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Does greenwashing obstruct sustainable environmental technologies and green financing from promoting environmental sustainability? Analytical evidence from the Indian economy

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  • Narasingha Das
  • Partha Gangopadhyay
  • Mohammad Mahtab Alam
  • Haider Mahmood
  • Pinki Bera
  • Khurshid Khudoykulov
  • Labani Dey
  • Md. Emran Hossain

Abstract

This study aims at assessing the impacts of green growth, in the form of adopting sustainable energy technologies and financing green projects, on environmental conditions in India. Thus, this study is important from the point of view of India's efforts in formulating strategies linked with achieving the environmental development targets enlisted under United Nations SDG‐13 declaration. In this regard, it is assumed that strategies targeted at establishing green growth in India can fail in the presence of greenwashing. To test this hypothesis, a newly introduced econometric technique, namely the Augmented‐ARDL techniques of estimation is used. Accordingly, the results obtained firstly suggest the existence of long‐run and cointegrated relationship exists between the variables of choice. Secondly, it is very much striking to find out that the the there is an inverse relationship between use of sustainable environmental technologies and environmental sustainability across India. Hence, this particular finding points to the possibility of stimulating geenwashing in the context of technology adoption in order to improve the state of the environment in India. Lastly, financing of green projects is seen to promote environmental sustainability which, in turn, affirms the absence of greenwashing in the context of green financing initiatives.

Suggested Citation

  • Narasingha Das & Partha Gangopadhyay & Mohammad Mahtab Alam & Haider Mahmood & Pinki Bera & Khurshid Khudoykulov & Labani Dey & Md. Emran Hossain, 2024. "Does greenwashing obstruct sustainable environmental technologies and green financing from promoting environmental sustainability? Analytical evidence from the Indian economy," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(1), pages 1069-1080, February.
    • Handle: RePEc:wly:sustdv:v:32:y:2024:i:1:p:1069-1080
    DOI: 10.1002/sd.2722
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    2. Yan Ma & Gen‐Fu Feng & Zhu‐jia Yin & Chun‐Ping Chang, 2025. "ESG disclosures, green innovation, and greenwashing: All for sustainable development?," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(2), pages 1797-1815, April.
    3. Shivam Azad & S. L. Tulasi Devi, 2025. "Sustainable development and investor confidence: The safe‐haven appeal of green‐bond issuing firms," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(1), pages 1249-1268, February.

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