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20 Dissertation Topics on Sustainability and Green Technology

Published by Carmen Troy at January 9th, 2023 , Revised On August 16, 2023

Introduction

Looking for interesting and manageable topics on sustainability and green technology for your dissertation or thesis? Well, you have come to the right place.

The subject of sustainability, green technology, and environmental friendliness has gained tremendous importance over the last years – thanks to the ever-increasing pollution, climate change, and high production costs throughout the world.

Without wasting any more of your time, here are the 20 dissertation topics ideas in this trendy field, so you choose the one that is not only intriguing but also manageable for you.

These topics have been developed by PhD writers of our team , so you can trust to use these topics for drafting your dissertation.

You may also want to start your dissertation by requesting a brief research proposal from our writers on any of these topics, which includes an introduction to the topic, research question , aim and objectives , literature review along with the proposed methodology of research to be conducted. Let us know if you need any help in getting started.

Check our dissertation examples to get an idea of how to structure your dissertation .

Review the full list of dissertation topics for 2022 here.

2022 Research Topics on Sustainability and Green Technology

Topic 1: the role of artificial intelligence (ai) and green technology in the develpment of smart and sustainable towns.

Research Aim: This study intends to find the role of artificial intelligence (AI) and green technology in developing smart and sustainable towns. It will review the concepts of smart and sustainable towns to show their importance in the modern era to reduce global warming. Then it will assess the role of AI by analyzing various machine learning and deep learning models to show how these models can help develop smart and sustainable towns. Lastly, it will review what work has already been done in this area and what should be done.

Topic 2: Impact of Research and Development (R&D) Expenditure in Green Technology on the Sustainability Outcomes of the Construction Industry- A Case of Malaysian Construction Industry

Research Aim: This study intends to analyze the impact of Research and Development (R&D) expenditure in green technology on the sustainability outcomes of the construction industry in Malaysia. It will review the current green technology used in the Malaysian construction industry and its development. Moreover, it will show how the construction industry is spending to develop new green technology and how much it requires to make it completely sustainable. It will also identify various national and international sources which can invest in this industry to make it more sustainable.

Topic 3: What are the Motivating and Demotivating Factors for Green Supply Chain Practices? An Exploratory Study Finding the Factors Affecting Green Supply Chain Practices in the UK

Research Aim: This research will identify various motivating and demotivating factors (return on green investment, production output, local and global competitiveness, political support, international support, investors support, etc.) for green supply chain practices. It will study various industries in the UK, such as construction, hotel industry, retail industry, etc., find out how the abovementioned factors affected their interest in green technology and green supply chain practices. Moreover, it will assess the work done in this area and how various institutions can motivate these industries.

Topic 4: Influence of Green Advertising on the Consumer View of Green Technology and Sustainability in the US

Research Aim: This study shows the impact of green advertising on the consumer perception of green technology and sustainability. It will assess how various components of green advertising work and how they affect the consumer perception of the need for green technology. Moreover, it will analyze different green advertising strategies used by companies in the US to influence consumer perception and how these strategies can be improved to make US consumers more interested in the products, which are a product of environment-friendly production process.

Topic 5: Green Economy a Necessity? Impact of Green Technology on Sustainable Economic Growth and Development- A Case of ASEAN Economies

Research Aim: It proposes a framework to analyze the impact of green technology on sustainable economic growth and development. It will show whether the green economy is essential for growth and development or not. It will assess various effects of green technology on the economy and ecology. And show how improving ecology can benefit human development, which can be good for long-term economic growth in the ASEAN countries. Lastly, it will analyze the current progress of these countries in creating a green economy.

Covid-19 Sustainability and Green Technology Research Topics

Topic 1: covid-19 and the need to expand sustainable energy.

Research Aim: It’s high time to expand sustainable energy during COVID-19.

Topic 2: COVID-19 and the environment

Research Aim: This study will focus on the positive and negative impacts of COVID-19 on the environment.

Topic 3: Economic expenditure on the green environment during COVID-19

Research Aim: This study will review the economic expenditure and plans on the green environment during COVID-19.

Topic 4: The green economy after COVID-19

Research Aim: This study will analyse the current issues related to green technology and predict the future of a green environment after COVID-19.

Dissertation Topics Ideas on Sustainability and Green Technology for 2021

Topic 1: research on sustainable gardens.

Research Aim: This research aims to conduct research on creating sustainable gardens and identify their benefits.

Topic 2: Sustainable outdoor designs using recycled materials

Research Aim: This research aims to identify various methods of creating sustainable outdoor designs using recycled materials and identify their benefits.

Topic 3: Pollution-free disposal and recycling of trash

Research Aim: This research aims to identify various methods to ensure pollution-free disposal and recycling of trash

Topic 4: Importance of gardening- awareness and ideas for the city, terrace/roof gardening

Research Aim: This research aims to address the importance of gardening and its awareness among the public. It will also focus on identifying cost-effective and innovative ideas for the city, terrace/roof gardening.

20 Dissertation Topics Ideas on Sustainability and Green Technology for 2020

Topic 1: examining the economic impacts of green technology.

Research Aim: The research will involve comparing the costs incurred in developing green energy and the economic benefits. The services will be saved once alternative forms of materials and energy sources are used. It will be relevant in identifying whether it is worth investing in green technology from an economic perspective. It will also help in developing supportive policies that guide green technology.

Topic 2: How do national and regional politics affect environmental sustainability?

Research Aim: This research study will analyse the role of politics in the environment. It will explore the positive or negative impacts of individual political inclinations.

Topic 3: How sustainable is the environment in the current and forthcoming eras?

Research Aim: This research will analyse global trends and their impacts on environmental trends. Developments such as increasing population, climate change, and using various materials affect the people. It will inform about how sustainability measures can be structured to align with the trends.

Topic 4: Adoption of green energy by low-end users

Research Aim: The research will be based on realising a market niche that cannot afford or are not willing to spend on an expensive product. Additionally, the embrace of some advanced technologies varies across classes, mainly based on exposure. There is also the notion that green technology can be expensive, making the stated users reluctant to use it. Accordingly, the research will focus on the factors that make the users have their respective levels of using green technology.

Topic 5: How green technology can affect organisational processes

Research Aim: This research will analyze how processes that can include procuring and sourcing, producing, sales, marketing, and delivering products, among others, can be impacted once green technology is introduced. It will help analyse cost and time effectiveness and the satisfaction of the organization’s stakeholders. It can help recommend structural changes when an organisation is considering green technology.

Topic 6: To what extent does green technology contribute to environmental sustainability?

