Challenges and Sustainability of Green Finance in the Tourism Industry: Evidence From Bangladesh

Challenges and Sustainability of Green Finance in the Tourism Industry: Evidence From Bangladesh

Sanjeev Kumar, Mohammad Badruddoza Talukder, Firoj Kabir, Fahmida Kaiser
Copyright: © 2024 |Pages: 15
DOI: 10.4018/979-8-3693-1388-6.ch006
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Abstract

A country's tourism sector is a vital component of economic growth. It can benefit from 'green finance' by raising the bar for service and increasing its sense of social responsibility. Banks and other non-bank financial entities worldwide have participated in green finance initiatives for developing the tourism industry. Based on reviews of secondary sources (such as academic papers, reports on sustainability from different economic and organizations that support the environment, and printed materials of the Bangladesh bank), this chapter aims to highlight the difficulties and potentials of green banking as well as the various types of green financing (such as green mortgages, green credit cards, and green bonds), as well as the advantages of green finance in the tourism sector in Bangladesh. In addition to describing existing green finance techniques in the tourism industry, this chapter identifies the primary obstacles to expanding such practices and offers potential solutions. Enhancing green finance practices within the tourism sector are highlighted in this chapter.
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Introduction

In order to reduce carbon emissions and their harmful health effects, build climate-resilient infrastructure for cities, and assure environmental sustainability, green finance is crucial for financing renewable and green energy projects (Taghizadeh-Hesary & Yoshino, 2020).

The expansion rate in this industry has not been without challenges, either. Examples include the need to balance the trade-off between economic growth and social priorities like environmental protection, as well as questions about the primary objective function of businesses, what they should concentrate on, and how to balance profitability with more general sustainability issues relevant to the entire community. A substantial and expanding body of literature is devoted to various aspects of the asset class, including whether or not the capitalist financial system is the best place to start when considering ecological sustainability. The structures of social investment and the opinions surrounding their development and operation are also diverse and complex (Gilchrist et al., 2021).

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