Decoding Green Bonds for Sustainable Development: A Hybrid Review and Research Agenda

Mayank Joshipura, Sachin Mathur, Nehal Joshipura and Reema Castelino

Journal of Economic Surveys, 2025, vol. 39, issue 5, 2042-2056

Abstract: The green bond market and related scholarly research have grown exponentially recently. However, the literature remains scattered. This study addresses the gap by analyzing 744 Scopus‐indexed journal articles using a mix of bibliometric and content analyses to unveil trends, current dynamics, and knowledge structures. The bibliometric analysis shows dynamic transformation and differential development among clusters. It indicates the following three prominent research themes: (a) reducing carbon emissions, (b) premium and financing, and (c) connectedness and portfolio risk effects. From policymakers' perspective, the content analysis reveals positive linkages and channels between green bonds and the environment. Pertinent to issuers and investors, estimates of green bond premiums vary by time, context, and methodology. Future scholarly research should focus on causality, regional variations, and the role of policy design in the impact of green finance. Researchers must further investigate the motives of green bond investors and issuers.

Date: 2025
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