Existing and Potential Research Directions on Green Finance - Literature Review

Abbas, J., Wang, L., Belgacem, S. B., Pawar, P. S., Najam, H., & Abbas, J. (2023). Investment in Renewable Energy and Electricity Output: Role of Green Finance, Environmental Tax, and Geopolitical Risk: Empirical Evidence from China. Energy, 269, 126683. doi: 10.1016/j.energy.2023.126683. (Crossref)

Akomea-Frimpong, I., Adeabah, D., Ofosu, D., & Tenakwah, E. J. (2021). A Review of Studies on Green Finance of Banks, Research Gaps and Future Directions. Journal of Sustainable Finance & Investment, 12(4), 1241–1264. doi: 10.1080/20430795.2020.1870202. (Crossref)

Ali, M., Seraj, M., Turuc, F., Tursoy, T., & Uktamov, K. F. (2024). Green Finance Investment and Climate Change Mitigation in OECD-15 European Countries: RALS and QARDL Evidence. Environment, Development and Sustainability, 26, 27409–27429. doi: 10.1007/s10668-023-03765-1. (Crossref)

Al Mamun, M., Boubaker, S., Hossain, M. Z., & Manita, R. (2024). Female Political Empowerment and Green Finance. Energy Economics, 131, 107370. doi: 10.1016/j.eneco.2024.107370. (Crossref)

Aneja, S. (2024). Global Research Trends in Green Finance: A Systematic Literature Review of Regional Contributions (2001–2024). International Journal for Multidisciplinary Research, 6(6), 1–9. doi: 10.36948/ijfmr.2024.v06i06.30291. (Crossref)

Annu, & Tripathi, R. (2024). Framework of Green Finance to Attain Sustainable Development Goals: An Empirical Evidence from the TCCM Approach. Benchmarking: An International Journal, 31(9), 3130–3153. doi: 10.1108/BIJ-05-2023-0311. (Crossref)

Bhatia, S., Singh, N., & Vishnani, S. (2024). Green Finance: A Bibliometric Analysis of Current Research Status, Development and Future Directions. Global Business and Economics Review, 30(3), 283–310. doi: 10.1504/GBER.2024.137618. (Crossref)

Bhattacharyya, R. (2022). Green Finance for Energy Transition, Climate Action and Sustainable Development: Overview of Concepts, Applications, Implementation and Challenges. Green Finance, 4(1), 1–35. doi: 10.3934/GF.2022001. (Crossref)

Butt, S., Ashfaq, M., Chohan, M. A., Ramakrishnan, S., Shahzad, M. F., & Almazyad, T. (2025). Green Finance Enablers: A Bibliometric Approach. In: S. Yildirim, I. Demirtas, & F. A. Malik (Eds.), Green Economics and Strategies for Business Sustainability (pp. 123–150). IGI Global Scientific Publishing. doi: 10.4018/979-8-3693-8949-2.ch006. (Crossref)

Chen, S. C.-i., Xu, X., & Own, C.-M. (2024). The Impact of Green Finance and Technological Innovation on Corporate Environmental Performance: Driving Sustainable Energy Transitions. Energies, 17(23), 5959. doi: 10.3390/en17235959. (Crossref)

Čala, V. [Чала, В.], & Demidov, B. (2024). Theoretical aspects of green financing for providing sustainable development. Economic Scope, 193, 37–45. doi: 10.30838/ ep.193.37-45. (Crossref)

Debrah, C., Chan, A. P. C., & Darko, A. (2022). Green Finance Gap in Green Buildings: A Scoping Review and Future Research Needs. Building and Environment, 207(Part A), 108443. doi: 10.1016/j.buildenv.2021.108443. (Crossref)

Desalegn, G., & Tangl, A. (2022). Enhancing Green Finance for Inclusive Green Growth: A Systematic Approach. Sustainability, 14(12), 7416. doi: 10.3390/su14127416. (Crossref)

Dhayal, K. S., Agrawal, S., Agrawal, R., Kumar, A., & Kumar Giri, A. (2024). Green Energy Innovation Initiatives for Environmental Sustainability: Current State and Future Research Directions. Environmental Science and Pollution Research, 31, 31752–31770. doi: 10.1007/s11356-024-33286-x. (Crossref)

Fan, S., & Shahbaz, M. (2023). Carbon Neutrality and Green Finance. In: M. Shahbaz, K. Dong, D. Balsalobre-Lorente, & A. Gedikli (Eds.), Recent Developments in Green Finance, Green Growth and Carbon Neutrality (pp. 217–238). Elsevier. doi: 10.1016/B978-0-443-15936-7.00010-4. (Crossref)

