Trazando el camino hacia la sostenibilidad: Hoja de ruta de las finanzas verdes y perspectivas bibliométricas
DOI:
https://doi.org/10.26439/pjm2025.n002.7939Palabras clave:
finanzas verdes, análisis bibliométrico, inversión sostenible, cambio climático, hoja de rutaResumen
Objetivo: ofrecer una visión global de las tendencias pasadas, presentes y futuras en el ámbito de las finanzas verdes. A medida que los países se enfrentan a presiones cada vez mayores de la opinión pública para hacer frente al cambio climático, las finanzas verdes sirven de puente entre los inversores que buscan opciones de financiación más seguras y las demandas de la sociedad de soluciones para reducir los riesgos causados por los cambios en el clima. Metodología: se realizó un análisis bibliométrico para conocer en profundidad las tendencias de las finanzas verdes y, al mismo tiempo, identificar a los investigadores importantes, las palabras clave relevantes y las tendencias futuras. Resultados: el interés de los investigadores en las finanzas verdes se ha incrementado, especialmente a partir del año 2018. Las regiones más interesadas en las finanzas verdes son Asia Oriental, Europa y América del Norte, que ya se benefician de fuertes regulaciones ambientales y mercados financieros desarrollados. Originalidad / valor: los resultados de este trabajo arrojan luz sobre el campo de las finanzas verdes y las tendencias futuras a las que se enfrentará. Además, también pone de relieve los problemas a los que se enfrentan los empresarios y el público, teniendo en cuenta los efectos cada vez más potentes del cambio climático. Implicancias prácticas: las finanzas verdes, como tema cada vez más importante, sirven de puente entre las necesidades de los inversores de proyectos menos arriesgadas y las demandas de la sociedad de formación de capital e inversiones con conciencia climática. Implicancias sociales: las finanzas verdes desempeñan un papel importante en el establecimiento de más asociaciones público-privadas que conduzcan a normas de sostenibilidad más estrictas y a un crecimiento económico duradero y estable.
Descargas
Referencias
Abbas, M., & Sabah, S. (2024). Role of green finance in determining the financial performance and credit risk in banking sector of Pakistan: Moderating role of capital structure. Remittances Review, 9(2), 1997-2029. https://remittancesreview.com/menu-script/index.php/remittances/article/view/1663/1072
Alonso‐Conde, A.-B., & Rojo‐Suárez, J. (2020). On the effect of green bonds on the profitability and credit quality of project financing. Sustainability, 12(16), Article 6695. https://doi.org/10.3390/su12166695
Arena, M., Ciceri, N. D., Terzi, S., Bengo, I., Azzone, G., & Garetti, M. (2009). A state-of-the-art of industrial sustainability: Definitions, tools and metrics. International Journal of Product Lifecycle Management, 4(1/2/3), 207-251. https://doi.org/10.1504/IJPLM.2009.031674
Aria, M., & Cuccurullo, C. (2017). bibliometrix: An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11(4), 959-975. https://doi.org/10.1016/j.joi.2017.08.007
Bautista‐Puig, N., Aleixo, A. M., Leal, S., Azeiteiro, U. M., & Costas, R. (2021). Unveiling the research landscape of sustainable development goals and their inclusion in higher education institutions and research centers: Major trends in 2000-2017. Frontiers in Sustainability, 2, Article 620743. https://doi.org/10.3389/frsus.2021.620743
Bei J., & Wang C. (2023). Renewable energy resources and sustainable development goals: Evidence based on green finance, clean energy and environmentally friendly investment. Resources Policy, 80, Article 103194. https://doi.org/10.1016/j.resourpol.2022.103194