Research Aim: notably, several factors are contributing to environmental degradation and pollution. While green technology has been identified in previous research to ensure sustainability, its contribution can be compared with the other factors. Accordingly, recommendations can be made about whether it is the absolute solution to sustainability.

Topic 7: Green technology and global environmental sustainability frameworks

Research Aim: The study will assess how the frameworks affect the use of green technology. Various global environmental practices are commonly developed. The research will suggest any amendments to the frameworks to positively correlate them with green technology. Also, the topic will evaluate how the frameworks are implemented in various regions.

Topic 8: Green technology practices in developing countries

Research Aim: The research will explore the extent to which developing countries use and promote green technology. They are characterised by having a lower economy. The priority they have on sustainability will be established.

Topic 9: How do policies affect the use of green technology in a country?

Research Aim: The research acknowledges that regulatory bodies devise policies to guide various industries. The guidelines can be supportive or suppressive in the development and use of green technology. For instance, the bodies’ incentives can encourage green technology, while factors like high taxation can discourage it. Therefore, focusing on a particular country’s policies can be insightful into the level at which the technology is incorporated.

Topic 10: Incentives for green technology and environmental sustainability

Research Aim: The study will be purposed on how green technology can be promoted among users and manufacturers. It will first identify the challenges the users can use and apply the technology. It will also evaluate the level of sensitisation about green technology that people in a region have. The various stakeholders can execute the incentives in environmental sustainability.

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More Research Titles on Sustainability and Green Technology

Topic 1: what roles do ngos have on environmental sustainability and green technology.

Research Aim: The research will establish how NGOs can be incorporated into sustainability. NGOs have distinct objectives. While some are specific to environmental conservation, others focus on aspects that indirectly affect the environment positively or negatively. The study will then suggest how the NGOs can be motivated to advance their operations and promote green technology.

Topic 2: Impactful green thinking to achieve sustainability

Research Aim: The research analyses humans’ behaviour on issues that can promote sustainability. It explores how people can change their perspective on the environment and take measures at individual and collective levels. It will recommend some habitual changes that can positively impact the environment.

Topic 3: A holistic approach to environmental sustainability

Research Aim: Sustainability comprises various factors, ranging from behavioural, resources, technological, and procedural. Most studies have focused on particular sets of characteristics. However, it can be intriguing how integrating sustainability factors can be achieved. Also, it will be realised if implementing some measures of sustainability has any correlation to others.

Topic 4: Can there be a balance between lifestyle and green technology?

Research Aim: the study will assess the relationship between current lifestyle and green technology. It will be relevant in identifying the personal understanding of green technology’s contribution and how people are ready to adjust their lifestyle to technology. It will further show how green technology affects lifestyles.

Topic 5: How do businesses perceive green energy and environmental sustainability?

Research Aim: The research aims to identify how profit-making organisations approach green technology. It will focus on whether they find it less costly and useful. Also, it will establish whether they find products that involve green technology are usually marketable. Further, it will identify the organisation’s preference for the working environment, whether in regions that promote environmental sustainability or those that do not.

Topic 6: Examining sustainability policies in developed and developing countries

Research Aim: The research will compare regulations instituted in the two sets of countries. It will also assess the extent of implementation of the policies in the countries.

Topic 7: Challenges facing green technology as one of the drivers towards sustainability

Research Aim: The research will be based on green technology recognition as a crucial attribute to environmental sustainability. Despite the assertion, the technology has not attained universal coverage as it would be more impactful. The challenges can vary from economic, social, geographical, and regulatory, and it can then be recommended that the research focuses on a particular region. The results can also be analysed to identify any general challenges in the areas.

Topic 8: What is the consumer perspective towards green production?

Research Aim: Businesses target to satisfy the needs of consumers. The study will assess whether the consumer has a force towards producers that can make the latter inclined towards using green technology. This research study will essentially focus on the consumables industry.

Topic 9: Stakeholders’ contribution to green technology

Research Aim: The research will establish all the stakeholders in green energy. It will reveal their interests and drivers towards green technology. There will be an insight into whether there is a conflict of interests between the stakeholders and how they can be resolved. It will also help identify how the stakeholders can collaborate and integrate their resources and ideas.

Topic 10: Current trends in green technology and the future of technology

Research Aim: the research will aim to overview how green energy has been advancing over time. The trend will then help in predicting the future of green technology. Besides, it will be informative about the contribution green energy has had on environmental sustainability at various levels. It will then make recommendations about the optimum technology as per the available information and developments.

Also Read: Dissertation Topics in Engineering Management

How ResearchProspect Can Help You?

We are aware of the problems students are likely to face when it comes to finding a suitable topic in sustainability and green technology. Therefore our expert writers are always looking forward to assisting you with your topic search.

We hope you could find a suitable topic from the 20 topic suggestions in green technology and sustainability as provided in this article. But even if you didn’t find any of these topics suitable for your needs, you can always contact us to get custom topics ideas from our expert writers.

Our team of expert writers in any field you like your work to be carried out in will facilitate you and ensure you get the grades that you are worthy of and deserve.

Important Notes:

As a student of sustainability and green technology looking to get good grades, it is essential to develop new ideas and experiment with existing sustainability and green technology theories – i.e., to add value and interest to your research topic.

Sustainability and green technology are vast and interrelated to many other academic disciplines like environmental engineering . That is why it is imperative to create a sustainability and green technology dissertation topic that is particular, sound, and solves a practical problem that may be rampant in the field.

We can’t stress how important it is to develop a logical research topic based on your fundamental research. There are several significant downfalls to getting your issue wrong; your supervisor may not be interested in working on it, the topic has no academic creditability, the research may not make logical sense, and there is a possibility that the study is not viable.

This impacts your time and efforts in writing your dissertation , as you may end up in the cycle of rejection at the initial stage of the dissertation. That is why we recommend reviewing existing research to develop a topic, taking advice from your supervisor, and even asking for help in this particular stage of your dissertation.

While developing a research topic, keeping our advice in mind will allow you to pick one of the best sustainability and green technology dissertation topics that fulfil your requirement of writing a research paper and add to the body of knowledge.

Therefore, it is recommended that when finalising your dissertation topic, you read recently published literature to identify gaps in the research that you may help fill.

Remember- dissertation topics need to be unique, solve an identified problem, be logical, and be practically implemented. Please look at some of our sample sustainability and green technology dissertation topics to get an idea for your dissertation.

How to Structure your Dissertation on Sustainability & Green Technology

A well-structured dissertation can help students to achieve a high overall academic grade.