Fu, C., Lu, L., & Pirabi, M. (2023). Advancing Green Finance: A Review of Sustainable Development. Digital Economy and Sustainable Development, 1(20). doi: 10.1007/s44265-023-00020-3. (Crossref)

Grumann, L., Madaleno, M., & Vieira, E. (2024). The Green Finance Dilemma: No Impact Without Risk – a Multiple Case Study on Renewable Energy Investments. Green Finance, 6(3), 457–483. doi: 10.3934/GF.2024018. (Crossref)

Han, J., & Gao, H. (2024). Green Finance, Social Inclusion, and Sustainable Economic Growth in OECD Member Countries. Humanities and Social Sciences Communications, 11, 140, 1–8. doi: 10.1057/s41599-024-02662-w. (Crossref)

Hou, H., Wang, Y., & Zhang, M. (2023). Green Finance Drives Renewable Energy Development: Empirical Evidence from 53 Countries Worldwide. Environmental Science and Pollution Research, 30, 80573–80590. doi: 10.1007/s11356-023-28111-w. (Crossref)

Jäger, J., & Dziwok, E. (2024). Understanding Green Finance: A Critical Assessment and Alternative Perspectives. Edward Elgar Publishing. (Crossref)

Jia, Q. (2023). The Impact of Green Finance on the Level of Decarbonization of the Economies: An Analysis of the United States’, China’s, And Russia’s Current Agenda. Business Strategy and the Environment, 32(1), 110–119. doi: 10.1002/bse.3120. (Crossref)

Jing, R., & Liu, R. (2024). The Impact of Green Finance on Persistence of Green Innovation at Firm-Level: A Moderating Perspective Based on Environmental Regulation Intensity. Finance Research Letters, 62(Part B), 105274. doi: 10.1016/j.frl.2024.105274. (Crossref)

Judijanto, L., Qosim, N., Syamsulbahri, S., Utami, E. Y., & Afandy, C. (2024). Sustainable Finance: A Bibliometric Analysis of Green Finance and Its Role in Global Markets. West Science Business and Management, 2(04), 1206–1215. doi: 10.58812/wsbm.v2i04.1500. (Crossref)

Kappal, J. M., & Doifode, A. (2023). Green Finance: A Catalyst for Sustainable Future. In: 2023 International Conference on Sustainable Islamic Business and Finance (SIBF 2023) Bahrain, 24-25 September 2023 (pp. 265–270). Institute of Electrical and Electronics Engineers. doi: 10.1109/SIBF60067.2023.10379962. (Crossref)

Kaur, J. (2024). Green Finance 2.0: Pioneering Pathways for Sustainable Development and Health Through Future Trends and Innovations. In: S. Taneja, P. Kumar,

S. Grima, E. Özen, & K. Sood (Eds.), Sustainable Investments in Green Finance (pp. 294–319). IGI Global Publisher. doi: 10.4018/979-8-3693-1388-6.ch020. (Crossref)

Kaushik, M. B., & Trikha, A. (2024). The Promise of Green Finance: Harnessing the Power of Sustainable Investment in India. International Journal of Green Economics, 18(4), 374–389. doi: 10.1504/IJGE.2024.142399. (Crossref)

Khan, H. H. A., Ahmad, N., Yusof, N. M., & Chowdhury, M. A. M. (2024). Green Finance and Environmental Sustainability: A Systematic Review and Future Research Avenues. Environmental Science and Pollution Research, 31, 9784–9794.doi: 10.1007/s11356-023-31809-6. (Crossref)

Kharb, R., Shri, C., Singh, P., Bhatia, S., & Saini, N. (2024). Modelling the Barriers of Green Financing in Achieving Environmental Sustainability: An Analysis Using TISM. Environment, Development and Sustainability. doi: 10.1007/s10668-024-05266-1. (Crossref)

Krahnen, J., Rocholl, J., & Thum, M. (2023). A Primer on Green Finance: From Wishful Thinking to Marginal Impact. Review of Economics, 74(1), 1–19. doi: 10.1515/roe-2023-0019. (Crossref)

Krastev, B., & Krasteva-Hristova, R. (2024). Challenges and Trends in Green Finance in the Context of Sustainable Development – A Bibliometric Analysis. Journal of Risk and Financial Management, 17(7), 301. doi: 10.3390/jrfm17070301. (Crossref)

