Climate Consciousness vs. Profit Chase : Asset Behavior in a Sustainable Era

Amit Kumar Singh; Srishti Jain; Rashmi Goel

doi:10.17010/ijf/2026/v20i1/175251

Climate Consciousness vs. Profit Chase : Asset Behavior in a Sustainable Era

Authors

Amit Kumar Singh Professor, Department of Commerce, Delhi School of Economics, University of Delhi, Delhi - 110 007 https://orcid.org/0000-0002-8095-7237
Srishti Jain Assistant Professor (Corresponding Author), Department of Commerce, Motilal Nehru College, University of Delhi, Delhi - 110 021 https://orcid.org/0000-0003-1960-2178
Rashmi Goel Assistant Professor, Department of Commerce, Shyama Prasad Mukherji College for Women, University of Delhi, Delhi - 110 026 https://orcid.org/0009-0000-6872-9226

DOI:

https://doi.org/10.17010/ijf/2026/v20i1/175251

Keywords:

sustainability, cryptocurrency, Bitcoin, gold, ESG, oil and gas, Ethereum, DeFi.
JEL Classification Codes : G4, G11, Q430
Publication Chronology: Paper Submission Date : August 2, 2025 ; Paper sent back for Revision : December 19, 2025 ; Paper Acceptance Date : December 30, 2025 ; Paper Published Online : January 15, 2026

Abstract

Purpose : The present study aimed to find a solution to the sustainability dilemma between conventional and digital assets.

Design : The study employed two conventional assets/commodities, i.e., gold, oil & gas, and three digital assets, i.e., Bitcoin, Ethereum, and DeFi, from 2017 to 2024 on a daily basis. The financial price data representing the underlying investor sentiments was extracted from S&P for all the variables. A structural break was considered, focusing on the major algorithm alteration for Ethereum in 2022. Therefore, Autoregressive Distributed Lag (ARDL) models have been employed for two different time frames.

Findings : The results suggested that conventional assets had a positive and significant relation with sustainability, proxied by Environment, Social, and Governance (ESG). In contrast, digital assets like Bitcoin and Ethereum do not hold a significant relation. To our surprise, the coefficient turned negative for Bitcoin and Ethereum after the structural change. Therefore, the findings revealed that crypto investors are least bothered about climatic conditions and are gung-ho for earning huge returns.

Practical Implications : It is recommended to initiate a green framework for digital assets. Additionally, ESG disclosures help sensitized investors to climate change.

Originality : Prior literature lacks a comprehensive comparative analysis of the conventional and digital assets in the context of sustainability.

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Published

2026-01-16

How to Cite

Singh, A. K., Jain, S., & Goel, R. (2026). Climate Consciousness vs. Profit Chase : Asset Behavior in a Sustainable Era. Indian Journal of Finance, 20(1), 8–23. https://doi.org/10.17010/ijf/2026/v20i1/175251

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Issue

Volume 20, Issue 1, January 2026

Section

Articles

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