A Title Page
Acknowledgements
Declaration
Abstract: A summary of the research completed
Table of Contents
Introduction : This chapter includes the project rationale, research background, key research aims and objectives, and the research problems. An outline of the structure of a dissertation can also be added to this chapter.
Literature Review : This chapter presents relevant theories and frameworks by analysing published and unpublished literature on the chosen research topic to address research questions . The purpose is to highlight and discuss the selected research area’s relative weaknesses and strengths whilst identifying any research gaps. Break down the topic, and binding terms can positively impact your dissertation and your tutor.
Methodology : The data collection and analysis methods and techniques employed by the researcher are presented in the Methodology chapter, which usually includes research design , research philosophy, research limitations, code of conduct, ethical consideration, data collection methods, and data analysis strategy .
Findings and Analysis : Findings of the research are analysed in detail under the Findings and Analysis chapter. All key findings/results are outlined in this chapter without interpreting the data or drawing any conclusions. It can be useful to include graphs, charts, and tables in this chapter to identify meaningful trends and relationships.
Discussion and Conclusion : The researcher presents his interpretation of results in this chapter and states whether the research hypothesis has been verified or not. An essential aspect of this section of the paper is to link the results and evidence from the literature. Recommendations with regards to implications of the findings and directions for the future may also be provided. Finally, a summary of the overall research, along with final judgments, opinions, and comments, must be included in the form of suggestions for improvement.
References : This should be completed following your University’s requirements
Bibliography
Appendices : Any additional information, diagrams, and graphs used to complete the dissertation but not part of the dissertation should be included in the Appendices chapter. Essentially, the purpose is to expand the information/data.

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The green economy transition: the challenges of technological change for sustainability

Patrik Söderholm ORCID: orcid.org/0000-0003-2264-7043 1

Sustainable Earth volume 3 , Article number: 6 ( 2020 ) Cite this article

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The Green Economy is an alternative vision for growth and development; one that can generate economic development and improvements in people’s lives in ways consistent with advancing also environmental and social well-being. One significant component of a green economy strategy is to promote the development and adoption of sustainable technologies. The overall objective of this article is to discuss a number of challenges encountered when pursuing sustainable technological change, and that need to be properly understood by policy makers and professionals at different levels in society. We also identify some avenues for future research. The discussions center on five challenges: (a) dealing with diffuse – and ever more global – environmental risks; (b) achieving radical and not just incremental sustainable technological change; (c) green capitalism and the uncertain business-as-usual scenario; (d) the role of the state and designing appropriate policy mixes; and (e) dealing with distributional concerns and impacts. The article argues that sustainable technological change will require a re-assessment of the roles of the private industry and the state, respectively, and that future research should increasingly address the challenges of identifying and implementing novel policy instrument combinations in various institutional contexts.

The green economy transition and sustainable technological change

Over the last decade, a frequent claim has been that the traditional economic models need to be reformed in order to address climate change, biodiversity losses, water scarcity, etc., while at the same time addressing key social and economic challenges. The global financial crisis in 2008–2009 spurred this debate [ 4 ], and these concerns have been translated into the vision of a ‘green economy’ (e.g., [ 31 , 33 , 48 , 54 , 55 ]). Furthermore, in 2015, countries world-wide adopted the so-called 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals. These goals recognize that ending world poverty must go hand-in-hand with strategies that build economic growth but also address a range of various social needs including education, health, social protection, and job creation, while at the same time tackling environmental pollution and climate change. The sustainable development goals thus also establish a real link between the ecological system and the economic system. They also reinforce the need for a transition to a green economy, i.e., a fundamental transformation towards more sustainable modes of production and consumption.

In this article, we focus on a particularly important component of such a transition, namely the development of sustainable technological change, i.e., production and consumption patterns implying profoundly less negative impacts on the natural environment, including the global climate. Specifically, the article addresses a number of key challenges in supporting – and overcoming barriers to – sustainable technological change. These challenges are presented with the ambition to communicate important lessons from academic research to policy makers and professionals as well as the general public.

Addressing climate and environmental challenges, clearly requires natural scientific knowledge as well as engineering expertise concerning the various technical solutions that can be adopted to mitigate the negative impacts (e.g., carbon-free energy technologies). However, pursuing sustainable technological change is also a societal, organizational, political, and economic endeavor that involves several non-technical challenges. For instance, the so-called transitions literature recognizes that many sectors, such as energy generation, water supply etc., can be conceptualized as socio-technical systems and/or innovation systems [ 24 , 40 ]. These systems consist of networks of actors (individuals, private firms, research institutes, government authorities, etc.), the knowledge that these actors possess as well as the relevant institutions (legal rules, codes of conduct, etc.). In other words, the development of, for instance, new carbon-free technologies may often require the establishment of new value chains hosting actors that have not necessarily interacted in the past; this necessitates a relatively long process that can alter society in several ways, e.g., through legal amendments, changed consumer behavior, distributional effects, infrastructure development and novel business models.

In other words, beyond technological progress, economic and societal adjustment is necessary to achieve sustainable technological change. In fact, history is full of examples that illustrate the need to address the organizational and institutional challenges associated with technological change and innovation. In hindsight, the societal impacts of electricity in terms of productivity gains were tremendous during the twentieth century. Still, while electrical energy was discovered in the late 1870s, in the year 1900, less than 5% of mechanical power in American factories was supplied by electric motors and it took yet another 20 years before their productivity soared [ 14 ]. An important reason for the slow diffusion of electric power was that in order to take full advantage of the new technology, existing factories had to change the entire systems of operation, i.e., the production process, the architecture, the logistics as well as the ways in which workers were recruited, trained and paid. Footnote 1 A similar story emerges when considering the impact of computers on total productivity during the second half of the twentieth century. For long, many companies invested in computers for little or no reward. Also in this case, however, the new technology required systemic changes in order for companies to be able to take advantage of the computer. This meant, for instance, decentralizing, outsourcing, and streamlining supply chains as well as offering more choices to consumers [ 9 ].

This key argument that the adoption of new technology has to be accompanied by systemic changes, applies both to the company as well as the societal level. Any novel solutions being developed must take into account the complexity of the interdependencies between different types of actors with various backgrounds, overall market dynamics, as well as the need for knowledge development and institutional reforms. In fact, the need for systemic changes may be particularly relevant in the case of green technologies, such as zero-carbon processes in the energy-intensive industries (see further below).

