“Mapping the evolution of green finance through bibliometric analysis”

This bibliometric study seeks to analyze the intellectual structure and development of green finance research over a nearly 30-year period. Using Scopus data, a comprehensive analysis of 1,487 English-language publications on green finance was conducted. The scope of the analysis spans the years from 1997 to 2024. The analysis investigates numerous facets of green finance scholarship, such as publication and citation trends, influential works, authorship networks, geographic concentrations, conceptual links, and developmental phases. Since 2015, the number of publications and citations has increased significantly, indicating a significant rise in academic and industry interest. China is the leader in terms of research output and influence, demonstrating its dominance in the field. However, it is essential to note that other Asia-Pacific countries, such as Japan and Malaysia, have also made significant contributions to the field. Public policies, government initiatives, and the participation of the private sector are crucial to accelerating green investments and promoting sustainability, as evidenced by numerous citations to scholarly works on the subject. The study investigates a number of prospective future research avenues, including green bonds, green credit policies, green investment, green financial regulation, and green financial technology applications. Despite its heavy reliance on English-language Scopus sources, this quantitative longitudinal mapping provides valuable insights into the emergence and evolution of green finance as a significant multidisciplinary research field.


INTRODUCTION
As defined by the United Nations Environment Programme (UNDP, 2017), green finance encompasses the financial support and investment in projects that yield environmental benefits and contribute to the establishment of a sustainable economy.The major focus areas encompasses a range of essential topics such as renewable energy, energy efficiency, low-carbon transport, pollution prevention, climate adaptation, biodiversity conservation, and circular economy initiatives (UNDP, 2012).Diverse stakeholders in the financial system, such as investors, banks, corporations, regulators, stock exchanges, insurers, and fintech firms, are increasingly incorporating climate factors into their business strategies and decisions regarding capital allocation (Campiglio, 2016;Schoenmaker & Van Tilburg, 2016).The global momentum on green finance has experienced significant acceleration in recent years.As of 2022, more than 121 central banks and financial regulators have become members of the Network for Greening the Financial System (NGFS).The purpose of this network is to effectively handle climate-related risks and facilitate the allocation of funds for climate mitigation and adaptation (NGFS, 2023).

LITERATURE REVIEW
Green finance involves integrating environmental considerations into financial decision-making to encourage sustainable investments and activities while addressing environmental issues (Feng et al., 2023).It encompasses financial innovations, mechanisms, metrics, policies, and regulations that are designed to direct capital toward development pathways that are both low-carbon and climate-resilient.
The definition and conceptualization of green finance have undergone significant changes and developments from different perspectives over time.Weber (2014) described green finance as a combination of both public and private economic incentives aimed at promoting environmentally sustainable investments and developments.Feng et al. (2023) presented a comprehensive definition of innovation in financial instruments, services, metrics, and policies incorporating various facets.These innovations aim to direct funding toward climate change mitigation, adaptation, and environmental development objectives.Green finance is the practice of addressing climate and environmental hazards within the financial sector while facilitating capital allocation to environmentally sustainable sectors, according to the UNDP (2017).Berrou et al. (2019) defined green finance as a collection of financial market solutions to achieve a balance between economic, environmental, and social factors to promote sustainable development.Green finance can be defined as the integration of various elements, including innovations, mechanisms, regulations, and policies.Its main objective is to encourage the redirection of financial resources toward environmentally friendly and economically sustainable activities.Additionally, green finance considers the risks and impacts associated with climate change.Green finance's tools, implementation tactics, performance outcomes, and measuring methods have been extensively studied.Environmental studies, economics, finance, development studies, public policy, and management are covered (Wright & Nyberg, 2017).Green finance includes green bonds, sustainability-linked loans, carbon pricing, fintech applications, sustainability indices, climate risk regulations, central bank initiatives, and decarbonization-friendly financial policies (UNDP, 2017).Based on the information provided, the objective of this study is to conduct a bibliometric analysis to examine global research trends in green finance spanning nearly three decades.The bibliometric study aims to offer insights into the emergence and development of the interdisciplinary domain of green finance scholarship by providing a quantitative longitudinal mapping of its intellectual structure and evolution.The analysis covers various aspects that have influenced the field of green finance, including pivotal moments, key contributors, research focal points, interdisciplinary boundaries, and promising future avenues.

