of energy. only. Some people treat SRI as a premium to be paid for
being socially responsible, which reduces the
Green banking would be more effective, if the figures in
investment return due to integration of non-financial
the balance sheet of firms and industries will be
ESG consideration into investment analysis. Further
reflected in ‘environmental patterns’ instead of
ESG also reduces number investment opportunities.
‘economic patterns’. It requires a paradigmatic change
However followers of SRI believe that, even if
in thinking about business, economics and finance.
investment opportunities are reduced, amalgamation of
Profits must not be viewed in term of money only,
ESG will deliver benefits that more than offset the loss
protection and conservation of environment may be also
of portfolio’s efficiency caused by the more limited
construed as monetary profit and must be reflected in all
investment sets. But several research studies have
the annual audited statements and reports. Worldwide
shown that incorporating social and environmental
green moment will be more effective and fruitful if, all
screening into portfolio does not have any adverse effect
governments will revise their accounting patterns, from
on it. It is suggested that SRI portfolio will exposed to
being ‘monetary economics’ to ‘ecological economics’
same risk- adjusted return as their normal counterparts.
and interpret the same in all financial and annual
(PH &N, 2007) Banks and investors supporting SRI
reports. It will help a lot in ecological balance. (Singh,
have listed following benefits of SRI, which ultimately
2012)

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 DHARMENDRA KUMAR M ISHRA 27

translate into improved financial performance and also inhabited by low-income people, based on data of US
promote sustainability: Census and focused on their livelihood and housing.
They also invested to rehabilitate some environmentally
(a) Lower litigation cost.
damaged land, created energy efficient buildings and
(b) Ability to attract and retain better employee.
reduced waste or toxic material in business practices.
(c) Productive and committed workforce.
Similarly mission statement of Triodos Bank in
(d) Good relation with government and Communities.
Netherland and England, reads as ‘financing of
(e) Low environmental maintenance cost.
companies that add cultural value and benefit people
Some of best model of SRI are as follows, however and the environment, with the support of lenders and
policy of United Nations (UNs), not to invest its funds investors who want to encourage the development of
on arm makers is the pioneer example of SRI. socially responsible and innovative businesses’. The
concept of GB was initiated in India only after the
(a) Support local, small sustainable business
computerization of banks. State Bank of India (SBI), the
development among low-income communities.
largest public sector bank, under its green policy has set
(b) Invest in low-income and affordable housing
up three wind mills to generate 15 MW of power in
projects.
Tamil Nadu, Maharashtra and Gujarat for its own
(c) Invest in innovative environmental project.
consumption, first of its kind in India to think of
(d) Provide small loans to individuals in developing
generating green power as a direct substitute to
countries.
polluting thermal power and implement the renewable
(e) Encourage financial education camps/ training for
energy project for captive use. This has not only
individuals not exposed to financial service.