Against this background, the issue of how to promote sustainable technological change has received increasing attention in the policy arena and in academic research. The main objective of this article is therefore to discuss some of the most significant societal challenges in pursuing such change, and outline key insights for policy makers as well as important avenues for future research. In doing this, we draw on several strands of the academic literature. The article centers on the following five overall challenges:

Dealing with diffuse – and ever more global – environmental risks

Achieving radical – and not just incremental – sustainable technological change;

The advent of green capitalism: the uncertain business-as-usual scenario

The role of the state: designing appropriate policy mixes, dealing with distributional concerns and impacts.

The first two challenges address the various types of structural tasks that are required to pursue sustainable technological change, and the barriers that have to be overcome when pursuing these tasks. The remaining points concern the role and the responsibility of different key actors in the transition process, not least private firms and government authorities. Each of these five challenges in turn involves more specific challenges, and these are identified and elaborated under each heading. We also provide hints about how to address and manage these challenges, but specific solutions will likely differ depending on the national or regional contexts. The paper concludes by briefly outlining some key avenues for future research, and with an emphasis on research that can assist a green socio-technical transition. Footnote 2

With the advent of modern environmental policy in the 1960s, stringent regulations were imposed on emissions into air and water. However, the focus was more or less exclusively on stationary pollution sources (i.e., industrial plants), which were relatively easy to monitor and regulate, e.g., through plant-specific emission standards. In addition, during this early era there was a strong emphasis on local environmental impacts, e.g., emissions into nearby river basins causing negative effects on other industries and/or on households in the same community.

Over the years, though, the environmental challenges have increasingly been about targeting various types of diffuse emissions. These stem from scattered sources such as road transport, shipping, aviation, and agriculture. Pollution from diffuse sources takes place over large areas and individually they may not be of concern, but in combination with other diffuse sources they can cause serious overall impacts. The growing importance of global environmental challenges such as climate change in combination with globalization and more international trade in consumer products, adds to this challenge. Managing these issues often requires international negotiations and burden-sharing, which in itself have proved difficult [ 12 ]. The difficulties in reaching a stringent-enough global climate agreement illustrate this difficulty.

Diffuse emissions are typically difficult to monitor and therefore also to regulate. For instance, environmental authorities may wish to penalize improper disposal of a waste product since this would help reduce various chemical risks, but such behavior is typically clandestine and difficult to detect. Plastic waste is an apt example; it stems from millions of consumer products, is carried around the world by the currents and winds, and builds up microplastics, particularly in the sea. Many dangerous substances, including chemicals such as solvents and phthalates, are embedded in consumer products, out of which many are imported. Monitoring the potential spread of these substances to humans and the natural environment remains difficult as well. Technological innovation that permits better tracing and tracking of materials should therefore be a priority (see also [ 21 ]).

In order to address these diffuse environmental impacts, society has to find alternative – yet more indirect – ways of monitoring and regulating them. This could translate into attempts to close material cycles and promote a circular economy, i.e., an economy in which the value of products, materials and resources are maintained as long as possible [ 19 ]. In practice, this implies an increased focus on reduction, recycling and re-use of virgin materials [ 30 ], material and energy efficiency, as well as sharing of resources (often with the help of various digital platforms such as Uber and Airbnb). In other words, rather than regulating emissions as close to damage done as possible, the authorities may instead support specific activities (e.g., material recycling) and/or technologies (e.g., low-carbon production processes) that can be assumed to correlate with reduced environmental load.

Addressing diffuse emissions in such indirect ways, though, is not straightforward. In several countries, national waste management strategies adhere to the so-called waste hierarchy (see also the EU Waste Framework Directive). This sets priorities for which types of action should be taken, and postulates that waste prevention should be given the highest priority followed by re-use of waste, material recycling, recovery of waste and landfill (in that order). Even though research has shown that this hierarchy is a reasonable rule of thumb from an environmental point of view [ 42 ], it is only a rule of thumb! Deviations from the hierarchy can be motivated in several cases and must therefore be considered (e.g., [ 58 ]). Footnote 3

One important way of encouraging recycling and reuse of products is to support product designs that factor in the reparability and reusability of products. Improved recyclability can also benefit from a modular product structure (e.g., [ 20 ]). However, this also comes with challenges. Often companies manufacture products in such ways that increase the costs of recycling for downstream processors, but for institutional reasons, there may be no means by which the waste recovery facility can provide the manufacturer with any incentives to change the product design [ 11 , 46 ]. One example is the use of multi-layer plastics for food packaging, which could often be incompatible with mechanical recycling.

While the promotion of material and energy efficiency measures also can be used to address the problem of diffuse environmental impacts, it may be a mixed blessing. Such measures imply that the economy can produce the same amount of goods and services but with less material and energy inputs, but they also lead to a so-called rebound effect [ 27 ]. Along with productivity improvements, resources are freed and can be used to increase the production and consumption of other goods. In other words, the efficiency gains may at least partially be cancelled out by increased consumption elsewhere in the economy. For instance, if consumers choose to buy fuel-efficient cars, they are able to travel more or spend the money saved by lower fuel use on other products, which in turn will exploit resources and lead to emissions.

Finally, an increased focus on circular economy solutions will imply that the different sectors of the economy need to become more interdependent. This interdependency is indeed what makes the sought-after efficiency gains possible in the first place. This in turn requires new forms of collaborative models among companies, including novel business models. In some cases, though, this may be difficult to achieve. One example is the use of excess heat from various process industries; it can be employed for supplying energy to residential heating or greenhouses. Such bilateral energy cooperation is already quite common (e.g., in Sweden), but pushing this even further may be hard and/or too costly. Investments in such cooperation are relation-specific [ 60 ], i.e., their returns will depend on the continuation of the relationships. The involved companies may be too heterogeneous in terms of goals, business practices, planning horizons etc., therefore making long-term commitment difficult. Moreover, the excess heat is in an economic sense a byproduct, implying that its supply will be constrained by the production of the main product. Of course, this is valid for many other types of waste products as well, e.g., manure digested to generate biogas, secondary aluminum from scrapped cars.

In brief, the growing importance of addressing diffuse emissions into the natural environment implies that environmental protection has to build on indirect pollution abatement strategies. Pursuing each of these strategies (e.g., promoting recycling and material efficiency), though, imply challenges; they may face important barriers (e.g., for product design, and byproduct use) and could have negative side-effects (e.g., rebound effects). Moreover, a focus on recycling and resource efficiency must not distract from the need to improve the tracing and tracking of hazardous substances and materials as well as provide stronger incentives for product design. Both technological and organizational innovations are needed.

Achieving radical – and not just incremental – sustainable technological change

Incremental innovations, e.g., increased material and energy efficiency in existing production processes, are key elements for the transition to a green economy. However, more profound – and even radical – technological innovation is also needed. For instance, replacing fossil fuels in the transport sector as well as in iron and steel production requires fundamental technological shifts and not just incremental efficiency improvements (e.g., [ 1 ]). There are, however, a number of factors that will make radical innovation inherently difficult. Below, we highlight three important obstacles.

