Purpose The research examines the factors influencing the adoption of green financing in the steel sector of Odisha, where balancing industrial growth and environmental sustainability is crucial. It places the experience of Odisha in international efforts on climate change and India's national sustainability agenda. Design/methodology/approach A mixed-methods research strategy was used, integrating survey responses from 171 participants and ordinal regression analysis. The independent variables used were initiatives in sustainable finance, opportunities for growth, green technology incentives, access barriers to financing, social responsibility (SR), government support and financial infrastructure. Findings Findings verify strong correlations among the determinants and rates of green finance (GF) uptake. Although the majority of the stakeholders lie within the medium adoption group, major barriers on progress, e.g. low incentives, access to finance challenges and poor governmental support – limit improvement. Financial infrastructure support and SR come across as possible facilitators. Research limitations/implications The research finds it imperative for GF adoption to be supported by targeted incentives, robust financial infrastructure and enabling policy frameworks. With this gap filled, Odisha's steel sector can both converge with international sustainability objectives while raising industrial competitiveness. Originality/value The study focuses on various driving forces for an organization to adopt GF practices for their financial management in recent years. As financing is done at different levels, it is also very essential to understand the impact of these factors in concern with level of financing.
DAS et al. (Sat,) studied this question.