GREEN FINANCE IN VIETNAMS BANKING SECTOR: LAW AND POLICY ASPECTS

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MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY MASTER THESIS GREEN FINANCE IN VIETNAM'S BANKING SECTOR: LAW AND POLICY ASPECTS Specialization: International Trade Policy and Law Full name: Nguyen Thi Minh Thu Supervisor: Dr Ha Cong Anh Bao Hanoi –2019 TABLE OF CONTENS Statement of original authorship i Acknowledgements ii List of abbreviations iii List of figures iv Summary of thesis research results v CHAPTER 1: INTRODUCTION 1.1 Introduction .1 1.2 Literature review 1.3 Objectives of the study 1.4 Significance of the study 1.5 Research methodology 1.6 Structure of thesis CHAPTER 2: OVERVIEW OF GREEN FINANCE IN BANKING SECTOR 2.1 Overview of Green Finance 2.1.1 Development of Green Finance 2.1.2 Definition of Green Finance, Green Credit, Green Banking and Sustainable Banking 11 2.1.3 Main types of Green Credit 16 2.1.4 Importance of Green Finance in sustainable growth of Vietnam 17 2.2 Overview of Green Finance in banking sector 19 2.3 Green finance in banking sector – perspective from international organizations: .21 CHAPTER 3: LAW AND POLICY ON GREEN FINANCE IN BANKING SECTOR IN SOME COUNTRIES 28 3.1 G20 countries 28 3.2 China 33 3.3 Singapore .39 3.4 Experiences for Vietnam 41 Chapter 4: LAW AND POLICY ON GREEN FINANCE IN VIETNAMESE BANKING SECTOR 43 4.1 Legal framework on green finance in Vietnamese banking sector 43 4.1.1 Agenda 21 (1992, 2002, 2015) 43 4.1.2 Constitution (1980, 1992, 2013) 46 4.1.3 Major relevant Laws 46 4.1.4 Government’s Strategies and Action Plan .48 4.1.5 State Bank’s Guidelines 54 4.2 Current situation of green finance in Vietnamese banking sector 62 4.3 Case study in BIDV 68 4.4 Assessment .70 Chapter 5: RECOMMENDATIONS 74 5.1 Completing legal framework .74 5.2 Signing of the Principles of Responsible Banking by Vietnamese banks 75 5.3 State management agencies on natural resources and environment .80 5.4 Associations, professional associations and civil society organizations 81 5.5 Incentives to banks .81 5.6 Dissemination of guidelines and data about green finance/green credit 82 Chapter 6: CONCLUSION 83 REFERENCES 85 Appendix - Sustainable finance policies in other Asian countries 90 Appendix - Interview Questionnaire 93 Statement of original authorship The work contained in this thesis has not been previously submitted to meet requirements for an award at this or any other higher education institution I certify that this is my own work and that the use of material from other sources has been properly and fully acknowledged in the text i Acknowledgements I would like to thank the Foreign Trade University (FTU), Vietnam and the World Trade Institute (WTI) at the University of Bern, Switzerland in collaboration to organize the course on Master of International Trade Policy and Law which is very useful for my current work Moreover, I would like to express my sincere thanks to everyone who helped me during my study and support me to complete this thesis First of all, I owe my deepest gratitude to my supervisor, Dr Ha Cong Anh Bao - Vice Dean of Faculty of Law, FTU, for his enthusiastic guidance and valuable comments during the process of my Master thesis This thesis would not have been possible unless he has very properly and promptly advices from making preliminary thesis plan to completion of the whole thesis Secondly, I would like to show my gratitude to Ms Nguyen Thi Phuong Head of BIDV Legal Department, Mr Do Van Hai – Head of Trade Finance, BIDV SMEs Department and other experts from Vietnamese commercial banks as well as renewable projects for spending time and sharing precious experiences and ideas at my in-depth interviews Thirdly, I would like to send my thanks to leaders and colleagues at BIDV FDI Banking Department for providing good conditions for me to complete my research Fourthly, I would like to extend my appreciation to my classmates and friends Thank you for sharing your knowledge, wisdom, and insight with me Specially, my thanks to Ms Mai Thi Lien for her supports during the course It has been a great pleasure to study with you Finally, I would like to thank my family members for their love and continuous supports to me ii List of abbreviations ADB Asian Development Bank Agribank Vietnam Bank for Agriculture and Rural Development BIDV Bank for Investment and Development of Vietnam JSC CEO Chief Executive Officer E&S risk Environmental and social risk GDP Gross Domestic Product GSO General Statistics Office of Viet Nam GIZ Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH IFC International Finance Corporation JICA Japan International Cooperation Agency ODA Official Development Aids OECD The Organization for Economic Co-operation and Development SBV State Bank of Vietnam SME Small and Medium Enterprise UNDP United Nation Development Program UNEP United Nation Environment Program UNEPFI United Nations Environment Program Financial Initiative UNESCAP United Nations Economic