K V, S. (2024). Green Finance Initiative: Accelerating Sustainable Development for a Green Future. In: N. Naifar (Ed.), Climate Change and Finance. Sustainable Finance (pp. 343–360). Cham: Springer. doi: 10.1007/978-3-031-56419-2_16. (Crossref)

Lei, H., Gao, R., Ning, C., & Sun, G. (2025). Green Finance and Corporate Green Innovation. Finance Research Letters, 72, 106577. doi: 10.1016/j.frl.2024.106577. (Crossref)

Liang, Q., Wang, Ch., & Li, Y. (2025). How Does Green Finance Influence Enterprise Greenwashing Tendencies? Theoretical and Empirical Evidence from China. International Review of Financial Analysis, 106, 104574. doi: 10.1016/j.irfa.2025.104574. (Crossref)

Liu, Y., Zhao, X., Dong, K., & Jiang, Q. (2023). Assessing the Role of Green Finance in Sustainable Energy Investments by Power Utilities: Evidence from China. Utilities Policy, 84, 101627. doi: 10.1016/j.jup.2023.101627. (Crossref)

Luurila, K. (2022). Green Finance Research Around the World: A Review of Literature. International Journal of Green Economics, 16(1), 56. doi: 10.1504/ijge.2022.125554.

Ma, D., He, Y., & Zeng, L. (2024). Can Green Finance Improve the ESG Performance? Evidence from Green Credit Policy in China. Energy Economics, 137, 107772. doi: 10.1016/j.eneco.2024.107772. (Crossref)

Ma, D., Zhu, Y., & Yang, Y. (2024). How Green Finance Affects Export Production Quality: Fresh Evidence from China. Energy Economics, 131, 107381. doi: 10.1016/j.eneco.2024.107381. (Crossref)

Ma, J., & Chang, C. P. (2023). The Role of Green Finance in Green Innovation: Global Perspective from 75 Developing Countries. Emerging Markets Finance and Trade, 59(10), 3109–3128. doi: 10.1080/1540496X.2023.2210720. (Crossref)

Miyan, M. S., Cheong, C. W. H., Sharif, A., & Afshan, S. (2024). Three Decades of Green Finance: The State of the Art and Way Forward. International Journal of Energy Economics and Policy, 14(6), 88–105. doi: 10.32479/ijeep.16718. (Crossref)

Ozili, P. K. (2022). Green Finance Research Around the World: A Review of Literature. International Journal of Green Economics, 16(1), 56–75. doi: 10.1504/IJGE.2022.125554. (Crossref)

Pearce, D. W., Markandya, A., & Barbier, E. R. (1989). Blueprint for a Green Economy. London: Earthscan Publications Ltd.

Rahman, S., Moral, I. H., Hassan, Md. M., Hossain, G. S., & Perveen, R. (2022). A Systematic Review of Green Finance in the Banking Industry: Perspectives from a Developing Country. Green Finance, 4(3), 347–363. doi: 10.3934/gf.2022017. (Crossref)

Rasheed, K., Saad, S., & Ammad, S. (2023). Green Financing for Sustainable Economic Growth: Exploring Critical Factors Towards Resilient Economies. In: 2023 International Conference on Sustainable Islamic Business and Finance (SIBF 2023) Bahrain, 24−25 September 2023 (pp. 104–111). Institute of Electrical and Electronics Engineers. doi: 10.1109/SIBF60067.2023.10379984. (Crossref)

Sharma, A., & Kautish, P. (2023). Measuring Green Finance. In: M. Shahbaz, K. Dong, D. Balsalobre-Lorente & A. Gedikli (Eds.), Recent Developments in Green Finance, Green Growth and Carbon Neutrality (pp. 171–191). Elsevier. doi: 10.1016/B978-0-443-15936-7.00008-6. (Crossref)

Sharma, G. D., Verma, M., Shahbaz, M., Gupta, M., & Chopra, R. (2022). Transitioning Green Finance from Theory to Practice for Renewable Energy Development. Renewable Energy, 195, 554–565. doi: 10.1016/j.renene.2022.06.041. (Crossref)

Sharma, H., & Jain, S. (2024). Navigating the Green Finance Landscape: Trends, Challenges, and Future Directions in the Banking Sector. In: A. Tripathi, S. Birla, M. Soni, J. Sahariya, & M. Sharma (Eds.), Multidiscipliary Approaches for Sustainable Development (pp. 344–348). London: CRC Press. doi: 10.1201/9781003543633-55. (Crossref)

