Mapping Global Research on Green Finance from 1989 to 2020: A Bibliometric Study

Abstract

Green finance is considered to be the financial support for green growth. It acts on the environmental protection industry through financial activities to reduce greenhouse gas emissions. It is a new financial model that combines financial and environmental protection activities. In order to explore the origin and development of this new financial model, namely, green finance, this study adopts the method of bibliometrics. Based on the database based on the Science Citation Index Expanded and Social Sciences Citation Index databases, the historical evolution of green finance and the classification of research hotspots are explored. The results show that green finance research has gone through three stages: the budding stage, the stable development stage, and the booming development stage. The research topics have also changed from the establishment of the green financial system to the difficulties faced by the green financial systems of various countries to the empirical evidence of the vigorous development of green finance. In addition, we have also established a three-dimensional framework (i.e., purpose, process, and participants, or 3P) of research hotspots in green finance to show a road map for future research directions.