In this paper, we present a bias and sustainability focused investigation of Automatic Speech Recognition (ASR) systems, namely Whisper and Massively Multilingual Speech (MMS), which have achieved state-of-the-art (SOTA) performances. Despite their improved performance in controlled settings, there remains a critical gap in understanding their efficacy and equity in real-world scenarios. We analyze ASR biases w.r.t. gender, accent, and age group, as well as their effect on downstream tasks. In addition, we examine the environmental impact of ASR systems, scrutinizing the use of large acoustic models on carbon emission and energy consumption. We also provide insights into our empirical analyses, offering a valuable contribution to the claims surrounding bias and sustainability in ASR systems.