A Bibliometric Analysis of Green Finance: Present State and Future Directions

Introduction

The notion of “Green Finance” (GF) has developed through time in line with economic expectations. Growing worldwide concern about protection of environment, tackling climate change, and resilience has drawn academic, scholars and politicians' attention to green finance, that is an endeavor of nations to transfer to new and sustainable financial systems (Vyas et al., 2023). The world has been paying close attention to the issues of sustainability and climate change. At the 2015 UN Climate Change Conference (COP 21 or Conference of the Parties), a total of 195 countries signed the Paris Agreement on climate change mitigation, with the aim of ensuring that the increase in global temperature does not exceed 2 °C. Numerous nations have worked to encourage the growth of green production and green innovation in order to meet these long-term climate goals (Acemoglu et al., 2016; Li et al., 2018). In recent times, the expression “green finance” has grown in prevalence as a result of the international agreement to take action on climate change, refers to investments and loans that support environmentally sustainable development (GFSG, 2016). The area of finance known as “green finance” is relatively new. There has been no agreement between international organizations and economists on a precise definition. However, numerous scholars, associations, and governments have created useful descriptions for the public (Labatt, S.; White, R.R., 2003). Green finance is the term used to describe the actions taken by financial organizations to support the financing of initiatives that focus on environmental protection and the conservation of energy. It aids in shifting the industrial processes and boosting faster economic growth. Green Finance contributes to the environmental regulatory enforcements and also distribute funds from industries that produce pollution and are energy driven to those who have green technologies and innovative solutions (Wang et al., 2021).