A state-of-the-art overview of green bond markets: Evidence from technology empowered systematic literature review

Abstract

Though the green bond markets are growing expeditiously, the summary overview of this market literature is sparse. This study addresses the gap by employing a bibliometric analysis through a systematic review of the literature approach and provides a state-of-the-art overview of the current trends, status, and future development of the green bond markets. To do so, the study reviewed 265 articles retrieved from the Scopus database spanning from 2011 to 2022. Akin to this, the study unpacks the publication trend, most influencing articles, prolific authors, top contributing journals, countries, as well as affiliations in green bond research. The review shows that the publication trend has surged exponentially with an annual growth rate of 55.12%. The study also reveals major themes such as sustainable development, sustainability, green bonds, sustainable finance, green finance, and sustainable investment. The findings of the study suggest curating future research with the main emphasis on multiple types of green bonds, the impact of various green projects, the attention of various market participants, and the incorporation of advanced technology for the development of the green bond market. The study will help policymakers, regulators, and academicians to promote sustainability.

Keywords:

• sustainable development
• green bond
• sustainable finance
• green projects
• bibliometric analysis
• systematic literature review

PUBLIC INTEREST STATEMENT

The severe problems of climate change engendered the promotion of sustainability with the introduction of 17 Sustainable Development Goals. In response to the achieve these goals, the investment avenues towards sustainability as estimated by the various authorities proved insufficient. Akin to this, the green bond a tool of sustainable finance has emerged to deploy private capital towards climate finance. Moreover, green bonds as fixed income debt security pledged their use-of-proceeds for green projects. The paucity of literature on this new promising market resulted in immaturity in the overall market development. However, this review provides an overview of green bond markets research. The study provides several interesting insights into green bond research to fuel the growth of this market and promote sustainability across the global financial markets.

Disclosure statement

No potential conflict of interest was reported by the author(s).

Correction

This article has been republished with minor changes. These changes do not impact the academic content of the article.

Notes

1. COP 26 refers to the Conference of Paris Agreement Parties , which was held in Glasgow in 2021 where the parties discussed the problem of Climate Change and followed by certain remedies to combat those serious matters on the part of various countries using their specified pledges.

Additional information

Funding

This research has not received direct funding.