First , one obstacle is the risk facing firms that invest in technological development (e.g., basic R&D, pilot tests etc.) in combination with the limited ability of the capital market to handle the issue of long-term risk-taking. These markets may fail to provide risk management instruments for immature technology due to a lack of historical data to assess risks. There are also concerns that the deregulation of the global financial markets has implied that private financial investors take a more short-term view [ 44 ]. In fact, research also suggests that due to agency problems within private firms, their decision-making may be biased towards short-term payoffs, thus resulting in myopic behavior also in the presence of fully efficient capital markets [ 53 ].

Second , private investors may often have weak incentives to pursue investments in long-term technological development. The economics literature has noted the risks for the under-provision of public goods such as the knowledge generated from R&D efforts and learning-by-doing (e.g., [ 38 ]). Thus, private companies will be able to appropriate only a fraction of the total rate-of-return on such investment, this since large benefits will also accrue to other companies (e.g., through reverse engineering). Due to the presence of such knowledge spillovers, investments in long-term technological development will become inefficient and too modest.

Third , new green technologies often face unfair competition with incumbent technologies. The incumbents, which may be close substitutes to their greener competitors, will be at a relative competitive advantage since they have been allowed to expand during periods of less stringent environmental policies as well as more or less tailor-made institutions and infrastructures. This creates path-dependencies, i.e. where the economy tends to be locked-in to certain technological pathways [ 2 ]. In general, companies typically employ accumulated technology-specific knowledge when developing new products and processes, and technology choices tend to be particularly self-reinforcing if the investments are characterized by high upfront costs and increasing returns from adoption (such as scale, learning and network economies). Existing institutions, e.g., laws, codes of conduct, etc., could also contribute to path dependence since these often favor the incumbent (e.g., fossil-fuel based) technologies [ 57 ].

The above three factors tend to inhibit all sorts of long-run technological development in the private sector, but there is reason to believe that they could be particularly troublesome in the case of green technologies. First, empirical research suggests that green technologies (e.g., in energy and transport) generate large knowledge spillovers than the dirtier technologies they replace [ 15 , 49 ]. Moreover, while the protection of property rights represents one way to limit such spillovers, the patenting system is subject to limitations. For instance, Neuhoff [ 43 ] remarks that many sustainable technologies:

“consist of a large set of components and require the expertise of several firms to improve the system. A consortium will face difficulties in sharing the costs of ‘learning investment’, as it is difficult to negotiate and fix the allocation of future profits,” (p. 98).

These are generally not favorable conditions for effective patenting. Process innovations, e.g., in industry, are particularly important for sustainable technology development, but firms are often more likely to employ patents to protect new products rather than new processes [ 39 ]. Footnote 4

Furthermore, one of the key socio-technical systems in the green economy transition, the energy system, is still today dominated by incumbent technologies such as nuclear energy and fossil-fueled power, and exhibits several characteristics that will lead to path dependent behavior. Investments are often large-scale and exhibit increasing returns. Path dependencies are also aggravated by the fact that the outputs from different energy sources – and regardless of environmental performance – are more or less perfect substitutes. In other words, the emerging and carbon-free technologies can only compete on price with the incumbents, and they therefore offer little scope for product differentiation. In addition, the energy sectors are typically highly regulated, thus implying that existing technological patterns are embedded in and enforced by a complex set of institutions as well as infrastructure.

In brief, technological change for sustainability requires more radical technological shifts, and such shifts are characterized by long and risky development periods during which new systemic structures – i.e., actor networks, value chains, knowledge, and institutions – need to be put in place and aligned with the emerging technologies. Overall, the private sector cannot alone be expected to generate these structures, and for this reason, some kind of policy support is needed. Nevertheless, in order for any policy instrument or policy mix to be efficient, it has to build on a proper understanding of the underlying obstacles for long-run technological development. As different technologies tend to face context-specific learning processes, patenting prospects, risk profiles etc., technology-specific support may be needed (see also below).

At least since the advent of the modern environmental debate during the 1960s, economic and environmental goals have been perceived to be in conflict with each other. Business decisions, it has been argued, build on pursuing profit-maximization; attempts to address environmental concerns simultaneously will therefore imply lower profits and reduced productivity. However, along with increased concerns about the environmental footprints of the global economy and the growth of organic products and labels, material waste recycling, climate compensation schemes etc., sustainability issues have begun to move into the mainstream business activities. In fact, many large companies often no longer distinguish between environmental innovation and innovation in general; the environmental footprints of the business operations are almost always taken into consideration during the innovation process (e.g., [ 47 ]).

Some even puts this in Schumpeterian terms, and argues that sustainable technological change implies a “new wave of creative destruction with the potential to change fundamentally the competitive dynamics in many markets and industries,” ([ 37 ], p. 315). The literature has recognized the potentially important roles that so-called sustainability entrepreneurs can play in bringing about a shift to a green economy; these types of entrepreneurs seek to combine traditional business practices with sustainable development initiatives (e.g., [ 25 ]). They could disrupt established business models, cultures and consumer preferences, as well as help reshape existing institutions. Just as conventional entrepreneurs, they are agents of change and offer lessons for policy makers. However, the research in this field has also been criticized for providing a too strong focus on individual success stories, while, for instance, the institutional and political factors that are deemed to also shape the priorities made by these individuals tend to be neglected (e.g., [ 13 ]).

Ultimately, it remains very difficult to anticipate how far voluntary, market-driven initiatives will take us along the long and winding road to the green economy. In addition to a range of incremental developments, such as increased energy and material efficiency following the adoption of increased digitalization, industrial firms and sustainability entrepreneurs are likely to help develop new and/or refined business models (e.g., to allow for increased sharing and recycling of resources) as well as adopt innovations commercially. In the future, businesses are also likely to devote greater attention to avoiding future environmental liabilities, such as the potential costs of contaminated land clean-up or flood risks following climate change. Far from surprising, large insurance companies were among the first to view climate change as a risk to their viability. One response was the development of new financial instruments such as ‘weather derivatives’ and ‘catastrophe bonds’ [ 35 ].

