The importance of socially responsible business of the banking sector for achieving sustainable development: The example of the Republic of Serbia

Abstract

The strategic approach to socially responsible business is necessary for increasing competitiveness and achieving sustainable development goals. Banks as intermediate financial institutions play a significant role in respecting all principles and mechanisms of socially responsible business. In modern business conditions, sustainable banking has become a global phenomenon. The concept of sustainable development effects the banking reorientation towards provision of new banking services and creating new, green, banking operations. Green banking contributes to achieving both profit and expanding social and environmental goals. Therefore, the focus of this paper is on the analysis of the development level of green banking and finance in the Republic of Serbia, as part of the strategy of socially responsible business and sustainable development of banks in Serbia. The goal is to point out the current level of development of social responsibility and environmental awareness of banks and their clients, on the activities that banks conduct environmentally, but also on the development of green banking development in the domestic financial market.