Periodizing sustainable finance literature : a comprehensive bibliometric review & future directions

Abstract

Sustainable finance has become an increasingly important area of financial research, shaped by global efforts toward climate action, environmental sustainability, and responsible economic development. The purpose of this study is to provide a comprehensive understanding of how sustainable finance research has evolved over time and what directions it is likely to take in the future. We hypothesize that the academic development of sustainable finance follows identifiable historical phases, shaped by both institutional milestones and market innovations. To examine this, we conduct a bibliometric analysis using data from Scopus and Web of Science, covering 4,436 documents published between 2001 and 2024. The analysis combines publication trends, co-citation networks, keyword mapping, and geographical distribution to uncover patterns in scholarly output. The findings confirm our hypothesis: sustainable f inance research can indeed be periodized into three distinct phases—forerunners (1970s–2010), early phase (2010–2021), and mature phase (2021–present). These phases reflect shifts in terminology, thematic priorities, and institutional influence, while also highlighting a recurring temporal lag between policy developments and academic inquiry. This study contributes by systematizing the field’s trajectory, identifying influential authors and journals, and highlighting underexplored research frontiers such as the role of developing countries, climate risk management tools, and evolving ESG standards. The results provide a structured roadmap for scholars and policymakers seeking to advance sustainable economic transformation.