Berensmann, K., & Lindenberg, N. (2016). Green finance: Actors, challenges and policy recommendations (Briefing Paper, No. 23/2016). Deutsches Institut für Entwicklungspolitik. https://hdl.handle.net/10419/199787
Bhatnagar, S., & Sharma, D. (2022). Evolution of green finance and its enablers: A bibliometric analysis. Renewable and Sustainable Energy Reviews, 162, Article 112405. https://doi.org/10.1016/j.rser.2022.112405
Bogacheva O., & Smorodinov O. (2017). Challenges to green finance in G20 countries. World Economy and International Relations, 61(10), 16-24. https://doi.org/10.20542/0131-2227-2017-61-10-16-24
Cai, R., & Guo, J. (2021). Finance for the environment: A scientometrics analysis of green finance. Mathematics, 9(13), Article 1537. https://doi.org/10.3390/math9131537
Chang, K., Feng, Y. L., Liu, W., Lu, N., & Li, S. Z. (2020). The impacts of liquidity measures and credit rating on corporate bond yield spreads: Evidence from China’s green bond market. Applied Economics Letters, 28(17), 1446-1457. https://doi.org/10.1080/13504851.2020.1824062
Chen, F., Zeng, X., & Guo, X. (2024). Green finance, climate change, and green innovation: Evidence from China. Finance Research Letters, 63, Article 105283. https://doi.org/10.1016/j.frl.2024.105283
Chen, S. (2013). Green finance and development of low carbon economy. In F. Chen, Y. Liu & G. Hua (Eds.), LTLGB 2012: Proceedings of International Conference on Low-carbon Transportation and Logistics, and Green Buildings (pp. 457-461). Springer. https://doi.org/10.1007/978-3-642-34651-4_65
Clark, R., Reed, J., & Sunderland, T. (2018). Bridging funding gaps for climate and sustainable development: Pitfalls, progress and potential of private finance. Land Use Policy, 71,
335-346. https://doi.org/10.1016/j.landusepol.2017.12.013
Criste, C., Bovary (Man), C., & Lobonț, O.-R. (2024). Portraying the level of digital performance and innovation of the European public sector: Contextualising the relationship between e-government and digital innovation. In 29th International Scientific Conference Strategic Management and Decision Support Systems in Strategic Management (pp. 363-372). hhttps://doi.org/10.46541/978-86-7233-428-9_396
Dai Y., & Chen X. (2023). Evaluating green financing mechanisms for natural resource management: Implications for achieving sustainable development goals. Resources Policy, 86(B), Article 104160. https://doi.org/10.1016/j.resourpol.2023.104160
Daoulhadj, B., & Hussin, N. (2023). Islamic green finance, ecosystem and prospects in scaling up sustainable investments. In N. Hussin, D. Y. Jiun, D. R. Shah Iskandar Shah, & R. Ramli (Eds.), Islamic Finance International Conference (IFIC) 2023: AHIBS-ACT 2023 Conference Proceedings (pp. 21-50). AHIBS Press. https://business.utm.my/wp-content/uploads/2024/10/update-VOL-III_AHIBS-ACT-Conference-Proceedings.pdf
Delaney, M. O. D. (2021). Facilitating green tech and green finance between public and private sectors: Innovation and sustainable growth. CIISD Economic Review, Forthcoming. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3853182
Desalegn G., & Tangl A. (2022). Enhancing green finance for inclusive green growth: A systematic approach. Sustainability, 14(12), Article 7416. https://doi.org/10.3390/su14127416
Deschryver, P., & De Mariz, F. (2020). What future for the green bond market? How can policymakers, companies, and investors unlock the potential of the green bond market? Journal of Risk and Financial Management, 13(3), Article 61. https://doi.org/10.3390/jrfm13030061
Donthu N., Kumar S., Mukherjee D., Pandey N., & Lim W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133,
285-296. https://doi.org/10.1016/j.jbusres.2021.04.070
Dorfleitner, G., & Braun, D. (2019). Fintech, digitalization and blockchain: Possible applications for green finance. In M. Migliorelli & P. Dessertine (Eds.), The Rise of