In other words, there is an increasing demand for businesses that work across two logics that in the past have been perceived as incompatible: the commercial and the environmental. There are however huge uncertainties about the scope and the depth of green capitalism in this respect. Moreover, the answer to the question of how far the market-driven sustainability transition will take us, will probably vary depending on business sector and on factors such as the availability of funding in these sectors. Footnote 5

As indicated above, there are reasons to assume that in the absence of direct policy support, businesses will not be well-equipped to invest in long-term green technology development. Green product innovations may often be easier to develop and nurture since firms then may charge price premiums to consumers. In fact, many high-profile sustainability entrepreneurs in the world (e.g., Anita Roddick of The Body Shop) have been product innovators. In contrast, green process innovation is more difficult to pursue. It is hard to get consumers to pay premiums for such innovations. For instance, major efforts are needed to develop a carbon-free blast furnace process in modern iron and steel plants (e.g., [ 1 ]). And even if this is achieved, it remains unclear whether the consumers will be willing to pay a price premium on their car purchases purely based on the knowledge that the underlying production process is less carbon-intense than it used to be. Moreover, taking results from basic R&D, which appear promising on the laboratory scale, through “the valley of death” into commercial application is a long and risky journey. Process innovations typically require gradual up-scaling and optimization of the production technologies (e.g., [ 29 ]). For small- and medium-sized firms in particular, this may be a major hurdle.

In brief, the above suggests that it is difficult to anticipate what a baseline scenario of the global economy – i.e., a scenario involving no new policies – would look like from a sustainability perspective. Still, overall it is likely that green capitalism and sustainability entrepreneurship alone may have problems delivering the green economy transition in (at least) two respects. First, due to the presence of knowledge spillovers and the need for long-term risk-taking, the baseline scenario may involve too few radical technology shifts (e.g., in process industries). Second, the baseline scenario is very likely to involve plenty of digitalization and automation, in turn considerably increasing the potential for material and energy efficiency increases. Nevertheless, due to rebound effects, the efficiency gains resulting from new technologies alone may likely not be enough to address the sustainability challenge. This therefore also opens up the field for additional policy support, and – potentially – a rethinking of the role of the state in promoting sustainable technological change.

An important task for government policy is to set the appropriate “framework conditions” for the economy. This refers primarily to the legal framework, e.g., immaterial rights, licensing procedures, as well as contract law, which need to be predictable and transparent. Traditional environmental policy that regulates emissions either through taxes or performance standards will remain important, as will the removal of environmentally harmful subsidies (where such exist). The role of such policies is to make sure that the external costs of environmental pollution are internalized in firms’ and households’ decision-making (e.g., [ 7 ]). Still, in the light of the challenges discussed above – i.e., controlling diffuse emissions, the need for more fundamental sustainable technological change, as well as the private sector’s inability to adequately tackle these two challenges – the role of the state must often go beyond providing such framework conditions. In fact, there are several arguments for implementing a broader mix of policy instruments in the green economy.

In the waste management field, policy mixes may be needed for several reasons. For instance, previous research shows that in cases where diffuse emissions cannot be directly controlled and monitored, a combined output tax and recycling subsidy (equivalent to a deposit-refund system) can be an efficient second-best policy instrument mix (e.g., [ 59 ]). This would reduce the amount of materials entering the waste stream, while the subsidy encourages substitution of recycled materials for virgin materials. Footnote 6 An extended waste management policy mix could also be motivated by the limited incentives for manufacturers of products to consider product design and recyclability, which would decrease the costs of downstream recycling by other firms. This is, though, an issue that often cannot be addressed by traditional policies such as taxes and standards; it should benefit from technological and organizational innovation. Finally, the establishment of efficient markets for recycled materials can also be hampered by different types of information-related obstacles, including byers’ inability to assess the quality of mixed waste streams. In such a case, information-based policies based on, for instance, screening requirements at the waste sites could be implemented (e.g., [ 46 ]).

At a general level, fostering green technological development, not least radical innovation, must also build on a mix of policies. The literature has proposed an innovation policy mix based on three broad categories of instruments (see also [ 36 , 51 , 52 ]):

Technology-push instruments that support the provision of basic and applied knowledge inputs, e.g., through R&D grants, patent protection, tax breaks etc.

Demand-pull instruments that encourage the formation of new markets, e.g., through deployment policies such as public procurement, feed-in tariffs, quotas, etc.

Systemic instruments that support various functions operating at the innovation system level, such as providing infrastructure, facilitating alignment among stakeholders, and stimulating the development of goals and various organizational solutions.

A key role for a green innovation policy is to support the development of generic technologies that entrepreneurial firms can build upon [ 50 ]. Public R&D support and co-funding of pilot and demonstration plants help create variation and permit new inventions to be verified, optimized and up-scaled. As noted above, there is empirical support for public R&D funding of green technology development, as underinvestment due to knowledge spillovers might be particularly high for these technologies.

As the technology matures, though, it must be tested in a (niche) market with real customers, and the state will often have to create the conditions for private firms to raise long-term funding in areas where established financial organizations are not yet willing to provide sufficient funds. For instance, in the renewable energy field, this has been achieved by introducing feed-in tariffs or quota schemes for, for instance, wind power and solar PV technology (e.g., [ 16 ]). Finally, well-designed systemic instruments will have positive impacts on the functioning of the other instruments in the policy mix; while technology-push and demand-pull instruments are the engines of the innovation policy mix, the systemic instruments will help that engine run faster and more efficiently.

The implementation of the above policy mixes will be associated with several challenges, such as gaining political acceptability, identifying the specific designs of the policy instruments, and determining how these instruments can be evaluated. All these issues deserve attention in future research. Still, here we highlight in particular the need for policies that are technology-specific; i.e., in contrast to, for instance, pollution taxes or generic R&D subsidies they promote selected technological fields and/or sectors. Based on the above discussions one can point out two motives for relying on technology-specific instruments in promoting sustainable technological change: (a) the regulations of diffuse emissions can often not target diffuse emissions directly – at least not without incurring excessively high monitoring costs; and (b) the need to promote more radical environmental innovations.

The innovation systems surrounding green energy technology tend to be technology-specific. Different technologies are exposed to unique and multi-dimensional growth processes, e.g., in terms of bottlenecks, learning processes, and the dynamics of the capital goods industries [ 34 ]. The nature of the knowledge spillovers and the long-term risks will also differ as will the likelihood that green technologies suffer from technological lock-in associated with incumbent technology (e.g., [ 38 ]). For instance, the technological development process for wind power has been driven by turbine manufacturers and strong home markets, while equipment suppliers and manufacturers that own their own equipment have dominated solar PV development [ 32 ].

