Sustainable development aims at improving the quality of human life while living within the carrying capacity of supporting ecosystems. The rhetoric raised by the advocates of sustainable development has compelled States and corporations alike to take initiatives to ensure compliance with standards believed to be consensually accepted. However, because of their immediate commitment to enhancing shareholder value and other structural flaws, corporations have inevitably turned out to be major defaulters. Hence in many instances, it has been seen that corporate social responsibility (CSR) initiatives remain mere theoretical models, lacking practical utility. This state calls for a green corporate governance mechanism involving public-private participation (PPP), where the corporation seeks to adopt a consensually constructed mechanism to address the concerns of all stakeholders by operating from a more grounded platform of green policies. As the paper progresses, it shall be examined whether such PPP initiatives can yield desirable results in complex economic and legal settings. Another critical area of research would involve whether CSR policies should be bespoke designed by the corporations themselves, or should be guided by larger public policy goals. We shall also dwell upon the business case of CSR, seeking to find the economic motivation behind such policies. This model which has been pitted directly against the strict ‘shareholder model’ of business is an interesting new development, and shall occupy considerable space in the paper.