A　major　issue　for　governments　in　the　past　few　decades　has　been　environmental　deterioration　caused　by　economic　activity.　Researchers　are　increasingly　interested　in　the　factors　that　contribute　to　environmental　deterioration.　This　research　fills　the　empirical　gaps　by　looking　at　the　influence　of　carbon　footprints　of　growth　and　R&D　investment　on　green　finance　development　of　renewable　energy.　Ordinary　least　square　(OLS)　is　used　in　this　work　to　assess　the　long-term　connection　between　chosen　variables　in　South　Asia　from　1995　to　2018.　The　importance　of　green　finance,　clean　energy,　and　green　financial　instability　have　been　identified　as　major　variables.　According　to　the　study＇s　overall　findings,　clean　energy,　green　finance,　and　sustainable　economic　growth　are　all　important　and　positive　indicators　of　a　composite　assessment　of　sustainable　practices.　Green　bonds,　reducing　greenhouse　gas　emissions,　and　green　economic　development　all　play　an　important　part　in　green　finance　development　and　renewable　energy　production.　The　research　also　found　that　R&D　expenditures　had　a　positive　and　substantial　influence　on　green　finance　development　in　South　Asia,　with　a　1%　increase　in　R&D　expenditures　lowering　the　sustainability　of　the　environment　by　0.070%　and　0.080%.　Other　practical　consequences　for　South　Asia　include　a　more　suitable　path　toward　a　greener　economy,　as　suggested　by　the　projected　findings.