This research paper provides an empirical study of whether sustainable investing and green corporate initiatives drive long-term structural market returns within the Indian equity space. Amidst sweeping regulatory changes introduced by the Securities and Exchange Board of India (SEBI) specifically the Business Responsibility and Sustainability Reporting (BRSR) framework and India\'s target of achieving net-zero emissions by 2070, capital allocation patterns are shifting. This study constructs an asset-pricing model augmented with a structural \"Green Factor\" alongside advanced conditional volatility measures to separate fundamental risk premium (\"Green Alpha\") from purely speculative, liquidity-driven momentum (\"Clean Beta\"). The paper reviews the empirical literature on ESG and green-equity performance in India, defines a representative universe of listed green companies, applies a Monte Carlo (Geometric Brownian Motion) simulation to illustrate the long-horizon risk-return trade-off between a Green Test Portfolio and a carbon-intensive Benchmark Control Portfolio, and closes with findings, policy suggestions, and a conclusion.