and Social Commission for Asia and the Pacific WB World Bank iii List of figures Figure 1: Data providers for the loan market, their data levels and indicators 24 Figure 2: Green credit outstanding loans vs Total outstanding loans .67 iv Summary of thesis research results As part of green growth strategy, green finance is a topic of great interest in many countries including Vietnam Green finance is a broad concept, covering financial investment from both public and private sectors in projects relating to ecofriendly products, environmental damage mitigation and closely linked to sustainable development Green finance in banking sector or green banking is any form of banking that its core operations contribute towards the betterment of the environment This research has not mentioned to green finance in banking sector as a whole, but has only focused on the aspect of law and policy framework of green finance in Vietnamese banking sector Because of the crucial role of the law and policy framework on green banking development, as long as the law and policy framework is incomplete, it is very difficult for commercial banks to operate towards sustainable development The thesis has studied on the stage of law and policy framework for green finance practices in Vietnamese banking sector, its practical impact on the economy in general and application in BIDV as a case study After assessing limitations, some recommendations are given to improve the law and policy framework and promote green banking practices in Vietnam v CHAPTER 1: INTRODUCTION 1.1 Introduction Green finance is a proponent that combines money and business with environmentally friendly behavior (Hasen et al, 2017, p.1) Contrary to traditional financial activities, green economy emphasizes environmental benefits and provides greater attention to the environmental protection industry (Wang and Zhi, 2016, p.311) Green finance is to increase level of financial flows (from banking, microcredit, insurance and investment) from the public, private and not-for-profit sectors to sustainable development priorities A key part of this is to better manage E&S risks, take up opportunities that bring both a decent rate of return and environmental benefit and deliver greater accountability According to UN Environment Programme, green finance could be promoted through changes in countries’ regulatory frameworks, harmonizing public financial incentives, increases in green financing from different sectors, alignment of public sector financing decisionmaking with the environmental dimension of the Sustainable Development Goals, increases in investment in clean and green technologies, financing for sustainable natural resource-based green economics and climate smart blue economy, increase use of green bonds, and so on Green banking plays an important role in green finance Through banking industry is always considered as environment-friendly but at present the substantial use of energy (lighting, air conditioning, computing), small space, unplanned building, ignoring in-house greenness considerably increased the carbon footprint of banks Green banking avoids usage of paper as much as possible and relies on online/electronic transactions for processing so that we can get green credit cards and green mortgages According to Chen et al (2018, p.571), banking is the key sector that can play an intermediary role between economic development and environmental protection Considering internal operations, banks not affect the environment severely through emission and pollution, but their external impact on the environment through their customers’ activities is substantial As the providers of finance, banks can be strict and impose restriction to the business initiators to adopt environmentfriendly projects and socially responsible investment to ensure the sustainable environmental condition Moreover, banks can provide loan at a lower rate and other incentives to industries for adopting green technologies which will have a lasting positive effect on the global environment According to Tran Thi Thanh Tu and Nguyen Thi Phuong Dung (2017), the result of a survey that was undertaken in June 2012 by State Bank of Vietnam (SBV) of 54 commercial banks, it was found that for 91% of them, there exists no clear policy at the banking level on the green growth, whereas 35% not gain knowledge about the definitions of environment and social issues In particular, 89% admitted that the SBV’s regulations still lack the management of social environment in financial industry Generally, among Vietnamese banks there is a lack of experience of new technologies, which causes them to get into trouble with new energy credit such as the bias about risk appraise on green projects In Vietnam, there is currently no bank which is genuinely considered as green bank, however, there exist several green products for green investments in Vietnamese commercial banks (Tran Thi Thanh Tu & Nguyen Thi Phuong Dung, 2017, p.11) One of the reasons is the limitation of