Analyzing Trends in Green Financial Instrument Issuance for Climate Finance in Capital Markets

Purity Maina (), Balázs Gyenge, Mária Fekete-Farkas and Anett Parádi-Dolgos
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Purity Maina: Doctoral School of Economic and Regional Sciences, The Hungarian University of Agriculture and Life Sciences, Páter Károly u. 1, 2100 Gödöllő, Hungary
Balázs Gyenge: Institute of Economics and Finance, Budapest Metropolitan University (METU), Nagy Lajos Király Utca 1–9, 1148 Budapest, Hungary
Mária Fekete-Farkas: Institute of Agricultural and Food Economics, The Hungarian University of Agriculture and Life Sciences, Pater Károly u. 1, 2100 Gödöllő, Hungary
Anett Parádi-Dolgos: Department of Investment, Finance and Accounting, Institute of Rural Development and Sustainable Economy, The Hungarian University of Agriculture and Life Sciences, Guba Sándor utca 40 Pf.: 16, 7400 Kaposvár, Hungary

JRFM, 2024, vol. 17, issue 4, 1-24

Abstract: Numerous stakeholders concur that tackling the climate change effect requires massive financial mobilization from the public and private sectors to reduce the climate financing gap. Capital markets are among the key players fostering this mobilization by issuing green financial instruments and facilitating capital flows to green investments. The study aimed to conduct a bibliometric analysis to fill a knowledge gap by evaluating the status and linkages in the literature on capital markets’ green financial instrument issuances. We utilized the Bibliometrix R package and VOS viewer to analyze 314 relevant publications from the Web of Science in 2017–2023 following the Sustainable Stock Exchanges’ green finance voluntary action plan. The analysis entailed mapping the scientific production trends, journal significance, author productivity, keyword linkages, emerging and trending topics, and collaborations within social structures. Further, the study assessed the applicability of Bradford’s, Zipf’s, and Lotka’s bibliometric laws. We highlight six conclusions based on the analysis, their relevance to various stakeholders, and future research directions. The findings are essential in enhancing the decision-making process of policymakers, corporations, responsible investors, and researchers interested in understanding the effectiveness and impact of green financial instruments.

Keywords: climate finance; capital markets; green financial instruments; bibliometric analysis (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2024
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