A wave of green start-ups in India—The study of green finance as a support system for sustainable entrepreneurship

Mukul Bhatnagar; Sanjay Taneja; Ercan Özen; Mukul Bhatnagar; Sanjay Taneja; Ercan Özen

doi:10.3934/GF.2022012

Green Finance

2022, Volume 4, Issue 2: 253-273. doi: 10.3934/GF.2022012

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Research article

A wave of green start-ups in India—The study of green finance as a support system for sustainable entrepreneurship

1.
Commerce Department (USB), Chandigarh University Mohali, Punjab, India
2.
USB-BBA, Chandigarh University, NH-95 Chandigarh-Ludhiana Highway, Mohali, Punjab, India
3.
Department of Finance and Banking, University of Uşak, Uşak, Türkiye (Turkey)

Received: 07 April 2022 Revised: 18 May 2022 Accepted: 06 June 2022 Published: 14 June 2022
JEL Codes: G21, Q56, R11

Development of the economy cannot be done at the cost of deterioration of ecology. Green finance is the most practical way of economic development and ecological development. To tackle the urgent challenges of climate change, several summits and conferences have adopted a sustainable development framework for their action plans. The 2030 Sustainable Development Goals (SDGs) are a unique collection of seventeen time-bound goals that strive to balance the three sustainability objectives of economic, social, and environmental sustainability. This research has been carried out to assess the present status of green finance in India and see its impact on startups. A green startup's success probability and importance are explained with specific case studies. By extracting the data from various published reports, it has been found that government initiatives are turning green by providing green finance, and Indian startups are exploiting this opportunity by the implementation of sustainable entrepreneurship. India has been on a path toward green project finance for some years now, and significant adjustments have been made to the country's financial sector to embrace ecologically friendly methods. Businesses are the economy's engine, and adopting sustainable business practices is critical for reaching carbon neutrality.
- green finance,
- green economy,
- climate change,
- sustainability,
- startups,
- entrepreneurship
Citation: Mukul Bhatnagar, Sanjay Taneja, Ercan Özen. A wave of green start-ups in India—The study of green finance as a support system for sustainable entrepreneurship[J]. Green Finance, 2022, 4(2): 253-273. doi: 10.3934/GF.2022012

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Abstract

Development of the economy cannot be done at the cost of deterioration of ecology. Green finance is the most practical way of economic development and ecological development. To tackle the urgent challenges of climate change, several summits and conferences have adopted a sustainable development framework for their action plans. The 2030 Sustainable Development Goals (SDGs) are a unique collection of seventeen time-bound goals that strive to balance the three sustainability objectives of economic, social, and environmental sustainability. This research has been carried out to assess the present status of green finance in India and see its impact on startups. A green startup's success probability and importance are explained with specific case studies. By extracting the data from various published reports, it has been found that government initiatives are turning green by providing green finance, and Indian startups are exploiting this opportunity by the implementation of sustainable entrepreneurship. India has been on a path toward green project finance for some years now, and significant adjustments have been made to the country's financial sector to embrace ecologically friendly methods. Businesses are the economy's engine, and adopting sustainable business practices is critical for reaching carbon neutrality.

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