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The study focuses on examining the impact of R&D and industrialization on green economic growth. Financial assistance for environmentally friendly initiatives, the advancement of new technologies, and the growth of a green economy may all be achieved via green financing. Because of this, it is a key driver of green economic development and industrial structural change. This investigates the impact of renewable energy, R&D, and industrialization on the green economic growth of the South Asian region from 2008 to 2020. The endogeneity of this connection is addressed using a two-step ordinary least square (O.L.S.). The findings show that upgrading industries and R&D reduce carbon emissions and achieve green economic recovery. As a result, 33.4% of the energy was saved, and 35.2% of the emissions were reduced. The partial mediation impact findings show the policy's affecting framework. The empirical results showed that technology spillover had the most responsibility to minimize tiers of CO 2 emissions, accompanied by improvements in industrial structure change. Our findings suggest that developing nations gain more from the industrialization initiative than developed countries because of the stronger economic impacts of the strategy. • There is a dire need to measure the relationship between green finance and renewable energy. • The development of green economic growth, R & D and green finance has been measured. • The green economic growth rate reduces for every unit increase in green finance. • The latent variables account for more than half of the natural variation in all relevant variables. [ABSTRACT FROM AUTHOR]