Clearly, technology-specific policies are difficult to design and implement; regulators typically face significant information constraints and their decisions may also be influenced by politico-economic considerations such as bureaucratic motives, and lobby group interests. Moreover, the prospects for efficient green technology-specific policies may likely also differ across jurisdictions; some countries will be more likely to be able to implement policies that can live up to key governing principles such as accountability, discipline and building on arms-length interactions with the private sector. As noted by Rodrik [ 50 ], “government agencies need to be embedded in, but not in bed with, business,” (p. 485).

The above begs the question whether the governance processes at the national and the supra-national levels (e.g., the EU) are in place to live up to a more proactive and transformative role for the state. Newell and Paterson [ 45 ] argue that such a state needs to balance two principles that have for long been seen as opposed to one another. These are, one the one hand, the empowerment of the state to actively determine priorities and, on the other, “providing citizens with more extensive opportunities to have a voice, to get more involved in decision-making processes, and to take on a more active role in politics,” (p. 209). The latter issue is further addressed also in the next section.

In brief, the climate and environmental challenges facing society today require a mix of policy instruments, not least because the barriers facing new sustainable technology are multi-faceted and often heterogeneous across technologies. Supporting green innovation should build on the use of technology-specific policies as complements to traditional environmental policies. This in itself poses a challenge to policy-making, and requires in-depth understanding of how various policy instruments interact as well as increased knowledge about the institutional contexts in which these instruments are implemented.

The transition to a green economy, including technological change, affects the whole of society. It is therefore necessary to not only optimize the performance of the new technologies and identify efficient policies; the most significant distributional impacts of technological change must also be understood and addressed. All societal changes involve winners and losers, and unless this is recognized and dealt with, the sought-after green transition may lack in legitimacy across various key groups in society. Bek et al. [ 6 ] provide an example of a green economy initiative in South Africa – the so-called Working for Water (WfW) program – that has failed to fully recognize the social aspects of the program goals.

This challenge concerns different dimensions of distributional impacts. One such dimension is how households with different income levels are affected. Economics research has shown that environmental policies in developed countries, not least taxes on pollution and energy use, tend to have regressive effects [ 22 ], thus implying that the lowest-income households are generally most negatively affected in relative terms. Such outcomes may in fact prevail also in the presence of policies that build on direct support to certain technological pathways. For instance, high-income households are likely to benefit the most from subsidies to solar cells and electric cars, this since these households are more likely to own their own house as well as to be more frequent car buyers. Of course, technological change (e.g., digitalization, automation etc.), including that taking place in green technology, may also have profound distributional impacts in more indirect ways, not the least through its impacts on the labor market (e.g., wages. Work conditions) (e.g., [ 3 ]).

The regional dimension of sustainable development is also important (e.g., [ 26 ]). One challenge in this case is that people increasingly expect that any green investments taking place in their own community (e.g., in wind power) should promote regional growth, employment and various social goals. The increased emphasis on the distributional effects at the regional level can also be attributed to the growing assertion of the rights of people (e.g., indigenous rights), and increased demands for direct participation in the relevant decision-making processes. However, new green technology may fail to generate substantial positive income and employment impacts at the local and regional level. For instance, one factor altering the renewable energy sector’s relationship with the economy has been technological change. A combination of scale economies and increased capital intensity has profoundly increased the investment capital requirements of facilities such as wind mill parks and biofuel production facilities. The inputs into modern green energy projects increasingly also have to satisfy high standards in terms of know-how, and these can therefore not always be supplied by local firms (e.g., [ 18 ]). Indeed, with the implementation of digital technology, the monitoring of, say, entire wind farms can today be done by skilled labor residing in other parts of the country (or even abroad).

Ignoring the distributional effects of sustainable technological change creates social tensions, thereby increasing the business risks for companies and sustainability entrepreneurs. Such risks may come in many forms. For instance, reliability in supply has become increasingly important, and customers will generally not be very forgiving in the presence of disruptions following the emergence of tense community relations. Furthermore, customers, fund managers, banks and prospective employees do not only care about the industry’s output, but increasingly also about how the products have been produced.

In fact, while the economies of the world are becoming more integrated, political trends are pointing towards a stronger focus on the nation state and even on regional independence. If anything, this will further complicate the green economy transition. Specifically, it will need to recognize the difficult trade-offs between efficiency, which typically do require international coordination (e.g., in terms of policy design, and R&D cooperation), and a fair distribution of benefits and costs, which instead tends to demand a stronger regional and local perspective.

In brief, the various distributional effects of sustainable technological change deserve increased attention in both scholarly research and the policy domain in order to ensure that this change emerges in ways that can help reduce poverty and ensure equity. These effects may call for an even broader palette of policies (e.g., benefit-sharing instruments, such as regional or local natural resource funds, compensation schemes, or earmarked tax revenues), but they also call for difficult compromises between efficiency and fairness.

Conclusions and avenues for future research

The scope and the nature the societal challenges that arise as a consequence of the climate and environmental hazards are complex and multi-faceted, and in this article we have focused on five important challenges to sustainable technological change. These challenges are generic, and should be a concern for most countries and regions, even though the specific solutions may differ depending on context. In this final section, we conclude by briefly discussing a number of implications and avenues for future research endeavors. Footnote 7 These knowledge gaps may provide important insights for both the research community as well as for policy makers and officials.

It should be clear that understanding the nature of – as well as managing – socio-technical transitions represents a multi-disciplinary research undertaking. Collaborations between natural scientists and engineers on the one hand and social scientists on the other are of course needed to translate environmental and technical challenges into societal challenges and action. In such collaborative efforts, however, it needs to be recognized that technological change is not a linear process; it entails phases such as concept development, pilot and demonstration projects, market formation and diffusion of technology, but also with important iterations (i.e., feedback loops) among all of these phases. It should be considered how bridges between different technical and social science disciplines can be built, this in order to gain a more in-depth understanding of how technology-specific engineering inventions can be commercialized in various institutional contexts. Transition studies, innovation and environmental economics, as well the innovation system and the innovation management literatures, among others, could help provide such bridges. Other types of systems studies, e.g., energy system optimization modeling, will also be important.

In addition to the above, there should also be an expanded role for cross-fertilization among different social sciences, e.g., between the economics, management and political science fields and between the research on sustainability entrepreneurs and transition studies (see also [ 26 ]). This could help improve the micro-foundations of, for instance, innovation system studies, i.e., better understanding of companies’ incentives, drivers etc., but also stress the need for considering socio-technical systems in the management research. For instance, the focus on individual heroes that pervades much of the entrepreneurship literature may lead to a neglect of the multiple factors at work and the role of framework conditions such as institutions (e.g., legal rules, norms) and infrastructure at the national and local scales. Better integration of various conceptual perspectives on green business and innovation could generate less uncertain business-as-usual scenarios.

