Are banks and microfinance institutions (MFIs) looking for a more sustainable performance?
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2008
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Melbourne Authors
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Office for Environmental Programs
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Commerce
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Masters Coursework thesis
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The connection between the financial sector and sustainability of the environment is considered new. The common belief that the financial sector is clean is held because it does not have any direct impact on the environment. Indeed, the problem is not the outcomes or products that this sector produces, but the consumer of these products who has a direct and negative impact on the environment. Industries which have been funded by banks, and more lately MFIs, have had harmful impacts on the environments in which they operate. Environmental problems have had an alarming impact around the world. Their consequences and implications have reached every sector in society. The financial sector, especially banks and MFIs, has experienced a difficult transition because green organisations as well as stake holders have forced them to change the way in which they operate. The change to sustainability has been rather slow because, first of all, they have been trying to modify and implement new policies which do not interfere with their main financial activities. However, it has to be recognised that banks and MFI's are looking to achieve both: to satisfy the green exigencies of their stake holders and to be successful in the new environmental market through launching environmentally friendly green products.
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Microfinance, Sustainablility