The Impact of Green Finance on Renewable Energy Development in India's Tourism Industry

This article utilizes the autoregressive distributed lag (ARDL) methodology to evaluate the influence of green financing on sustainable energy practices in India's tourism industry from 2000 to 2022. The findings suggest that the issue of green bonds has a substantial and favorable impact on the long-term environmental sustainability of the business, albeit the immediate consequences are negligible. Furthermore, the consumer price index has a negative impact on environmental sustainability, both in the short and long term. To promote sustainable practices, suggested policy solutions encompass increased regulatory supervision, transparent distribution of market data, implementation of environmentally conscious fiscal policies, and the use of eco-friendly construction technology. The tourist sector in India may greatly benefit by aggressively promoting sustainable globalization, encouraging innovation, adaptation, and stabilization, and placing a major focus on eco-tourism regionalism. This article provides useful insights for policymakers aiming to improve environmental sustainability in the tourism industry. The report highlights the significance of green financing and suggests specific policy measures to guide the adoption of sustainable practices in India's tourist sector.