Challenges and Sustainability of Green Finance in the Tourism Industry

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.