Strategic Investment for Sustainability: A Bibliometric Exploration of Green Finance Research

  • Detia Rifna Rahayu Universitas Sebelas Maret
  • Djuminah Universitas Sebelas Maret

Abstract

Supporting global development towards a sustainable direction has led to many findings, particularly in finance, such as green finance. This emphasizes the critical role of research and policymaking in shaping investment strategies that support sustainability. This study conducts a bibliometric analysis to map the knowledge structure, research development, and current trends in green finance and sustainable investment strategies. A total of 471 articles published between 2015 and 2025 were collected from the Scopus database using specific keywords and filtered based on relevance to the topic. Data were analyzed using Biblioshiny and VOSviewer through descriptive analysis, co-word analysis, thematic evolution, thematic mapping, and co-citation analysis. The results show a significant increase in publications over the last decade, with “green finance”, “sustainable finance”, and “sustainable development” as dominant themes. In recent years, emerging topics such as fintech, ESG, and green innovation have gained more attention. The findings highlight China and the United States as leading contributors, with a growing interdisciplinary collaboration trend. This research provides a comprehensive overview of the thematic evolution of green finance and proposes future research directions relevant to scholars, policymakers, and practitioners.

References

Abdul Gafoor, C. P., Perumbalath, S., Daimari, P., & Naheem, K. T. (2024). Trends and patterns in green finance research: A bibliometric study. Innovation and Green Development, 3(2). https://doi.org/10.1016/j.igd.2023.100119
Andreeva, O. V., Vovchenko, N. G., Ivanova, O. B., & Kostoglodova, E. D. (2018). Green finance: Trends and financial regulation prospects. In Contemporary Studies in Economic and Financial Analysis (Vol. 100, pp. 9–17). Emerald Group Publishing Ltd. https://doi.org/10.1108/S1569-375920180000100003
Chen, X., & Chen, Z. (2021). Can Green Finance Development Reduce Carbon Emissions? Empirical Evidence from 30 Chinese Provinces. Sustainability, 13, 12137. https://doi.org/10.3390/su132112137
Clark, R., Reed, J., & Sunderland, T. (2018). Bridging funding gaps for climate and sustainable development: Pitfalls, progress and potential of private finance. Land Use Policy, 71, 335–346. https://doi.org/https://doi.org/10.1016/j.landusepol.2017.12.013
Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133, 285–296. https://doi.org/https://doi.org/10.1016/j.jbusres.2021.04.070
Hafner, S., Jones, A., Anger-Kraavi, A., & Pohl, J. (2020). Closing the green finance gap – A systems perspective. Environmental Innovation and Societal Transitions, 34, 26–60. https://doi.org/https://doi.org/10.1016/j.eist.2019.11.007
Judijanto, L., Yoga, T., & Wijayanti, I. O. (2024). Bibliometric Analysis of Green Finance and Sustainable Investment Strategies. In West Science Social and Humanities Studies (Vol. 02, Issue 12).
Khan, M. A., Riaz, H., Ahmed, M., & Saeed, A. (2022). Does green finance really deliver what is expected? An empirical perspective. Borsa Istanbul Review, 22(3), 586–593. https://doi.org/https://doi.org/10.1016/j.bir.2021.07.006
Li, X., Wang, S., Lu, X., & Guo, F. (2023). Quantity or quality? The effect of green finance on enterprise green technology innovation. European Journal of Innovation Management. https://doi.org/10.1108/EJIM-03-2023-0208
Liu, C., & Wu, S. S. (2023). Green finance, sustainability disclosure and economic implications. Fulbright Review of Economics and Policy, 3(1), 1–24. https://doi.org/10.1108/frep-03-2022-0021
OECD. (2020). Developing Sustainable Finance Definitions and Taxonomies, Green Finance and Investment. OECD Publishing. https://doi.org/10.1787/134a2dbe-en
Perianes-Rodriguez, A., Waltman, L., & van Eck, N. J. (2016). Constructing bibliometric networks: A comparison between full and fractional counting. Journal of Informetrics, 10(4), 1178–1195. https://doi.org/https://doi.org/10.1016/j.joi.2016.10.006
Pritchard, A. (1969). Statistical Bibliography or Bibliometrics? Journal of Documentation, 25, 348–349.
Samour, A., Mine Baskaya, M., & Tursoy, T. (2022). The Impact of Financial Development and FDI on Renewable Energy in the UAE: A Path towards Sustainable Development. https://doi.org/10.3390/su14031208
Sinha, A., Mishra, S., Sharif, A., & Yarovaya, L. (2021). Does green financing help to improve environmental & social responsibility? Designing SDG framework through advanced quantile modelling. Journal of Environmental Management, 292, 112751. https://doi.org/https://doi.org/10.1016/j.jenvman.2021.112751
Soergel, B., Kriegler, E., Weindl, I., Rauner, S., Dirnaichner, A., Ruhe, C., Hofmann, M., Bauer, N., Bertram, C., Bodirsky, B. L., Leimbach, M., Leininger, J., Levesque, A., Luderer, G., Pehl, M., Wingens, C., Baumstark, L., Beier, F., Dietrich, J. P., … Popp, A. (2021). A sustainable development pathway for climate action within the UN 2030 Agenda. Nature Climate Change, 11(8), 656–664. https://doi.org/10.1038/s41558-021-01098-3
UNCTAD. (2019). Guidance on core indicators for entity reporting on the contribution towards the implementation of the Sustainable Development Goals. United Nations.
van Eck, N. J., & Waltman, L. (2010). Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics, 84(2), 523–538. https://doi.org/10.1007/s11192-009-0146-3
Yip, A. W. H., & Bocken, N. M. P. (2018). Sustainable business model archetypes for the banking industry. Journal of Cleaner Production, 174, 150–169. https://doi.org/https://doi.org/10.1016/j.jclepro.2017.10.190
Zhang, D., Mohsin, M., Rasheed, A. K., Chang, Y., & Taghizadeh-Hesary, F. (2021). Public spending and green economic growth in BRI region: Mediating role of green finance. Energy Policy, 153, 112256. https://doi.org/https://doi.org/10.1016/j.enpol.2021.112256
Zhang, W., Zhang, Y., & Mou, S. (2025). Green finance development on corporate sustainability: Evidence from china. Finance Research Letters, 82, 107468. https://doi.org/https://doi.org/10.1016/j.frl.2025.107468
Zhang, Y., & Umair, M. (2023). Examining the interconnectedness of green finance: an analysis of dynamic spillover effects among green bonds, renewable energy, and carbon markets. Environmental Science and Pollution Research, 30(31), 77605–77621. https://doi.org/10.1007/s11356-023-27870-w
Zhou, G., Liu, L., & Luo, S. (2022). Sustainable development, ESG performance and company market value: Mediating effect of financial performance. Business Strategy and the Environment, 31(7), 3371–3387. https://doi.org/https://doi.org/10.1002/bse.3089
Published
2025-07-29
How to Cite
Rahayu, D. R., & Djuminah. (2025). Strategic Investment for Sustainability: A Bibliometric Exploration of Green Finance Research. ICEETE Conference Series, 3(1), 249-261. https://doi.org/10.36728/iceete.v3i1.252