GREEN FINANCE AND SUSTAINABLE MARKETING IN INDIAN TOURISM: AN ESG PERSPECTIVE

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Background/Purpose: India’s tourism sector is expanding rapidly, generating economic benefits while simultaneously intensifying environmental and social pressures. In response, green finance and Environmental, Social, and Governance (ESG) frameworks are increasingly promoted as mechanisms to support sustainable tourism development. However, empirical evidence linking green finance access, ESG adoption, sustainable marketing practices, and consumer behavioral outcomes in the Indian tourism context remains limited. This study aims to examine how green finance facilitates ESG implementation in hotels, how ESG practices influence sustainable marketing, and how these efforts shape tourist perceptions, willingness to pay, and revisit intentions. Methods: A cross-sectional research design was employed using primary survey data collected from 156 registered hotels and 384 tourists across six Indian states representing diverse tourism destinations. Structured questionnaires measured green finance adoption, ESG practices, sustainable marketing activities, sustainability perception, willingness to pay, and revisit intention using five-point Likert scales. Data reliability was assessed through Cronbach’s alpha. Correlation analysis, multiple regression analysis, and mediation testing were conducted using SPSS to evaluate the hypothesized relationships. Results: The findings indicate that green finance adoption has a significant positive effect on ESG practices in hotels, demonstrating the importance of financial access for sustainability investments. ESG practices significantly enhance sustainable marketing efforts, suggesting that operational sustainability encourages active communication of environmental initiatives. Sustainable marketing positively influences tourists’ sustainability perceptions, which in turn significantly increase willingness to pay premium prices and revisit intentions. Mediation analysis reveals that sustainable marketing partially mediates the relationship between ESG practices and consumer sustainability perception, highlighting the critical role of communication in converting sustainability initiatives into consumer value. Conclusions/Implications: The study concludes that green finance acts as a foundational driver of sustainable tourism by enabling ESG adoption and strengthening sustainable marketing outcomes. For tourism businesses, sustainability investments supported by green finance can generate competitive advantages when transparently communicated. Policymakers and financial institutions should expand accessible green financing instruments and promote credible ESG frameworks to accelerate sustainable tourism development in India.

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