law and policy framework Current law and policy on green finance includes National Green Growth Strategy, Vietnam Sustainable Development Strategy in the period of 2011-2020; Clean Technology Use Strategy; National Action Plan on Green Growth in the period of 2014-2020; Action Plan of the Banking Sector to implement the National Action Plan On Green Growth towards 2020 These laws and policies are not enough to guide specific rules and responsibilities for banks to implement green banking practices The law and policy framework need to supplement clear and specific regulations and guidelines for banks especially about E&S risk when giving a loan Therefore, the research on the law and policy framework on green finance in Vietnamese banking sector and giving some recommendation is necessary and significant control and a responsible banking culture that demonstrates ambition and accountability by setting public targets for addressing their negative impacts and scaling up their positive impacts to contribute to national and international sustainable development and climate targets To deliver on its commitments under these Principles, the bank must: (1) Assign clear roles and responsibilities at board level and across all functional areas for meeting the bank’s strategic objectives regarding sustainability Set up effective management systems and allocate adequate resources Strengthen the Board's responsibilities relating to risk management Define the specific tasks of the Board and its committees, senior management and supervisory bodies Improve key elements of the corporate governance framework, such as risk culture, risk appetite, or regarding the ability of banks to take risks Strengthen the internal control mechanisms of banks (2) Establish effective policies, management systems, including controls risk, compliance and third-party assurance procedures to ensure that sustainability objectives and targets are integrated into all decision making processes across the bank It requires a daily business culture and practice in which all employees understand their role in delivering the bank’s purpose, and integrate sustainability in their work Educate and train employees to develop appropriate awareness and expertise in particular on sustainability issues pertaining to their respective area of work (3) Actively communicate top-level buy-in and integrate performance with regards to the bank’s sustainability targets and responsible banking leadership into performance assessments, remuneration schemes and promotion decisions Target Setting Identify impact and set targets Focusing on the most material issues and setting targets drives most impact and changes (1) Identify the most significant positive and negative social, economic and environmental impact Set SMART targets that address the most significant negative impacts resulting from your bank’s products, services and activities and 79 that scale up your bank’s most significant positive impacts and contribution to society’s goals The ambition level of these targets needs to be in line with the international and national targets of the Paris Climate Agreement and the SDGs (2) Signatory banks are generally expected to set and publish their targets within 12 months of becoming a signatory to the Principles for Responsible Banking The exception are those banks who self-assess as being in the early stages of integrating sustainability, i.e “starter banks” These banks as a result may take up to 24 months to set and publish their targets The targets have to meet or exceed the ambition and timeframes expressed in Sustainable Development Goal and relevant national and regional frameworks Principle – Transparency and Accountability The Principles are intended to enable investors, policy makers and regulators, clients and civil society to compare banks and hold them accountable for their environmental, social and economic impacts The bank commits to periodically review the individual and collective implementation of these Principles and be transparent about and accountable for positive and negative impacts and contribution to society’s goals (1) Banks are required to within the first 12-18 months of becoming a signatory and every year thereafter provide information on their implementation of the Principles for Responsible Banking in their public reporting, in particular their annual report and publication on their website Banks that are already reporting on sustainability, especially under common frameworks, will find that most of the information required is already part of their existing public statements (2) At the same time, undergo a separate annual review process in which requirements will vary depending on the level of the bank's self-declaration Consistent, unexplained failure to so will result in being removed from the signatory list 5.3 State management agencies on natural resources and environment In addition to the central role of banks in green credits as analyzed above, the 80 role of State authorities in