METHODS
This study employs a rigorous bibliometric approach to quantitatively analyze patterns in the scholarly literature on green finance from 1994 to early 2024.Bibliometrics is the practice of using statistical analysis techniques to examine publications.Its purpose is to gain insights into the historical development, productivity patterns, and intellectual framework of a particular scientific field (Ellegaard & Wallin, 2015).Bibliometric reviews involve the use of publication and citation data analytics.This includes identifying patterns, uncovering networks and relationships, and tracking advancements in a specific research area over time (Moral-Muñoz et al., 2020).The use of quantitative techniques in bibliometric mapping provides researchers with valuable guidance when navigating the vast body of publications in emerging fields like green finance.
The scholarly publications analyzed in this bibliometric review were obtained systematically from the Scopus database.Scopus was chosen for its extensive coverage across various disciplines, encompassing over 90 million entries indexed from more than 100,000 peer-reviewed serials (Chadegani et al., 2013).The extensive collection of scholarly literature indexed by Scopus surpasses other databases, enhancing the reliability of bibliometric analysis.
The implemented advanced search query specifically included the following terms: ((TITLE-ABS-KEY ("green finance")) AND (LIMIT-TO (LANGUAGE, "English")) AND (LIMIT-TO (DOCTYPE, "bk") OR LIMIT-TO (DOCTYPE, "re") OR LIMIT-TO (DOCTYPE, "cp") OR LIMIT-TO (DOCTYPE, "ch") OR LIMIT-TO (DOCTYPE, "ar"))).The search strategy helped identify articles, reviews, or conference papers written in English.These sources focused on the terminology related to green finance, which can be found in the title.) and the priority placed on English-language publications in this bibliometric analysis (Harzing & Alakangas, 2016).Hence, it is imperative to consider these constraints in interpreting the results, and one should avoid assuming that the study provides a fully comprehensive viewpoint.To increase the insights, further evaluations should be conducted by broadening the search scope to include new publishing databases.Furthermore, the examination of literature written in languages other than English can enhance one's comprehension of the subject matter (Archambault et al., 2006).Content analysis approaches with quantitative visualization would provide a significant supplementary method.The study's strength lies in its comprehensive and detailed bibliometric analysis of the scholarly knowledge landscape in green finance research for nearly 30 years (Kousha & Thelwall, 2007).

Trends in research and production of green finance
The number of publications and citations on green finance has increased significantly over time, as shown in Table 2. Between 1997 and 2014, there was a notable dearth of publications, with an annual average of only 2 to 5 publications and fewer than 50 citations.This indicates a paucity of early research interest and influence.However, a notable increase in publication activity began in 2015, when five documents were published.This upward trend continued consistently in 2021, reaching a significant milestone of 182 documents.Citations also experienced a substantial increase beginning in 2016, with the number of citations rising from 423 in 2016 to a peak of 7,991 in 2022.In recent years, the number of publications has increased significantly.The number of publications rose from 182 in 2021 to 420 in 2022, surpassing 691 in the first half of 2023.This indicates a significant increase in green finance research interest and output.The number of citations has also remained high, with nearly 3,000 so far in the first half of 2023.The total number of publications to date is The publication and citation data plainly demonstrate exponential growth for both metrics over the past few years.This statement emphasizes the increasing significance of research in the field of green finance, which is garnering more interest from both academia and industry.The high number of citations indicates the substantial scholastic impact of the research.In the coming years, it is anticipated that the number of publications and citations pertaining to green finance will continue to increase rapidly if the current trends continue.

The most referenced green finance research papers
The top five most-cited green finance research papers provide valuable insights into the role of public policies, government initiatives, and private sector involvement in driving environmentally sustainable economic growth through green finance (Table 3).China face challenges in accessing credits for such initiatives.This research finding positions the study as the 4th most influential in its field.The study conducted by Wang and Zhi (2016), which is ranked 5th and has received 265 citations, focuses on analyzing the green finance policies implemented in China's renewable energy sector with the aim of achieving ecological balance.
The top 20 papers covered a wider range of green finance topics but received fewer citations beyond the top 5.This suggests that the most cited studies had a much greater impact.The top five strategies emphasize the importance of balanced green finance to sustain economic growth while ensuring environmental sustainability.

Leading journals for research in green finance
Energy Economics is the journal with the most citations on green finance, with

Most productive researchers in green finance
The author who has the highest number of publications on the topic of "green finance" is F. Taghizadeh-Hesary from Tokai University, Japan,

Countries most influential in green finance research
China is the undisputed leader in terms of research output and its impact on green finance (Table 6).With an impressive count of 933 documents and an astounding 14,632 citations, China's dominance in this field is unquestionable.The significant lead observed here indicates China's swift growth in the realm of green finance and its aspiration to establish itself as a frontrunner in this domain.Pakistan, ranked second, has a mere 88 documents and 2,519 citations.Japan, Malaysia, and the UK complete the top 5, with each country having a range of 46-97 documents and

