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Green finance and environmental sustainability: a systematic review and future research avenues

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Abstract

This study critically examines the dynamic interplay between green finance and environmental sustainability using a systematic review and bibliometric analysis. The analysis is centered on 507 scholarly articles published between 2013 and 2023 in the Scopus database and leverages Microsoft Excel, Harzing Publish or Perish, and VOSviewer to identify publication trends, key contributors, research impact, and emergent themes in this rapidly evolving field. The findings reveal that research on green finance and environmental sustainability has increased exponentially over the past decade, with China and institutions in Asia emerging as prominent contributors compared to other regions. This study also identified the Environmental Science and Pollution Research journal as the most active source title, demonstrating its commitment to publishing current findings on the topic. Through keyword analysis, several research avenues have been proposed to guide future research on enhancing the strategic role of green finance in promoting environmental sustainability. These avenues include broadening the geographical scope of research, exploring the synergies between green finance and emerging fintech innovations, developing robust metrics to quantify the socioeconomic impacts of green finance, establishing a risk and resilience framework to protect green finance against uncertainties, and creating a Green Finance Performance Index to evaluate the dual returns of environmental and financial performance.

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Data availability

All data generated or analyzed during this study are included in this published article. If other researchers wish to replicate this study, they can use the search string provided in Fig. 1 to gather data from the Scopus database.

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Authors and Affiliations

  1. Department of Economics & Financial Studies, Faculty of Business and Management, Universiti Teknologi MARA, Kampus Sungai Petani, Merbok, Kedah, Malaysia

    Hafizah Hammad Ahmad Khan & Nabila Ahmad

  2. Faculty of Administrative Science and Policy Studies, Universiti Teknologi MARA, Kampus Sungai Petani, Merbok, Kedah, Malaysia

    Noorlailahusna Mohd Yusof

  3. School of Business, East Delta University, Chittagong, Bangladesh

    Mohammad Abdul Matin Chowdhury

Authors
  1. Hafizah Hammad Ahmad Khan
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  2. Nabila Ahmad
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  3. Noorlailahusna Mohd Yusof
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  4. Mohammad Abdul Matin Chowdhury
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Contributions

Hafizah Hammad Ahmad Khan performed a comprehensive database search and led the data analysis process, contributing significantly to the in-depth discussion. Nabila Ahmad was responsible for shaping the research objectives, addressing the key issues, and conducting an extensive literature review. Noorlailahusna Mohd Yusof designed the research methodology and presented the findings. Finally, Mohammad Abdul Matin Chowdhury was in charge of the future research and conclusion sections.

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Correspondence to Hafizah Hammad Ahmad Khan.

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Khan, H.H.A., Ahmad, N., Yusof, N.M. et al. Green finance and environmental sustainability: a systematic review and future research avenues. Environ Sci Pollut Res 31, 9784–9794 (2024). https://doi.org/10.1007/s11356-023-31809-6

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  • DOI: https://doi.org/10.1007/s11356-023-31809-6

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