Sharma, V., Taneja, S., Jangir, K., & Khanna, K. (2024). Green Finance: An Integral Pathway to Achieving Sustainable Development. In: S. Taneja, P. Kumar, S. Grima, E. Özen, & K. Sood (Eds.), Sustainable Investments in Green Finance (pp. 49–63). IGI Global Publisher. doi: 10.4018/979-8-3693-1388-6.ch003. (Crossref)

Shi, R., Zhou, H., Li, X., Miao, X., & Zhao, X. (2024). Green Finance, Investor Preferences, and Corporate Green Innovation. Finance Research Letters, 66, 105676. doi: 10.1016/j.frl.2024.105676. (Crossref)

Sule, A., Eyo-Udo, N. L., Onukwulu, E. C., Agho, M. O., & Azubuike, C. (2024). Green finance solutions for banking to combat climate change and promote sustainability. Gulf Journal of Advance Business Research, 2(6), 376–410. doi: 10.51594/gjabr.v2i6.54. (Crossref)

Taneja, S., & Reepu. (2024). Sustainability-Driven Finance: Reshaping the Financial World. In: A. Singh, S. Taneja, & P. Kumar (Eds.), Algorithmic Approaches to Financial Technology: Forecasting, Trading, and Optimization (pp. 74–92). IGI Global Scientific Publishing. doi: 10.4018/979-8-3693-1746-4.ch005. (Crossref)

Tang, C. (2024). Green Finance and Investment: Emerging Trends in Sustainable Development. Deleted Journal, 6(1), 37–40. doi: 10.54254/2977-5701/6/2024046. (Crossref)

Verma, D., Kalra, R., & Baheti, S. S. (2023). Examining the Domain of Green Finance Through Bibliometric Research Analysis of 22 Years (2000–2022): An Analytical Retrospective. Vision. The Journal of Business Perspective, 29(2). doi: 10.1177/09722629231157470. (Crossref)

Wang, W., Cui, H., & Hausken, K. (2025). The Evolution of Green Finance Research: A Comprehensive Bibliometric Analysis. Heliyon, 11(3), e42161. doi: 10.1016/j. heliyon.2025.e42161.130 (Crossref)

Xin, Y., & Hu, Y. (2024). An Overview of the Evolution in the Research Landscape of Green Finance. World, 5(4), 1335–1366. doi: 10.3390/world5040068. (Crossref)

Xu, Z., & Zhu, X. (2024). The Impact Mechanism of Green Finance on Promoting Sustainable Economic Development. Academic Journal of Business & Management, 6(9), 157–161. doi: 10.25236/AJBM.2024.060922. (Crossref)

Yuan, J., Ali, S., Nazar, R., & Ullah, M. I. (2024). Innovation for a Greener Future: Disentangling the Asymmetric Impact of Green Finance on Green Technology in European Union Economies. Heliyon, 10(9), e30129. doi: 10.1016/j.heliyon.2024. e30129. (Crossref)

Zhang, D., Tang, C., & Tang, P. (2025). Unraveling Asymmetrical Spillover Effects Originating from China’s Green Finance Markets: Insights from Asymmetric TVP-VAR and Interpretable Machine Learning. Journal of Environmental Management, 373, 123463. doi: 10.1016/j.jenvman.2024.123463. (Crossref)

Zhang, J., & Ke, H. (2022). The Moderating Effect and Threshold Effect of Green Finance on Carbon Intensity: From the Perspective of Capital Accumulation. Complexity, 1, 4273691. doi: 10.1155/2022/4273691. (Crossref)

Zhang, W., Ke, J., Ding, Y., & Chen, S. (2024). Greening Through Finance: Green FinancePolicies and Firms’ Green Investment. Energy Economics, 131, 107401. doi: 10.1016/j.eneco.2024.107401. (Crossref)

Zhu, D. (2018). Exploring the Impact of Green Financial Derivatives on China’s Environmental Protection. Ekoloji, 27(106), 1857–1865. Retrieved from https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063261154&partnerID=40&md5=e01e56abef0e1b95bb36a4d6d03f4e4c

(12.12.2025).

Zhu, M. (2024). Green Finance and Sustainable Development: Paths and Policies for Global Economic Transformation. International Journal of Global Economics and Management, 2(1), 194–201. doi: 10.62051/ijgem.v2n1.25. (Crossref)

Zou, Y., & Park, K. W. (2025). Can Green Finance Development Inhibit Corporate Green Bubble?. Finance Research Letters, 86(Part A), 108400. doi: 10.1016/j.frl.2025.108400. (Crossref)