The concept of sustainable mobility and related green travel will play an increasingly important role in the development of tourism and climate policy in the European Union. Initiated by the European Commission, Erasmus+ green travel is a new initiative and not yet researched by EU institutions or in the literature. However, it fits in with the literature research on green mobility. The aim of this paper was to assess whether young tourists are interested in green mobility, whether they are willing to use means of low-emission transport when making trips, what factors play a role in their means of transport choices, and whether risk aversion influences their choices. For the purpose of this work, the authors conducted a survey in Poland among 36 Polish and foreign people from Generation Z studying in Poland and taking advantage of the green travel program in the Erasmus+ program and an economic experiment regarding their level of risk taking. Based on these data, it was examined whether young tourists are interested in green mobility, what factors play an important role when choosing a low-emission means of transport, and whether the level of risk taking influences their choices. The results of the survey indicated that young tourists tend to choose means of high-emission transport or a mix of high- and low-emission transport. However, if they receive a financial incentive, they are willing to use means of low-emission transport when travelling. The results of this study also indicated that environmental factors do not influence the propensity of young tourists towards specific means of transport, including low-emission transport, and economic and cognitive factors play an important role. It was also found that there is some positive relationship between the level of risk taking of the traveller and the propensity to green travel.