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Green financing takes away the fintech industry from the traditional shackles, which is evidently for the better. With the world moving towards sustainability, the future of green fintech in India looks hopeful. To a great extent, fintech has helped companies reduce their environmental impact with much credit to advanced technologies like blockchain technology, artificial intelligence and data analytics. Newer fintech business models are designed to create a reduction in greenhouse gas emissions and eventually diminish all negative impacts.
Green financing is journeying to build green bold platforms. While fintech aims at automating the financial services for customers and enhancing the entire procedure; green fintech in India is introduced to minimize emissions and escalate biodiversity.
Fun Fact: Singapore started to promote Green Fintech in 2015 and is now positioned as the world’s top FinTech hub. What’s in store for India? Let’s find out.
Simply put, green financing is an investment that supports eco-friendly activities such as building an environmentally-friendly infrastructure or indulging in eco-friendly services. In a snippet, it is any structured financial activity that’s designed to ensure a greater environmental outcome.
For all the obvious reasons, green financing is blooming. It is predicted to hold a whooping value of $2.36 trillion by 2023 , globally. In a gist, green financing is instigated to meet the needs of capitalism and environmentalism.
The system of green fintech in India encourages development of green projects and minimizes the impact on climate with its debt mechanisms and array of other financial activities.
Some typical projects that fall under the umbrella of green financing:
Fintech is a primary player in India and plays a key role in environmental sustainability. Some of the avant-garde technologies are incorporated to eliminate inefficiencies and corruption.
Challenges for Green Fintech in India:
Leaving aside the rosy side of green financing, it comes along with a set of challenges.
The role of sustainable finance is cited with the process of making investment decisions while considering the environmental and social projects.
The term ‘green economy’ was first coined in 1989 by a group of leading environmental economists. Some statistics state that green fintech in India has increased by 150% from 2017-2020. However, there is a need for more from the private sector. And India must increase its green financial flow rapidly to meet its Panchamrit target . For fast-pace results, the following must be done.
Some facts about green financing in India:
Green FinTech plays a major role in the journey to a low-carbon future. Thus, a sustainable green fintech company is no longer a fad. The FinTech industry adopts a green shade with new products, funds and investment strategies. Famously called the city of tomorrow, what happened in Singapore must spread out to the world.
With India’s Finance Minister asking the fintech industry to engage more with the government, the best is yet to come. Our findings indicate that green financing in India is fast emerging but the management system could pave the way better towards a sustainable long term economic growth.
We, at Atria Univeristy , took the plunge by hosting ‘Beyonder Emergence & Green Future Summit’ to focus on laying an ideal blueprint for the future of Green Fintech and also suggested valuable policy changes. At the event, our students also showcased plenty of projects aiming at solving real world problems.
Holding the responsibility of being India’s first Liberal Science University, we took charge of an insightful panel discussion on green gintech and how we can help India attain its goal of becoming a leading player in the ‘Green Economy’.
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