Consumer Behaviour in the Context of Sustainable Banking in the Republic of Moldova

Abstract

Banks are now facing pressure from all sides and have realized that unchecked climate change will have disastrous environmental impacts and serious macroeconomic consequences. Sustainable banking involves offering financial products and services that not only fulfill people’s needs but also protect the environment, all while being profitable. It is primarily about social responsibility, which can change the way consumers choose and use financial services. Sustainable banking is the symbiosis between the banking system and society and is mainly based on two elements: green credits and sustainable finance. Green banking involves changing internal operations to reduce or eliminate environmental impact. These initiatives include the use of green technology and energy-efficient buildings. Sustainable finance refers to offering financial products that encourage or require environmentally friendly behavior. Sustainable finance instruments include green bonds, sustainable mortgages, and sustainability-related loans. Consumers are becoming more interested in sustainable products, investing in financial products that support green initiatives, and are becoming more aware of their impact on the environment. These trends reflect a significant change in consumer behaviour, driven by a growing awareness of environmental and social issues. These measures not only help protect the environment, but also enhance banks' reputation and attract customers who are increasingly concerned about sustainability. The objective of this paper is to identify consumer behaviour in the context of sustainable banking services in the Republic of Moldova and ways to stimulate of consuming green credits, and sustainable finance. CZU: 366.1:[005.35:336.71](478); JEL: G21, G41