Green Finance in Europe: Opportunities and Challenges for Issuers, Investors and Marketplaces (pp. 207-237). Palgrave Macmillan; Cham. https://doi.org/10.1007/978-3-030-22510-0_9
Du, X. (2015). How the market values greenwashing? Evidence from China. Journal of Business Ethics, 128, 547-574. https://doi.org/10.1007/S10551-014-2122-Y
Ehlers, T., Packer, F., & De Greiff, K. (2022). The pricing of carbon risk in syndicated loans: Which risks are priced and why? Journal of Banking & Finance, 136, Article 106180. https://doi.org/10.1016/j.jbankfin.2021.106180
Falcone, P. M., & Sica, E. (2019). Assessing the opportunities and challenges of green finance in Italy: An analysis of the biomass production sector. Sustainability, 11(2), Article 517. https://doi.org/10.3390/su11020517
Fu C., Lu L., & Pirabi M. (2023). Advancing green finance: A review of sustainable development. Digital Economy and Sustainable Development, 1, Article 20. https://doi.org/10.1007/s44265-023-00020-3
Galaz V., Gars J., Moberg F., Nykvist B., & Repinski C. (2015). Why ecologists should care about financial markets. Trends in Ecology & Evolution, 30(10), 571-580. https://doi.org/10.1016/j.tree.2015.06.015
Gao, S., Meng, F., Gu, Z., Liu, Z., & Farrukh, M. (2021). Mapping and clustering analysis on environmental, social and governance field a bibliometric analysis using Scopus. Sustainability, 13(13), Article 7304. https://doi.org/10.3390/su13137304
Geels, F. W. (2013). The impact of the financial–economic crisis on sustainability transitions: Financial investment, governance and public discourse. Environmental Innovation and Societal Transitions, 6, 67-95. https://doi.org/10.1016/j.eist.2012.11.004
Gu, B., Chen, F., & Zhang, K. (2021). The role of green finance in promoting industrial transformation and upgrading efficiency in China: Analysis from the perspective of government regulation and public environmental participation. Environmental Science and Pollution Research, 28(44), 62786-62801. https://doi.org/10.1007/s11356-021-13944-0
Gupta, B. M., & Dhawan, S. M. (2019). Global research studies on “Electronic Resources in Libraries”: A scientometric assessment during 1994-2017. COLLNET Journal of Scientometrics and Information Management, 13(1) 167-181. https://doi.org/10.1080/09737766.2019.1583836
Hu, D., & Gan, C. (2025). Green finance development and its origin, motives, and barriers: An exploratory study. Environment, Development and Sustainability, 27(10). https://doi.org/10.1007/s10668-024-05570-w
Huang, Y., Chen, C., Lei, L., & Zhang, Y. (2022). Impacts of green finance on green innovation: A spatial and nonlinear perspective. Journal of Cleaner Production, 365, Article 132548. https://doi.org/10.1016/j.jclepro.2022.132548
Ihar D., Xie C., & Shao Z. (2022). Assessing the efficiency of green investments based on portfolio approach. Sustainable and Innovative Development in the Global Digital Age, 3, Article 006. https://doi.org/10.56199/dpcsebm.qpbd3352
Ivanova, N. G., Katsyuba, I. A., & Firsova, E. A. (2021). IOP Conference Series: Earth and Environmental Science, 689, Article 012003. https://doi.org/10.1088/1755-1315/689/1/012003
Jain, P., & Sharma, B. (2023). Impact of green banking practices on sustainable environmental performance and profitability of private sector banks. International Journal of Social Ecology and Sustainable Development, 14(1), 1-19. https://doi.org/10.4018/ijsesd.330135
Kessler, M. M. (1963). Bibliographic coupling between scientific papers. American Documentation, 14(1), 10-25. https://doi.org/10.1002/asi.5090140103
Khan, K. I., Mata, M. N., Martins, J. M., Nasir, A., Dantas, R. M., Correia, A. B., & Saghir, M. U.