encouraged others to think for access the renewal
(f) Implement credit and saving programme among
sources of energy but also set a mile stone for GB in
low-income communities to combat predatory
India. Customers seeking a home loan from SBI may
lending, often called as fair lending practices.
enjoy several benefits like, 5% concession in margin,
(g) Invest on improvement of social service.
0.25% concession in interest rate and waiver of
(h) Support energy efficiency, alternative energy,
processing fees under green housing, provided that
organic farming and fair trade programmes.
his/her housing project (plan and estimate) is
Green Banking- Indian Scenario approved/rated by Indian Green Building Council
(IGBC). Introduction of Green Channel Counter (GCC)
Industries are now subject to stringent environmental
at retail branches of SBI from 1st July, 2010 - the SBI
laws, government policies and public actions. As banks
day, meant to provide three basic service to its
are major stakeholders in industries, may face liability
customers, i.e. cash deposit, cash withdrawal and fund
risk, once industry is exposed to litigations and public
transfer up to Rs.40, 000 a day will reduces the use of
boycotts. It will adversely affect their asset class and
paper and transaction time. This has given a new
return on investment, leading to declaration of
dimension to go green moment in banks, particularly in
nonperforming assets (NPA) in long-run. Thus, first of
retail banking, where every customer had an opportunity
all, Americans started thinking of eco-friendly banking,
to take the benefit of GB.
initially just to lower the carbon foot prints from their
normal banking activities, later on which has given birth Environmental pollution caused by Small Scale
to GB and SRI. Banks are now implementing Industries (SSIs) in India is invisible in nature and thus
environmental conservation measures, supporting to the away from the gaze of media, social activist and
deprived section of the society and concern about the government, as they mostly operate in unorganized
quality of life of people as their business strategies. sector. Small Industries Development Bank of India
(Sahoo, 2008) Application of technologies had also (SIDBI), the prime lender in the micro, small and
helped banks in their efforts to be socially responsible medium enterprises (MSME) sector requires that SSIs
and environmentally alert. Enabled and empowered to obtain a no objection certificate (NOC), as a consent
with latest available technologies, they are now able to to establish industry from the respective pollution
distribute their products and service through varieties of control boards (PCBs), which is a precondition before
channels, like internet banking, automated teller sanctioning the credit. ATMs of Indus Ind. Bank will
machines (ATMs), mobile banking and phone banking consume power from solar energy as part of its green
etc. Internet banking is the fastest growing channel, campaign ‘hum aur hariyali’ which will replace use of
which has changed the banking operations tremendously conventional sources of energy for eight hours a day
and provoked banks to think of green, green banking, with eco-friendly and renewable solar energy, leading to
green projects, green financing, green thoughts etc. accumulate 1980 KW per hrs energy every year and
reduce carbon dioxide emissions by 1942 KGs. This
Shore Bank- a pioneer in GB and SRI in United States
solar ATM can store and transmit power on demand in
of America has recognized some geographic area

