Question

How is the social banking approach influencing investments in renewable energy? Is social banking a major, minor, or irrelevant factor in renewable energy investments?

Answer 1

Ans : Social Banking means investment in a society that values human development, social cohesion and responsibility for our natural environment, ethical banking ,Cooperative banks and credit unions created so as to increase the investment in renewable energy.At present financial sector is expected to play a crucial role in social banking i.e spreading the information and the investment option the individuals and the corporate have in the form of alternate channel to invest in renewable energy like solar cell, electric vehicle, renewable power generation unit to replace as well as create new power units.The social banks are helping the approach in investment in renewable energy by –

1. By Communicating and providing the right information or acting as a network of providing social information.
2. Adopting a easier and simpler platform to bring more and more investor and the people with new ideas to promote renewable energy.
3. It has seen a increase in investment in renewable energy as compare to the renewable energy and the investments are increasing at a fast pace.

Social Banking is playing a major role in influencing the investment in renewable energy as at first it is helping to create a network of the individuals and making them aware about the new renewable technologies which they can use at their level for example solar power supply and backup for individual house,water geyser which is reducing the bills individually and at corporate level they are encouraging the investment in large scale renewable projects and it is going to play a vital role in increasing the investment in renewable energy in our future more and more.