(2022). Impediments of green finance adoption system: Linking economy and environment. Emerging Science Journal, 6(2), 217-237. https://doi.org/10.28991/ESJ-2022-06-02-02
Khan, S., Akbar, A., Nasim, I., Hedvičáková, M., & Bashir, F. (2022). Green finance development and environmental sustainability: A panel data analysis. Frontiers in Environmental Science, 10, Article 1039705. https://doi.org/10.3389/fenvs.2022.1039705
Kotsantonis, S., Pinney, C., & Serafeim, G. (2016). ESG integration in investment management: Myths and realities. Journal of Applied Corporate Finance, 28(2), 10-16. https://doi.org/10.1111/jacf.12169
Kwilinski, A., Lyulyov, O., & Pimonenko, T. (2025). The role of green finance in attaining environmental sustainability within a country’s ESG performance. Journal of Innovation & Knowledge, 10(2), Article 100674. https://doi.org/10.1016/j.jik.2025.100674
Larivière, V. (2012). The decade of metrics? Examining the evolution of metrics within and outside LIS. Bulletin of the American Society for Information Science and Technology, 38(6), 12-17. https://doi.org/10.1002/bult.2012.1720380605
Lee C.-C., & Lee C.-C. (2022). How does green finance affect green total factor productivity? Evidence from China. Energy Economics, 107, Article 105863. https://doi.org/10.1016/j.eneco.2022.105863
Li, B., & Xu, Z. (2021). A comprehensive bibliometric analysis of financial innovation. Economic Research-Ekonomska Istraživanja, 35(1), 367-390. https://doi.org/10.1080/1331677x.2021.1893203
Liu, C., & Wu, S. S. (2023). Green finance, sustainability disclosure and economic implications. Fulbright Review of Economics and Policy, 3(1), 1-24. https://doi.org/10.1108/FREP-03-2022-0021
Lobonț, O.-R., Criste, C., Bovary, C., Moț, A.-D., & Vătavu, S. (2024). Goals and pathways of public governance contribution to achieve progress in the quality of life. Sustainability, 16(17), Article 7860. https://doi.org/10.3390/su16177860
Lobonț, O.-R., Criste, C., Bovary, C., & Țăran, A.-M. (2025). Settling the debate: Does digitalisation impact the economic growth in the European Union Member States? Technological and Economic Development of Economy, 31(4), 980-1007. https://doi.org/10.3846/tede.2025.22576
Ma, J., & Chang, C. P. (2023). The role of green finance in green innovation: Global perspective from 75 developing countries. Emerging Markets Finance and Trade, 59(10), 3109-3128. https://doi.org/10.1080/1540496X.2023.2210720
Madaleno, M., Dogan, E., & Taskin, D. (2022). A step forward on sustainability: The nexus of environmental responsibility, green technology, clean energy and green finance. Energy Economics, 109, Article 105945. https://doi.org/10.1016/j.eneco.2022.105945
Mejia, C., Wu, M., Zhang, Y., & Kajikawa, Y. (2021). Exploring topics in bibliometric research through citation networks and semantic analysis. Frontiers in Research Metrics and Analytics, 6. https://doi.org/10.3389/frma.2021.742311
Nassiry, D. (2019). The role of fintech in unlocking green finance. In J. Sachs, W. Woo, N. Yoshino & F. Taghizadeh-Hesary (Eds.), Handbook of Green Finance (pp 315-336). Springer. https://doi.org/10.1007/978-981-13-0227-5_27
Nawaz, M. A., Seshadri, U., Kumar, P., Aqdas, R., Patwary, A. K., & Riaz, M. (2021). Nexus between green finance and climate change mitigation in N-11 and BRICS countries: Empirical estimation through difference in differences (DID) approach. Environmental Science and Pollution Research, 28, 6504-6519. https://doi.org/10.1007/s11356-020-10920-y
Newell, R. G., Pizer, W. A., & Raimi, D. (2014). Carbon markets: Past, present, and future. Annual Review of Resource Economics, 6, 191-215. https://doi.org/10.1146/annurev-resource-100913-012655
Ozili, P. K. (2022). Green finance research around the world: A review of literature. International Journal of Green Economics, 16(1), 56-75. https://doi.org/10.1504/IJGE.2022.125554
Paletta, A., Fava, F., Ubertini, F., Bastioli, C., Gregori, G., La Camera, F., & Ravazzi Douvan, A.
