Abstract Green accounting (environmental accounting or sustainability accounting) integrates environmental costs and benefits into conventional financial and managerial accounting systems. This study examines the challenges and opportunities faced by organizations and public institutions when implementing green accounting practices. Using a mixed-methods approach — combining a systematic literature review, survey of corporate accountants and sustainability managers, and case interviews — the research identifies institutional, technical, regulatory, and cultural barriers to adoption as well as drivers such as stakeholder pressure, regulatory incentives, and long-term cost savings. Illustrative findings indicate gaps in standardized methodologies, limited accounting skills in environmental valuation, and incomplete regulatory frameworks, balanced by opportunities in reputational advantage, resource efficiency, and improved risk management. The paper concludes with practical recommendations for policy makers, accounting bodies, and firms to accelerate adoption.