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 28 Green Banking: Comparing Environmental Sustainability with Socially Responsible
Investments

case of power failure, which will save Rs.20,000 per mortgages, green loans, green credit cards, green
year in case of a commercial user with grid power savings accounts, green checking accounts, green
supply and Rs.40,200 in case of diesel generator. IDBI compact discs, green money market accounts, mobile
Bank, a member of the Council of National Action Plan banking, online banking and remote deposit certificates
on Climate Change (NAPCC) and signatory to investor etc. (Bahl, 2012) GB mainly cares for ecology and
carbon disclosure project (CDP) aims to create a promotes sustainability whereas customers are at the
relationship between shareholders and corporations focal point in online banking, which in exchange
regarding the implications for shareholder value and contribute for sustainable development. Today’s ITs
commercial operations presented by climate change. enabled banks not only see the entire globe as their
Launching of green governance award under ICICI market (just at the mouse click) but also reinforced their
Bank’s corporate environmental stewardship efforts to become more green by imposing
programme with Bombay Natural History Society preconditions to their customers to adopt CDM in their
(BNHS) to sensitize various corporate bodies, financial business operations. This has strengthened bank’s
institutions/banks and government agencies involved in service delivery mechanisms, while preserving the
project planning on issues regarding biodiversity, environmental sustainability by reducing emission of
wildlife habitats, various environmental laws and carbons. Latest researches on use of ITs in banks have
conventions are meant to recognize the efforts of helped them to identify the desires of their customers as
companies and other organizations that promote well as employee. Online banking, sometimes also
biodiversity conservation of habitats, flora and fauna. called as internet banking or e-banking, permits its
Union Bank has decided to undertake an electrical customers to transact business on a banks or FIs
energy audit annually and installed solar water heaters operated secured sites. Most of the banks/FIs have a
at various facilities maintained by them. Yes Bank common features and capabilities but their operations
under community development initiatives, called ‘planet are very specific in each case. These common features
earth’ is promoting clean and green drives, energy broadly includes, views account balance, view recent
efficiency practices, workplace health and safety and the transactions, images of paid cheques, ordering cheque
development of local disaster management plans at its books, download bank statements in desired formats
retail branches. Indian Sustainable Development Fund periodically as per need, downloading different forms
of ABNAMRO Bank (now Royal Bank of Scotland) has and applications, fund transfer, third party payments,
opened a new emerging market for socially responsible bill payment, tickets booking, investments, sales ,
investors (SRI) to meet global standards for ESG factors purchases, loan application etc. Worldwide use of ITs/
in investment decision making process. ITs enabled service (ITES) in banking has strengthened
the concept of GB. GB is always in a broader prospect
In a recent initiative, Bombay Stock Exchange (BSE)
and it is beneficial to entire world where as online
has lunched, Greenex: India’s first carbon efficient live
banking is limited to banks and their clients only. Due
index. This has given a new facet to green moments in
to increase IT awareness among people mostly in cities
India, helped banks in GB and further strengthens our
and towns, access to online banking has shown a giant
green efforts. Greenex measured the performances of
growth in the last two decades, which has encouraged
100 BSE listed companies in terms of carbon emissions
banks for more computerization of their operation and
from 2007-2008 to 2010-2011 and listed 20 companies
services. With the internet banking now popular among
like, Tata Steel, Tata Motors, SBI, L&T, ICICI Bank,
all age groups, today’s youth, who rule the online world,
Sun Pharmaceuticals, NTPC etc, as green companies
expects most of the information and transactions to be
Online Banking: Sustainability v/s Business done online. Online banking has become a necessity
today. According to internet and mobile association of
Online banking - uses latest information technologies
India 43% of online banking users are in the age group
(ITs) that has make banking accurate, easy, transparent
of 26-35 where as 25% are in the bracket of 18-25 age
quick, accountable, worldwide accessible and more
groups. However online banking trends seems to be
customer friendly banking service along with efficient
gender biased as there are only 17 female users in
handling of sizeable business. Even if it is an invisible
comparison to 83 male users. As per the findings of the
component of the GB, it cannot be construed as GB. It
global research firm, IPSOS, 57% of Indians prefers to
is more customers centric and service reliability is its
use internet for banking and other financial services,
main feature. Though outputs of online banking are
53% checks information on products and services and
green in nature, its inputs and others consumable after
50% shops online. However, government of India
use are not green and cause environmental
reports, Rs.590.49 lakhs frauds during 2009 through
hazardousness, popularly known as e-waste. Online
online baking. With the advent of e-banking in the
banking delivers a wide range of demanded services and
country numbers of online frauds and cybercrime has
products at customer’s doorsteps, such as green

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 DHARMENDRA KUMAR M ISHRA 29

gone up due to lack of knowledge among users. (ET, programmes/ languages)