promoting policies and laws on green credit must be mentioned, as well as its role in maintaining the seriousness and integrity when implementing green credits projects and strategies Accordingly, the Ministry of Natural Resources and Environment must study and promulgate specific guidelines and specific, clear sets of standards, minimizing sub-licenses in licensing projects using natural resources such as land, water, ground, water surface and other environmental related projects Environmental agencies must facilitate and support green projects to be appraised, quickly approved and coordinated with banks in green credit appraisal Absolutely no lobbying policy or accepting bribe to adopt projects that under standards or lack of environmental safety and push the difficulties to banks while banks not have qualified personnel in specialized areas for accurate assessment of environmental impact issues Expanding Green Project Catalogue and prioritizing support for green projects through close coordination with Credit Funds, SMEs Credit Guarantee Funds, Environmental Protection Funds, etc 5.4 Associations, professional associations and civil society organizations In order to promote green credit while the policy and legal mechanism are still completing, the associations need to be proactive in recognizing the importance of green credit, offer training and temporary financial support packages, as well as connect member enterprises to banks In fact, successful green credit models will be the clearest evidence for policy makers when Vietnamese legislators still have many other concerns in the market economy with the government regulation context Law always follows life, so if professional associations can create successful green credit models, it may quickly convince policy makers to soon approve incentive mechanisms to simplify procedures for approval of green projects, fees/charges/taxes on green credit will also be more competitive and economical, accordingly 5.5 Incentives to banks In odder to encourage commercial banks to grant green credit, (by in-depth interview) Mr Do Van Hai – Head of Trade Finance, BIDV SMEs Department 81 recommends that the SBV should consider (i) reducing compulsory reserve ratios or offering incentives to the banks with high proportion of green credit outstanding; (ii) adjusting the conversion rate of green credit outstanding to lower than other credit when calculating risky assets; (iii) increasing the allowed bad debt ratio of banks promoting green credit to encourage commercial banks to provide loans for green projects and plans of customers, etc Another recommendation from Mr Hai is that the Government should seek and give strategies to develop financing sources to support green projects in addition to bank credit such as green growth funding from international financial institutions (WB, ADB ), establishing green credit fund of the State to support interest rates and guarantee for green projects, mobilizing capital to support green projects through issuing green bonds… In Project owners’ perspective, (by in-depth interview) Mr Hugo Virag and Mr Han The Phong recommend that the MOF should establish preferential tax policies for green investment projects 5.6 Dissemination of guidelines and data about green finance/green credit As environment protection is responsibility of every people, in order for not only banks but also the whole community to get updated of law and policy and outcomes in relation to green growth, the SBV should promptly and frequently post related documents and data, especially those under its own power, on its website That is also a green way for SBV to implement its task in green banking development In addition, SBV should organize more Conferences and training courses for working levels of banks to update new law and policy, in addition to Conferences with banks’ top management as present 82 Chapter 6: CONCLUSION Green finance and green banking is still a relative new issue for the nations all over the world including Vietnam Countries in the G20 group are the leading countries in building law and policy framework on green finance and have had initial success in implementing green finance activities such as green bond, green credit, etc Learning from the experience of the advanced countries as well as from the demands of practice, Vietnam has been developing legal and policy framework on green finance However, law and policy framework in Vietnam is only at the initial stage Current law and policy on green finance includes National Green Growth Strategy, Vietnam Sustainable Development Strategy in the period of 20112020; Clean Technology Use Strategy; National Action Plan On Green Growth in the period of 2014-2020; Action Plan of the Banking Sector to implement the National Action Plan On Green Growth toward 2020, Scheme on Green Bank Development in Vietnam These laws and policies are more of orientation and still lack of specific rules and regulations for banks to implement green banking practices, hence, the