(2019). Universities, industries and sustainable development: Outcomes of the 2017 G7 Environment Ministerial Meeting, Sustainable Production and Consumption, 19, 1-10. https://doi.org/10.1016/j.spc.2019.02.008
Pan, C.-L., Qiu, J., Chen, Z., & Pan, Y.-C. (2020). Literature review and content analysis: Internet finance, green finance, and sustainability. In Proceedings of the 5th International Conference on Financial Innovation and Economic Development (ICFIED 2020) (pp. 347-352). Atlantis Press. https://doi.org/10.2991/aebmr.k.200306.062
Puschmann, T., Hoffmann, C. H., & Khmarskyi, V. (2020). How green FinTech can alleviate the impact of climate change—The case of Switzerland. Sustainability, 12(24), Article 10691. https://doi.org/10.3390/su122410691
Rahman, I., Park, J., & Chi, C. G.-q. (2015). Consequences of “greenwashing”: Consumers’ reactions to hotels’ green initiatives. International Journal of Contemporary Hospitality Management, 27(6), 1054-1081. https://doi.org/10.1108/IJCHM-04-2014-0202
Sadiq, M., Nonthapot, S., Mohamad, S., Chee Keong, O., Ehsanullah, S., & Iqbal, N. (2022). Does green finance matter for sustainable entrepreneurship and environmental corporate social responsibility during COVID-19? China Finance Review International, 12(2), 317-333. https://doi.org/10.1108/CFRI-02-2021-0038
Sarkar, A., & Singh, J. (2010). Financing energy efficiency in developing countries—Lessons learned and remaining challenges. Energy Policy, 38(10), 5560–5571. https://doi.org/10.1016/j.enpol.2010.05.001
Scheel, C., Aguiñaga, E., & Bello, B. (2020). Decoupling economic development from the consumption of finite resources using circular economy. A model for developing countries. Sustainability, 12(4), Article 1291. https://doi.org/10.3390/su12041291
Scholtens, B. (2017). Why finance should care about ecology. Trends in Ecology & Evolution, 32(7), 500-505. https://doi.org/10.1016/j.tree.2017.03.013
Shah, S. B., Sopin, J., Techato, K.-A., & Mudbhari, B. K. (2023). A systematic review on nexus between green finance and climate change: Evidence from China and India. International Journal of Energy Economics and Policy, 13(4), 599-613. https://doi.org/10.32479/ijeep.14331
Small, H. (1973). Co-citation in the scientific literature: A new measure of the relationship between two documents. Journal of the American Society for Information Science, 24(4), 265-269. https://doi.org/10.1002/asi.4630240406
Taghizadeh‐Hesary, F., & Yoshino, N. (2019). The way to induce private participation in green finance and investment. Finance Research Letters, 31, 98-103. https://doi.org/10.1016/j.frl.2019.04.016
Taghizadeh‐Hesary, F., & Yoshino, N. (2020). Sustainable solutions for green financing and investment in renewable energy projects. Energies, 13(4), Article 788. https://doi.org/10.3390/en13040788
Takyi-Annan, G. E., & Zhang, H. (2023). A bibliometric analysis of building information modelling implementation barriers in the developing world using an interpretive structural modelling approach. Heliyon, 9(8), e18601. https://doi.org/10.1016/j.heliyon.2023.e18601
Tepe, G., Geyikci, U. B., & Sancak, F. M. (2022). FinTech companies: A bibliometric analysis. International Journal of Financial Studies, 10(1), Article 2. https://doi.org/10.3390/ijfs10010002
Tolossa, D. N., & Gota, G. G. (2023). Green finance’s impact on sustainable development: Insights from diverse perspectives. A systematic literature review. EPRA International Journal of Economics, Business and Management Studies, 10(9), 78-84. https://doi.org/10.36713/epra14458
Trukhachev, V. I., & Dzhikiya, M. (2023). Development of environmental economy and management in the age of AI based on green finance. Frontiers in Environmental Science, 10. https://doi.org/10.3389/fenvs.2022.1087034
Udeh, E. O., Amajuoyi, P., Adeusi, K. B., & Scott, A. O. (2024). The role of Blockchain technology in enhancing transparency and trust in green finance markets. Finance & Accounting Research Journal, 6(6), 825-850. https://doi.org/10.51594/farj.v6i6.1181
Valenzuela-Fernández, L., Nicolás, C., & Merigó, J. M. (2018). Overview of the leading countries in marketing research between 1990 and 2014: A bibliometric analysis. American Journal of Business, 33(4), 134-156. https://doi.org/10.1108/AJB-09-2017-0030
