Relationship between sustainable development and green economy: emphasis on green finance and banking

Munitlak Ivanović, Olja and Zubović, Jovan and Mitić, Petar (2017) Relationship between sustainable development and green economy: emphasis on green finance and banking. Ekonomika poljoprivrede: časopis Saveza poljoprivrednih inženjera i tehničara Jugoslavije, 64 (4). pp. 1467-1482. ISSN 0352-3462

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Abstract

In this paper authors review the issue of relationship between economy, society and environmental protection. This could not be done without the three sustainability principles being incorporated in the concept of sustainable development and later in the concept of green economy. Many definitions of both concepts refer to the fact that these relationships are complex, as economic well-being and environmental protection cannot “reconcile” in the short run. The aim of green economy is to even economy, society and environment. Green finance was developed within this new economic concept. One instrument of green finance, i.e. socially responsible finance is the Equator principles. This thesis shows the mechanism of action of financial institutions which accepted these new principles, but also points out disadvantages that must be removed over time so that these principles could have a positive impact on society and environment.

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