State Bank of Vietnam is expected to promptly fill that gap Commercial banks with an important role in the financial system should be a leader in economy in implementing activities towards green finance This not only contributes to enhancing the reputation and image of the bank in society but also making important contributions to sustainable economic development However, Vietnamese commercial banks are not aware of their social responsibility through green banking activities by themselves In this context, the State Bank of Vietnam should coordinate with the Vietnam Banks Association to develop Principles for banking membership These Principles will define and affirm the banks’ role and responsibilities in shaping a sustainable future These Principles should be built on the basis of reference to the initiatives of the United Nations Environment Program - Financial Initiative (UNEP FI) to orient the bank's operations and banks should commit and monitor the implementation of the Principles In addition, a number of 83 recommendations for the Ministry of Natural Resources and Environment as well as the Vietnam Association of Small and Medium Enterprises (VINASME), other industry associations and civil society organizations are also proposed to closely coordinate in raising awareness and social responsibility of the community towards sustainable development 84 REFERENCES Basel Committee on Banking Supervision (BCBS) (2012), “Core Principles for Effective Banking Supervision” Cam An (2015), “Ngân hàng xanh - tín dụng xanh: Chặng đường gian nan”, available at https://tinnhanhchungkhoan.vn/tien-te/ngan-hang-xanh-tindung-xanh-chang-duong-con-gian-nan-248572.html, accessed on Feb 18, 2019 Casu, B., Girardone, C & Molyneux, P (2013), Introduction to Banking, Harlow: Pearson Chang (2019), “Green Finance in Singapore: 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and to protect: improving public administration in a competitive world, Asian Development Bank, Manila, Philippines 33 State Bank of Vietnam (2013), Hội nghị chuyên đề “Định hướng phát triển ngân hàng xanh Việt Nam”, available at https://www.sbv.gov.vn/webcenter/portal/m/menu/trangchu/ttsk/ttsk_chitiet?le ftWidth=0%25&showFooter=false&showHeader=false&dDocName=SBV354 724&rightWidth=0%25¢erWidth=100%25&_afrLoop=68531088318394 07#%40%3F_afrLoop%3D6853108831839407%26centerWidth%3D100%25 25%26dDocName%3DSBV354724%26leftWidth%3D0%2525%26rightWidt h%3D0%2525%26showFooter%3Dfalse%26showHeader%3Dfalse%26_adf.c trl-state%3D2dq4cbf36_9 34 State Bank of Vietnam (2017), Conference on “Green banking toward sustainability”, available at https://www.sbv.gov.vn/webcenter/portal/en/home/sbv/news/news_chitiet?leftWi dth=20%25&showFooter=false&showHeader=false&dDocName=SBV349393& rightWidth=0%25¢erWidth=80%25&_afrLoop=7092818865849407 87 35 Tan, Michelle (2017), “Singapore, Are You Ready to Invest in Green Bonds?”, Asia Finance 18 36 Tay, Simon and Yeo Lian Sim (2017), “Powering S’pore’s Growth through Green Finance”, The Strait Times, December 23, 2017 37 Tran Thi Thanh Tu & Nguyen Thi Huong Lien (2017), “Tài Ngân hàng Kế tốn Xanh – Kinh nghiệm quốc tế & Hàm ý cho Việt Nam”, Science and Technology Publishing House 38 Tran Thi Thanh Tu & Nguyen Thi Phuong Dung (2017), “Factors affecting green banking practices: Exploratory factor analysis on Vietnamese banks”, Journal of Economic Development 24(2), 04-30 39 Tran, T T T., & Tran, T H Y (2015), “Green bank: International experiences and Vietnam perspectives”, Asian Social Science, 11(28), 188–199 40 UN (United Nations) (2014), Reforming Energy Subsidies: Opportunities to the Climate Change Agenda, Available at https://unep.ch/etb/publications/Energy%20subsidies/EnergySubsidiesFinalRe port.pdf 41 UNESCAP (2010), Green Finance, Available at https://www.unescap.org/resources/economic-and-social-survey-asia-andpacific-2012 42 UNESCAP (2012), Green Finance and Green Finance, Available at https://www.unescap.org/resources/economic-and-social-survey-asia-andpacific-2012 43 UNEP Inquiry report (2015), The financial system we need – aligning the financial system with sustainable development 44 UNEPFI (2018), Principles For Responsible Banking – Our Future Shaping, p.1, p.13-39, available at https://www.unepfi.org/wordpress/wp- content/uploads/2018/12/PRB-consultation-brochure.pdf 45 UN Environment (2018), “Establishing China’s green financial system: progress report”, available at http://unepinquiry.org/wpcontent/uploads/2017/11/China_Green_Finance_Progress_Report_2017_Sum mary.pdf, p.14, p.18, p.21 88 46 Ulrich Volz (2018), “Fostering Green Finance for Sustainable Development in Asia”, ADBI Working Paper Series No.814, p.13-p.15 47 World Bank (2010), Global Economic Prospects 2019: Commodities at the Crossroads, World Bank 48 Xavier L (2010), What model for a Green Investment bank? Can we learn from European Example? A discussion paper on experience from France, Germany, Spain and few others, Climate Bonds 49 Y Wang and Q Zhi, “The role of green finance in environmental