Descriptive Approach of Green Banking in the United Arab Emirates (UAE)

Go Green is the need of the hour for survival in all scopes due to the side effects of financial development which has resulted in climate change and environmental damage. Banks can certainly play a proactive role between financial development and environmental protection. Banks of this kind is named as “Green Banking”. Green Banking refers to assuring eco-friendly financial activities and thus the elimination of internal and external carbon. Green banking initiatives and practices are useful for the environment, society and financial institution. This article attempts to review the literature on Green Banking in the scope of the presented the status of the UAE's banks as far as green banking adoption is concerned. It has also highlighted the main initiatives, benefits, challenges, of Green Banking in the UAE. It is found that there green banking is a critical issue for the UAE; therefore, considerable initiatives have been taken in this regard by the banks and government, but green banking practices are still a challenging task due to the low adoption by the consumer.