Abstract
The aim of the research is to generalize and systematize the results of scientific research on the participation of banks in financing the green economy. In the context of the historical approach, the authors apply the methods of critical analysis, logical generalization, systematization, and grouping. The research is based on scientific publications by foreign authors. As a result, the authors substantiated the correlation of the concepts “green”, “sustainable”, “responsible” bank, and identified that such green financial instruments as green bonds, in some countries - green loans, green deposits, green leasing, and green insurance are being introduced into banking practices.
Highlights
Over the past few decades, the attention of the world community has been focused on shifting the vector of development of economic processes and relations towards the rational and environmentally friendly use of natural resources
Banks and green financial instruments: The adoption by the world community of the concept of sustainable development led to the formation of a new terminological apparatus, which implies the addition of "green" to the established economic and financial terms, filling them with new content
It has been established that the concepts of “green”, “sustainable”, “responsible” bank and banking are united by the presence of an environmental component, the orientation of banks to financing environmentally friendly industries and industries
Summary
Over the past few decades, the attention of the world community has been focused on shifting the vector of development of economic processes and relations towards the rational and environmentally friendly use of natural resources. The first approach focuses on the bank's awareness of its role in sustainable development and the implementation of activities aimed at achieving sustainable goals Such studies are devoted to the problems of transformation of the bank's business processes, its financial policy, the development of operations with "green" financial instruments and their impact on the bank's efficiency, as well as the problems of forming a new internal culture of management, including risk management, information disclosure [12, 13]. The second research approach to the term “sustainable bank” focuses on the external performance of the bank, which has a positive impact on people and the environment as a result of the adaptation of classic banking products and services to new social needs [14,15,16] Responsible banking can be characterized as the perfect form of sustainable banking, which has received official international recognition, implemented on certain principles
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