protection: Two aspects of market mechanism and policies”, Energy Procedia, 104(2016), p311 – 316 50 Zadek S., & Flynn C., (2013), South-originating green finance exploring the potential, International Finance Dialogues, Geneva 51 Zaidah Zainal (2007), “Case study as a research method”, Journal Kemanusiaan bil.9, June 2007 89 Appendix - Sustainable finance policies in other Asian countries Bangladesh 2008 Bangladesh Bank: Circular on “Mainstreaming Corporate Social Responsibility in Banks and Financial Institutions in Bangladesh” 2011 Bangladesh Bank: “Policy Guidelines for Green Banking “ and “Guidelines on Environmental Risk Management” 2015 Bangladesh Bank: Mandatory Green Finance Credit Targets 2016 Bangladesh Bank: “Integrated Risk Management Guidelines for Financial Institutions” 2017 Bangladesh Bank: Guidelines on Environmental & Social Risk Management for Banks and Financial Institutions Hong Kong, China 2016 Securities and Futures Commission: Principles of Responsible Ownership Financial Services Development Council: Report on “Hong Kong as a Regional Green Finance Hub” 2018 Hong Kong Quality Assurance Agency: Green Finance Certification Scheme India 2007 Corporate Social Responsibility, Sustainable Development and Non-Financial Reporting – Role of Banks 2011 Ministry of Corporate Affairs: National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business 2012 Securities and Exchange Board of India (SEBI): Annual Business Responsibility Reporting 2014 SEBI: Infrastructure Investment Trusts (InvIT) Regulations 90 2015 Reserve Bank of India: Priority Sector Lending – Targets and Classification Indian Banks Association: National Voluntary Guidelines for Responsible Financing 2016 SEBI: Guidelines for the Issuance and Listing of Green Bonds 2017 SEBI: Disclosure Requirements for Issuance and Listing of Green Bonds Indonesia 2012 Bank Indonesia: Green Lending Model Guidelines for Mini Hydro Power Plant Projects Government Regulation on Social and Environmental Responsibility of Limited Liability Companies 2014 Otoritas Jasa Keuangan (OJK)/Financial Services Authority: Roadmap for Sustainable Finance in Indonesia 2015-2019 2015 IFC, USAID, OJK: Clean Energy Handbook for Financial Service Institutions 2017 OJK: Framework and regulation for green bond issuance in Indonesia OJK: Regulation on the Application of Sustainable Finance for Financial Services Companies, Issuers and Publicly Listed Companies Japan 2012 Ministry of the Environment: Principles for financial action towards a sustainable society 2014 Financial Services Agency: Japan Stewardship Code 91 2015 Tokyo Stock Exchange: Corporate Governance Code and Infrastructure Fund Market 2017 Ministry of the Environment: Green Bond Guidelines Mongolia 2014 Bank of Mongolia and Mongolia Banking Association: Mongolia Sustainable Finance Principles and Sector Guidelines Philippines 2008 Government of Philippines: National Disaster Risk Reduction and Management Law 2011 Securities and Exchange Commission: Corporate Governance Guidelines for Companies Corporate Responsibility Act updated 2015 Government of Philippines: Joint Catastrophe Risk Insurance Facility for Governments (Local Government Units Pool) Thailand 2008 Stock Exchange Thailand and Securities and Exchange Commission of Thailand: Guidelines for Sustainability Reporting 2014 Stock Exchange Thailand: CSR Reporting Requirements Securities and Exchange Commission of Thailand: Sustainability Development Roadmap for Listed Companies Source: Ulrich Volz (2018, p.13-p.15) 92 Appendix - Interview Questionnaire How you understand “green finance”, “green finance in banking sector”? Please give some assessment on the development of green finance in Vietnam’s banking sector nowadays What is the current status of green finance in your bank? In what aspect that you can identify that status What are the difficulties in implementing green finance in Vietnam? In your opinion, what are the causes of these difficulties? How is the bank's orientation to transform into the green bank model? What policies has your bank issued to promote green banking? What will come next? How you assess the legal framework and policies of the State in supporting banks to implement green financial services? What are your recommendations for strengthening and perfecting the legal and policy framework on green finance in Vietnam, especially for the banking sector 93 ... green finance in banking sector In this chapter, the author will demonstrate the definition of green finance in banking sector, main types of green finance in banking sector and the role of green. .. OF GREEN FINANCE IN BANKING SECTOR 2.1 Overview of Green Finance 2.1.1 Development of Green Finance 2.1.2 Definition of Green Finance, Green Credit, Green Banking. .. of Green Finance in banking sector Green finance in banking sector has been studied in many respects, which are often mentioned under the two main aspects of green banking levels and roles of green
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