Keyword analysis in green finance research
The most common keyword (Table 8) in "green finance" studies is "Green Finance," 896 times.This statement concisely states the major topic under inquiry.The second most used keyword, "China,"

Keyword co-occurrence network in green finance publications
Green finance research covers numerous topics that aim to foster economic growth while promoting environmental sustainability.Figure 1 presents an overview of four key clusters that categorize the main themes within this field.The first cluster, which is represented by the red color, focuses on research pertaining to green technology and productivity.The second cluster, represented by the green color, encompasses work about energy transition and reducing emissions.The third cluster, depicted in blue, centers around research on green policy and sustainable finance.Finally, the fourth cluster, which is depicted in yellow, pertains to research on sustainable finance and investment.Although diverse in their specific focus-es, these four clusters collectively encompass the fundamental areas of scholarship that are shaping the expanding field of green finance.
Cluster 1 (red) addresses "Green Technology and Productivity."Key concepts in this cluster include "technological advancement," "invention," "manufacturing," "productivity," and "environmen- green financing, and how financial institutions and businesses help transition to a low-carbon economy.
3.9.The future of green finance research trends In the face of the pressing need to transition to a low-carbon economy, research on innovative green finance mechanisms has become increasingly crucial.Table 9 examines five potential areas that could significantly impact the future of scholarship in this emerging field.These areas include green bonds, which aim to direct private capital toward climate-aligned projects; green credit policies that provide incentives for sustainable investments; novel frameworks for analyzing and assessing the risks associated with green investments; regulatory measures aimed at aligning financial systems with climate objectives; and fintech innovations that have the potential to expedite the growth of climate finance.Although distinct, these potential research directions are fundamentally interlinked, providing valuable insights into the mobilization of finance for delivering climate solutions.This study aims to catalyze fresh perspectives and enquiry into the critical domain of green finance research by mapping its frontiers.
Research is currently exploring how green finance policies, regulation, technology, and investment practices can effectively direct capital toward climate solutions and the reduction of emissions.The current evidence suggests that progress has been made; however, it is crucial to emphasize the need for ongoing innovation in instruments, monitoring, and coordinated efforts.

CONCLUSION
The objective of this bibliometric study was to offer a thorough quantitative analysis of the intellectual framework and progression of research in green finance, spanning almost three decades.The main objectives were to investigate publication trends, influential works, authorship networks, geographic The results indicate a significant increase in publications and citations on green finance since 2015, suggesting a growing interest from both the academic and industry sectors.China has been identified as the unequivocal frontrunner regarding research output and impact.However, it is worth noting that other countries in the Asia-Pacific region, such as Japan and Malaysia, have also made noteworthy contributions in this regard.The analysis has identified highly cited seminal works that delve into the role of public policies, government initiatives, and private sector involvement in promoting green investments and environmental sustainability.Four key thematic clusters were identified through keyword co-occurrence network mapping.These clusters include green technology and productivity, energy transition and emissions reduction, green policy and sustainable finance, and sustainable finance and investment.Future research frontiers could explore green bonds, credit policies, risk frameworks, regulations, and financial technology applications.
This bibliometric study offers a thorough quantitative portrayal of the development of scholarship in green finance spanning almost three decades.The analysis offers insights into critical developments, influential publications and contributors, geographic concentrations, conceptual domains, and promising research directions that define this critical emerging field.However, it is essential to note that there are constraints in this study as it heavily relies on English-language sources that have been documented in Scopus.Further studies that incorporate additional databases, languages, and qualitative content analysis have the potential to offer supplementary perspectives.Despite these limitations, the detailed longitudinal mapping of the green finance knowledge landscape conducted in this study provides valuable insights.

Figure 1 . 3 :
Figure 1.Network of co-occurrence of keywords in publications on green finance (Alsmadi et al., 2023;Lichtenberger et al., 2022)ds helped switch to renewable energy.Several green finance niche studies have used bibliometrics.Green bonds, fintech applications, and sustainable banking are included in these subdomains(Alsmadi et al., 2023;Lichtenberger et al., 2022).While valuable, these insights focus on certain areas rather than the entire environment.Research and practice develop-

Table 1 .
Type of publication for the 1,487 green finance research publications (Mongeon & Paul-Hus, 2016cilitated the impartial identification of the most influential contributors and works, employing data on publications and citations.The analysis of publication trends enables the identification of previous patterns of growth and the emergence of new priorities.Co-authorship and co-occurrence networks have played a crucial role in uncovering the underlying framework of relationships and interrelated themes that characterize the field.Nevertheless, it is crucial to recognize the constraints when exclusively relying on sources documented in the Scopus database(Mongeon & Paul-Hus, 2016

