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1 April 2021 | 4 min read

Benefits Of Green Banking On Our Environment

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As the world moves towards a more sustainable  way of living, and more and more people shift their attention to protecting the environment for our future generations, most of us have started to realise that every little action counts. Whether it’s crafting the ideal diet, ensuring that we leave as small as a carbon footprint as possible, or physically going out and planting a tree  that may or may not reach its full potential in your life, there are thousands of ways can contribute to saving the planet.

Among these, however, is the little known option known globally as green banking. Fast becoming a trend in the financial sector of almost every major country, including back home in India, green banking, as the name implies, is a way of ensuring that our banking habits and choices go a long way in protecting the environment . Simultaneously, the bank takes several steps to ensure it cuts down on all those actual carbon emissions. So how does it work? Take a look at this guide to find out.

1. What is green banking?

Green Banking  – Live More Zone

For starters, it’s essential to understand the concept. Green banking is a way of carrying out all your important finance-related transactions in an environmentally friendly way. This could involve changes being made on the operations side, such as offering “green loans” to encourage more sustainable purchases or implementing energy-efficient lighting and fixtures in bank offices.

On your end, it could mean following a completely paperless banking experience and avoiding methods of payments that have an extensive paper trail, such as using cheques. These are just some practices that give green banking meaning and make it one of the most encouraging new-age trends in the financial sector.

2. How do you practice it?

How to practice green banking  – Live More Zone

You can contribute several ways to green banking, many of which take simply a few minutes to incorporate into your life but can significantly impact the environment. To encourage green banking in India, you could first do away with all receipts from the ATMs. Since bank updates are now generally sent straight to our messages folder, there’s no real need to print tickets anymore. This one small change, along with opting out of bank statements received in the post, can make a huge impact.

Another small thing that can go a long way in encouraging green banking in India is to avail of all the benefits offered by net banking websites. From getting personalised statements to transferring rents to making basic transactions, going online can not only help eliminate the paper trail but will also end up saving you a lot of effort and time in your daily commute.

Then there’s the option to choose a bank that cares about the environment. Several banks are committed to the green banking cause in our country, whether it’s the State Bank of India, or international banks, such as DBS . Opt for one of them to start making a change.

You can also contribute to this trend by opting for a bank that’s closer to home, one that you could preferably walk or cycle to. It’s a small change and one that might not seem so important at the time, but it goes a long way in saving the world in the long run.

And lastly — go online. In the last decade or so, technology has evolved to such a large extent that there is very little need to visit a bank in person at all. As the world shifts towards a stay at the home model of working, why should banking be left behind?

3. Benefits of Green Banking

Benefits of Green Banking  – Live More Zone

It’s needless to say, there are several benefits of Green Banking, not only on the environment but also on the essential bank balance. Doing away with hard copies and paper can also be of enormous benefit to the banks themselves while allowing you to have a more secure and more accessible banking experience.

It can also be immensely beneficial for taking loans since most banks will offer a reduced interest rate for “green loans” taken for clean energy initiatives. When applied on a large scale, it’s a concept that can make a tremendous effort into conserving our delicate ecosystem and promoting better corporate practices.

Going paperless and shifting more processes online can save thousands of trees from being cut. Making internal energy-efficient changes at a bank, which could have hundreds of branches across the country, would have a massive impact on the amount of energy being consumed by the banking process. 

The importance of green banking cannot be emphasised enough, from the individual level to the global conglomerate level. Get on board with green banking, and you could contribute more to the future generations than you previously believed. Our planet depends on it.

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