2006) Technologies also
changes quickly, hence it
GB gives priority to paperless business resulting in
is a costly affairs.
waste management, eco-friendliness in sanctioning
projects and pollution control, whereas online banking Skill: computer illiterate can Skill: must be computer
depends on IT and ITES to provide services to also be a part of GB literate.
customers having verities of needs. However due to the Conclusion
heap of e-waste around the major cities of the world
some time online banking poses a threat to our GB takes both environment and social facet in to
ecosystem. Online banking may not be environment thoughts but SRI takes only social part into the account,
friendly always though it helps in green banking. IT’s which in return adds values to the sustainability. Online
now a day is the vanguard of the banking industry and banking is an integral part of GB which mainly focusing
daring to dream for green banking without IT will be a on customer service as well as caring for environment.
myth. Online banking is internal affair of the banks, GB in other developed countries has already reached to
wherein banks adopt the latest available technologies in their adulthood whereas we are still at infancy stage, far
banking for data management, record keeping and behind from them. Being an emerging economy if
retrieving, business communication, cash transfer and Indian banking industry fails to recognize their social
cash handling, branch management and central responsibility and environment concerns, then it would
processing of bulk data. All these activities are intended be very difficult for them to enter into global market.
for efficient management of banks and speedy customer For sustainable banking, Indian banks should adopt GB
service. GB requires both internal as well as external as a business model without any further dely. Green
actions. Online banking is internal action while external banking in India will get a momentum, if the present
action includes sanctioning loan for environment leadership will initiate a change in accounting principle
friendly projects, giving certain benefits and concession from purely financial aspect to ecological aspect.
to eco-friendly projects and imposing precondition on Possible policy measures and initiative to promote green
companies for sustainability. However table 1 intends to banking in India by the Reserve Bank of India will show
make a small comparison between GB with online a new direction to green moment in India.
banking. Reference
Table 1: Green Banking and Online Banking [1] Bahl, Sarita, ‘Green Banking- The New Strategic
Imperatives’, AJRBEM, Vol. 2, Issue 2, 2012
Green Banking Online Banking
[2] Boston College, ‘Hand Book on Responsible
Focus: customer service,
Focus: environmental Investment across Assets Classes’, Center for
marketing products and
sustainability/ecology, less Corporate Citizenship, Boston, 2007
service online. Accuracy,
carbon emissions, clean [3] Chakrabarty, K.C., ‘Environment and Social
accountability,
technologies, environment Sustainability – Key Issues and Concerns’, Address
transparency and
friendly practices and use of by Dr. K.C. Chakrabarty, Deputy Governor, RBI at
negligible service time
renewable sources of energy. Yes bank, Mumbai on 23rd April, 2013
are its unique features.
[4] Economics Times,’ Green Banking’ 6th March,
Beneficiaries:
2006
banks/FIs, employee,
Beneficiaries: whole [5] Khawaspatil, S.G. and More, R.P., ‘Green Banking
customers. Operational
community, environment is in India’, Golden Research Thoughts, Vol. 2, Issue
cost is minimum, work
protected, development is 7, 2013
become easy, reliable
sustainable. [6] Knoll, M.S., ‘Ethical Screening in Modern
and correct, quick
Financial Market: The Conflicting Claims
service at doorstep.
Underlying Socially Responsible Investment’, 57,
Application: internal as well Application: t is internal
BUS. LAW, 2002
as external. affair of banks/FIs.
[7] Mishra, D.K., ‘Green Strategies: Response of
Risk: May not be always Indian Banks to Climate Change’, the Ecoscan,
Risk: Always environmentally Special Issue, Vol. III: 345-348, 2013
environmentally friendly friendly.(radiation, e- [8] Mohanty, N, ‘Sustainable Development: Emerging
waste) Issues in Indian Mineral Sector’, Institute for
Tools: dependent on Studies in Industrial Development, New Delhi,
Tools: both human skill and
technologies (obsolete 2012
technologies are required. Do
soon with the inventions [9] Mora, C., Tittensor, D., ‘Census of Life in Earth’,
not obsolete soon.
and discoveries of new PLoS Biology, UNEP’s World Conservation

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 30 Green Banking: Comparing Environmental Sustainability with Socially Responsible
Investments

Monitoring Center (UNEP-WCMC), Washington towards Sustainability’, IJAEST, Vol. 1, Number 2,

DC, 2011 2012
[10] Phillip, Hager & North, ‘Does Socially Responsible [13] United Nations Development Programme,
Investment Returns Reduce Investment Returns’, ‘Greening Rural Development in India’, New
Investment Management, Canada, 2007 Delhi, 2012
[11] Sahoo, P and Nayak, B.P., ‘Green Banking in [14] United Nations, ‘Our Common Future’, Report of
India’, Institute of Economic Growth, New Delhi, the World Commission on Environment and
2008 Development, Geneva, 1987
[12] Singh, H. and Singh, B.P., ‘An Effective and
Resourceful Contribution of Green Banking

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