Table 2 .
Publications and citations of research on green finance

Table 3 .
The 20 most-cited papers in the field of green finance research Yu et al. (2021)21a) byZhang et al. (2021a), which has received 389 citations, in-it guarantees and tax incentives.In a study byYu et al. (2021)that has received 346 citations, it was discovered that green finance policies have the potential to alleviate barriers to green innovation.However, it was also observed that private firms in The top 5 journals account for 16.6% of total documents but 39.7% of total citations, with 6,461 citations from 382 documents.This implies they publish the most influential green finance research.These top journals publish research with a greater impact than the average of 8.95, as seen by the higher citation rates per document.The top 20 journals published 25.1% of documents but 55.1% of citations.Citation rates are high but lower than the top five, from 31.95 to 10.20 per document.Vital green finance research is concentrated in the top 5 journals.Energy Economics, Journal of Cleaner Production, Renewable Energy, Resources Policy, and Environmental Science and Pollution Research are the most common places where green finance studies are published.The analysis shows that a few famous publications publish green finance research with a much greater impact than the typical journal.

Table 4 .
Top 20journals for research on green finance based on total citations with a total of 29 documents.M. Sadiq from Central South University, China, is closely followed, as he possesses 10 documents (Table5).The third most prolific author is C.-Chu. Lee from Nanchang University, China, with 9 documents.emphasizes China's focus on sustainability issues like green finance.Further analysis comparing research impact and citations would reveal how these highly published authors advance this topic.

Table 5 .
The top 20 researchers in the field of green finance and Germany support this with 60-53 papers and 574-711 citations.The data show China's concentration on green finance research, a strategic aim shared by other Asia-Pacific governments.The pa-

Table 6 .
The top 20 countries in terms of citations for research output in green finance

Table 7 .
The top 20 affiliations in terms of significant contributions

Table 9 .
Liu et al. (2023)023) research paths for green financeGuo et al. (2023)analyzed how macroeconomic, policy, and firm-level variables affect Chinese green bond issuance and price.Green bond issuance is discouraged by economic policy uncertainty and stock market crashes but encouraged by government subsidies and reduced financing costs.Alharbi et al. (2023)showed that green bond issuance boosts renewable energy generation in 44 nations.Countries with carbon objectives and mature credit markets have a greater impact.Wang and Taghizadeh-Hesary (2023) proposed digital green bond platforms, issuer networks, carbon levies, and green economic stimulus to grow the global green bond market.Transparency requires standards.Green creditLiu et al. (2023)discovered that green credit policies in China effectively reduce the carbon intensity of corporations by reducing the carbon intensity of investments and enhancing environmental oversight.However, credit labeling does not reduce emissions directly.Cen (2023) demonstrated that green finance reforms in China reduce the risk of a stock price collapse for highly polluting firms by alleviating financing constraints and decreasing the stockpiling of negative news.This indicates that green credit can strengthen market stability.Dong et al. (2023) investigated the factors influencing the issuance of green credits in 30 Chinese provinces.Instability in economic policy and energy consumption discourage the issuance of green credit, while technology, environmental regulation, and government budgets encourage it.Green investment Wu et al. (2023) examined the influence of institutional investor networks on ESG investing in China.Shared preferences for ESG among interconnected investors increase low-carbon corporate innovation, moderated by regulation.Yang et al. (2023) found that China's institutional investors consider environmental factors more heavily when making decisions due to green finance policies.However, effects differ depending on investor horizons and the company's ownership structure.Zhang et al. (2023) demonstrated that in China, green credit and insurance inhibit the greening of the actual economy, while green investment promotes it.Policies for the virtual economy and the actual economy must be coordinated.Ge et al. (2023) evaluated how China's green finance pilot zone reforms increased environmentally-biased technological progress by easing financing constraints and promoting industrial upgrading.Zhang and Ling (2023) used a natural experiment in China to demonstrate that the development of digital finance enhances environmental governance and reduces emissions, particularly in less developed regions.Shao and Huang (2023) examined the transition from direct intervention to market-based instruments in China's green finance policy blend over time.Interactions between government levels shaped the gradual implementation of reforms.Green fintech Chu et al. (2023) demonstrated that the expansion of digital finance in China decreases county-level carbon emissions by promoting green lending, innovation, and productivity.But digital divides can reduce the impact.Xu et al. (2023) discovered that increased financial technology promotes green finance and decreases China's industrial carbon intensity.In more developed regions, this effect is more pronounced.Song et al. (2023) demonstrated that financial technology development in China increases renewable energy adoption by alleviating capital constraints.There are significant spatial and temporal effects. (1)p://dx.doi.org/10.21511/ee.15(1).2024.01