Green financing: A systematic literature review and future research direction

Abstract

This study systematically reviews the existing literature on green financing to map the intellectual structure, identify key research clusters, and propose future research agendas based on a comprehensive dataset of 204 articles published between 2019 and 2025.  This paper employs a Systematic Literature Review (SLR) approach. Data were extracted from the Scopus database, resulting in 204 peer-reviewed articles. The analysis integrates bibliometric insights and thematic synthesis to identify dominant research streams, geographic distributions, and methodological trends. The review identifies five major research streams: (1) green financing and environmental performance; (2) green bonds and financial innovation; (3) the role of green financing in renewable energy transition; (4) green financing in developing and emerging economies; and (5) ESG integration and corporate sustainability. This review synthesizes a large, contemporary dataset to provide a comprehensive framework linking macro-level policies to micro-level financial practices. It offers a robust roadmap for future research, particularly emphasizing digitalization, climate risk, and social justice dimensions.