Challenges and Prospects of Green Finance in India

Abstract

Human being is the extension of the nature. But due to greed and selfishness the human created a great loss to the environment and nature. In the mad race of urbanisation, mass production and total negligence the humans caused many types of problems like air pollution, water pollution, land degradation, ozone layer depletion, ocean pollution, plastic related issues and loss of biodiversity. India is amongst the top four biggest economy of the world. There is great opportunities for many products. No surprise India is the leading manufacturing hub. But with this there is great opportunity for protecting the environment by encouraging eco-friendly projects, green product and discourage the product and process that creates pollution and deplete the environment. In this background, there is great possibility for Green Finance by the public and private sector. There are various banks like SBI, ICICI, HDFC and many more which are encouraging eco friendly products and process to make the world better place of live for future generation. Govt should start giving more subsidies and frame strict legislation for protecting the environment. This paper aimed to study the current scenario of Green Finance and the challenges faced and future opportunities in the area of Green Finance in India. In the mad race of development there is enough damaged has being done to the nature, by Green financing which encourages eco-friendly production process and product the environment can be protected to a great extent.