Volz, U. (2018). Fostering green finance for sustainable development in Asia (ADBI Working Paper No. 814). Asian Development Bank Institute. https://doi.org/10.2139/ssrn.3198680
Wang, G., Cui, H., & Hausken, K. (2025). The evolution of green finance research: A comprehensive bibliometric analysis. Heliyon, 11(3), Article e42161. https://doi.org/10.1016/j.heliyon.2025.e42161
Wang, J., & Ma, Y. (2022). How does green finance affect CO2 emissions? Heterogeneous and mediation effects analysis. Frontiers in Environmental Science, 10, Article 931086. https://doi.org/10.3389/fenvs.2022.931086
Wang, Q., & Zhang, F. (2021). The effects of trade openness on decoupling carbon emissions from economic growth – Evidence from 182 countries. Journal of Cleaner Production, 279, Article 123838. https://doi.org/10.1016/j.jclepro.2020.123838
Wang, X., & Wang, Q. (2021). Research on the impact of green finance on the upgrading of China’s regional industrial structure from the perspective of sustainable development. Resources Policy, 74, Article 102436. https://doi.org/10.1016/j.resourpol.2021.102436
Yu, C.-H., Wu, X., Zhang, D., Chen, S., & Zhao, J. (2021). Demand for green finance: Resolving financing constraints on green innovation in China. Energy Policy, 153, Article 112255. https://doi.org/10.1016/j.enpol.2021.112255
Yu, X., Mao, Y., Huang, D., Sun, Z., & Li, T. (2021). Mapping global research on green finance from 1989 to 2020: A bibliometric study. Advances in Civil Engineering, 2021, Article 9934004. https://doi.org/10.1155/2021/9934004
Yun, X., & Hu, Y. (2024). An overview of the evolution in the research landscape of green finance. World, 5(4), 1335-1366. https://doi.org/10.3390/world5040068
Zafar, M. W., Sinha, A., Ahmed, Z., Qin, Q., & Haider Zaidi, S. A. (2021). Effects of biomass energy consumption on environmental quality: The role of education and technology in Asia-Pacifc Economic Cooperation countries. Renewable and Sustainable Energy Reviews, 142, Article 110868. https://doi.org/10.1016/j.rser.2021.110868
Zhang, D., Zhang, Z., & Managi, S. (2019). A bibliometric analysis on green finance: Current status, development, and future directions. Finance Research Letters, 29, 425-430.
https://doi.org/10.1016/j.frl.2019.02.003
Zhang, S., Wu, Z., Wang, Y., & Hao, Y. (2021). Fostering green development with green finance: An empirical study on the environmental effect of green credit policy in China. Journal of Environmental Management, 296, Article 113159. https://doi.org/10.1016/j.jenvman.2021.113159
Zhang, T., & Zhao, F. (2024). A study on the relationship among green finance, environmental pollution and economic development. Energy Strategy Reviews, 51, Article 101290. https://doi.org/10.1016/j.esr.2023.101290
Zhao, D., & Strotmann, A. (2008). Information science during the first decade of the web: An enriched author cocitation analysis. Journal of the American Society for Information Science and Technology, 59(6), 916-937. https://doi.org/10.1002/asi.20799
Zhou, X., Tang, X., & Zhang, R. (2020). Impact of green finance on economic development and environmental quality: A study based on provincial panel data from China. Environmental Science and Pollution Research, 27(16), 19915-19932. https://doi.org/10.1007/s11356-020-08383-2
Descargas
Publicado
Número
Sección
Licencia
Derechos de autor 2025 Peruvian Journal of Management (PJM)
Esta obra está bajo una licencia internacional Creative Commons Atribución 4.0.
Todos los trabajos publicados están sujetos a una licencia Creative Commons BY 4.0. Esta licencia permite compartir el material en cualquier medio o formato, así como adaptar, transformar y construir a partir del material para cualquier propósito. Ambas posibilidades sólo están permitidas en la medida en que se cumpla la condición de atribución. Esta condición requiere dar crédito adecuado tanto al autor como a la revista, proporcionando un enlace a la licencia e indicando los cambios realizados en caso de haberlos. Esto puede hacerse en cualquier forma razonable, pero no debe sugerir que el licenciante promueva a usted o su uso del material.
La licencia Creative Commons BY 4.0 permite a los autores mantener los derechos patrimoniales de su obra sin restricciones. Si algún trabajo publicado por la revista PJM fuera distribuido, difundido o cualquier otra acción contemplada en la licencia, se deberá mencionar de manera visible y explícita al autor o autores y a la revista.
