Abstract
The corporate landscape is gradually moving towards a new premise in the wake of emerging climate change issues encountered by the business community. The natural disasters which experience globally due to climate change have the disruptive effect on corporate sustainability in long run as well as short run profitability of the corporate sector. It is generally believed that the banking sector has a primary responsibility for the go green and should take their hand together in green economic growth. Thus, this paper emphasizes on the role of banking sector in green growth in developing country of Sri Lanka based on secondary data like journals, paper articles, bank reports etc. Currently, Sri Lankan banking sector has taken their initial initiatives to improve the banking sector through green banking activities which are ultimately beneficial to the country's sustainable growth. Green Banking is a not an individual task of banks multi -stakeholders attempt is needed to enhance desired green growth.
Highlights
The process of collecting excess funds from financial surplus units and redistributing collected funds among financially deficit unit is the major role of the banks in the financial system
In twenty first century, the banking sector in developing countries has taken several steps to change their operating system in the past and the sector is getting restructured with new facilities such as internet banking, mobile banking, cash deposit machines etc. are replaced at the place of conventional banking systems
The Sri Lankan banking sector is still functioning at the primary stage green banking initiatives
Summary
The process of collecting excess funds from financial surplus units and redistributing collected funds among financially deficit unit is the major role of the banks in the financial system. 13 Asian countries out of the 32 countries adopted the SBN which is important to knowledge disseminating among banking regulators and banking associations established in 2012 It supports the improvement of environmental and social risk management of financial institutions and promotes green and inclusive lending process.. It is proven fact that ecological deteriorating problem like air pollution and the shortage of natural resources, deforestation, increasing disaster risk and loss of biodiversity more often reported phenomenon This requires, all stakeholders in the world have prime responsibility to be mindful about environmental degradation and its impact on the livelihood people in generation to come. This will lead to sustain the performance of the banking sector and as well as directly impact on economic sustainability
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