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The three pillars of sustainability. Click on image areas for more information. (Photo credit: Wikipedia)
Green banking is ethical banking that is socially responsible and promotes environmental sustainability. At first glance, several banks tout their “greenness” in advertising and marketing, but upon closer inspection,it is apparent that many of these institutions limit their efforts to the provision of online services and other practices that reduce the use of paper, thereby appealing to “tree huggers” (a derogatory term for environmentalists who support restrictions on the logging industry and who fight for preservation of forests). These same banks have adopted procedures to reduce the often burdensome paper load traditionally required for many of their products, including, but not limited to, mortgages, certificates of deposits and loans, both residential and commercial.
Many financial institutions have incorporated banking with the use of mobile applications. The development and introduction of mobile apps to the smartphone market has gone a long way to provide customers access to their bank account 24 hours a day, with the ability to transfer funds between their accounts in one bank, as well as pay bills and transfer money to outside banks or individuals. It is important to note that many of these features were made available so that banks could compete with online payment and money transfer giants, such as PayPal, as well as totally online banks like Ally. These mobile banking apps often include deposit features, which allow customers to make check deposits with the use of smartphone cameras. The increased use of online banking features have resulted in a reduced carbon footprint with savings in time and transportation with fewer trips required to visit brick and mortar facilities; however, green baking encompasses so much more than this.
The essence of green banking is social responsibility, which in turn, fosters sustainability. Green banking has five major components.
Any financial institution truly committed to “green banking” will ensure that its structure includes the above-stated components. The green banking movement is gaining momentum in the global financial sector, and clearly is a win for the banks, the consumers, and the environment. It is more urgent than ever that we, the green consumers, not only demand the services that we deserve, but also that such services are delivered in line with our values of sustainability and commitment to the environment. Let’s join together to encourage and support green banking. To do so is to live green, be green.
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Resources for this article:
1. http://greenbankreport.com/green-bank-deals/what-is-the-meaning-of-green-banking/
2. http://greenbankreport.com/green-bank-deals/the-future-of-green-banking-is-bright/
3. http://www.linkedin.com/groups/What-is-green-banking-in-4821165.S.208486050?_mSplash=1
4. http://www.hks.harvard.edu/m-rcbg/CSRI/init_define.html
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We hold these truths to be self-evident that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are Life, Liberty and the Pursuit of happiness. (July 4, 1776)
Happy Independence Day from LGBG!
A Fourth of July fireworks display at the Washington Monument. Location: WASHINGTON, DISTRICT OF COLUMBIA (DC) UNITED STATES OF AMERICA (USA) (Photo credit: Wikipedia)
The Fourth of July is tomorrow, and for those planning picnics and barbecues, we have some last-minute suggestions to make this day a happy green celebration.
We here at LGBG wish everyone a health, happy, safe, GREEN Fourth of July!