The primary objectives of the study are to examine the association between energy cryptocurrencies and green investments in Indian markets and to explore how these assets can diversify portfolios and serve as a hedge for the Indian stock markets. The results of quantile vector autoregressive (QVAR) showed that there was overall partial connectivity among the chosen assets. The BSE and NSE have rarely had a positive correlation with the selected assets for a long-term period. Green investments, especially energy cryptocurrencies, offer hedging benefits to the BSE and NSE. The minimum variance portfolio (MVP) has major contributions from the BSE and NSE. In the construction of the MVP portfolio, only three green assets, namely water, solar, and wind, contribute. In both minimum correlation portfolio (MCP) and minimum connectedness portfolio (MCoP), the weightage of the green investments and energy cryptocurrencies increased. Solar, Power, and Energy Web Token (EWT) decreased the risk in the portfolio in both MCP and MCoP, while Energy, Water, and Wind increased the risk. Among all the portfolio diversification strategies, MVP gives the highest Sharpe ratio, but in terms of return, both MCP and MCoP perform well. This study will be useful and has important implications for investors, green investment firms, the government, portfolio managers, and energy cryptocurrency firms.