The discussions in this article also suggest that green innovation in the public sector should be devoted more attention in future research. This could, of course, focus on various institutional and organizational innovations in the form of new and/or revised policy instrument design. The challenges involved in designing and implementing technology-specific sustainability policies, typically referred to as green industrial policies [ 50 ], tend to require such innovation (e.g., to increase transparency, and avoid regulatory capture). These policies are essentially processes of discovery, both by the state and the industry, rather than a list of specific policy instruments. This implies learning continuously about where the constraints and opportunities lie, and then responding to these.

The risk associated with regulatory capture is one issue that deserves increased attention in future research, including how to overcome such risks. Comparisons of green industrial policies across countries and technological fields – as well as historical comparative studies – could prove useful (e.g., [ 8 ]). How different policies interact as well as what the appropriate level of decision-making power is, are also important questions to be addressed. Of course, given the context-specificity of these types of policies, such research must also address the issue of how transferable innovation and sustainable practices are from one socio-technical and political context to another.

Moreover, the growing importance of diffuse emissions also requires green innovation in the public sector. Specifically, implementing environmental regulations that are close to damages demand specific monitoring technologies that can measure pollution levels. The development of new technologies – which, for instance, facilitates cheap monitoring of emissions – ought to be promoted, but it is quite unclear who has the incentive to promote and undertake such R&D activities. Similar concerns can be raised about the innovations that permit consumers to better assess the environmental footprints of different products and services (e.g., [ 21 ]). Private firms cannot be expected to pursue these types of green innovations intensively. Nevertheless, governments often spend substantial amounts on funding R&D on pollution abatement technology, but less frequently we view government programs funding research on technologies that can facilitate policy enforcement and environmental monitoring.

Finally, the green economy transition should also benefit from research that involves various impact evaluations, including methodological innovation in evaluation studies. This concerns evaluations of the impacts of important baseline trends, e.g., digitalization and automation, globalization versus nationalization, etc., on environmental and distributional outcomes but also on the prospects for green innovation collaborations and various circular economy-inspired business models. Such evaluations could be particularly relevant for understanding possible future pathways for the greening – and de-carbonization – of key process industries. Clearly, there is also need for improved evaluations of policy instruments and combinations of policies. With an increased emphasis on the role of technology-specific policies, such evaluations are far from straightforward. They must consider the different policies’ roles in the innovation systems, and address important interaction effects; any evaluation must also acknowledge the policy learning taking place over time.

Availability of data and materials

Not applicable.

For instance, in the new system, workers had more autonomy and flexibility (e.g., [ 28 ]).

Clearly, given the focus on sustainable technological change, this article does not address all dimensions of the transition to a green economy. Heshmati [ 31 ] provides a recent review of the green economy concept, its theoretical foundations, political background and developmental strategies towards sustainable development. See also Megwai et al. [ 41 ] for an account of various green economy initiatives with a specific focus on developing countries, and Bartelmus [ 5 ] for a critical discussion of the link between the green economy and sustainable development.

For instance, it is typically less negative for the environment to landfill a substantial share of mining waste such as hard rock compared to recycling. Hard rock typically causes little environmental damage, except aesthetically, unless such waste interacts with surface or ground water [ 17 ].

In fact, patents protecting intellectual property rights could even slow down the diffusion of green technologies offering deep emission reductions by creating a bias towards development of close-to-commercial technologies. For instance, Budish et al. [ 10 ] shows that while patents award innovating companies a certain period of market exclusivity, the effective time period may be much shorter since some companies choose to file patents at the time of discovery rather than at first sale. One consequence of this is that the patent system may provide weak incentives for companies to engage in knowledge generation and learning about technologies that face a long time between invention and commercialization.

The UNFCCC [ 56 ] reports substantial increases in climate-related global finance flows, but these flows are still relatively small in the context of wider trends in global investment. They are even judged to be insufficient to meet the additional financing needs required for adaptation to the climate change that cannot be avoided.

If the tax is assessed per pound of intermediate material produced, it will also give producers the incentive to supply lighter-weight products.

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Acknowledgements

Financial support from Nordforsk (the NOWAGG project) is gratefully acknowledged, as are valuable comments on earlier versions of the manuscript from Åsa Ericson, Johan Frishammar, Jamil Khan, Annica Kronsell, one anonymous reviewer and the Editor. Any remaining errors, however, reside solely with the author.

Financial support from Nordforsk and the NOWAGG project on Nordic green growth strategies is gratefully acknowledged. Open access funding provided by Lulea University of Technology.

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Söderholm, P. The green economy transition: the challenges of technological change for sustainability. Sustain Earth 3 , 6 (2020). https://doi.org/10.1186/s42055-020-00029-y

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Published: 20 December 2023

Emerging new themes in green finance: a systematic literature review

H. M. N. K. Mudalige ORCID: orcid.org/0000-0002-4497-4750 1

Future Business Journal volume 9 , Article number: 108 ( 2023 ) Cite this article

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There is a need for an extensive understanding of the emerging themes and trends within the domain of green finance, which is still evolving. By conducting a systematic literature review on green finance, the purpose of this study is to identify the emerging themes that have garnered significant attention over the past 12 years. In order to identify the emerging themes in green finance, bibliometric analysis was performed on 978 publications that were published between 2011 and 2023 and were taken from the databases of Scopus and Web of Science. The author examined annual scientific production, journal distribution, countries scientific production, most relevant authors, most frequent words, areas where empirical research is lacking, words' frequency over time, trend topics, and themes of green finance. The outcome of the review identified the following seven themes: (i) green finance and environmental sustainability; (ii) green finance and investments; (iii) green finance and innovation; (iv) green finance policy/green credit guidelines; (v) green finance and economy; (vi) green finance and corporate social responsibility; (vii)trends/challenges/barriers/awareness of green finance. The analysis of these emerging themes will contribute to the existing corpus of knowledge and provide valuable insights into the landscape of green finance as it evolves.

Introduction

Cities will face their greatest challenges ever during the next 30 years, and three-quarters of the world's population will reside in urban areas by 2050 due to the unparalleled rate of urbanization as a result of population growth, resource scarcity, such as peak oil, water shortages, and food security [ 100 ].

One of the main challenges in building and maintaining sustainable cities is discovering the sources required to fund vital infrastructure, development, and maintenance activities that have a sustainable future. To achieve the creation of sustainable cities, there is a need for green projects via green financial bonds, green banks, carbon market tools, other new financial instruments, new policies, fiscal policy, a green central bank, fintech, community-based green funds, and expanding the financing of investments that provide environmental benefits [ 26 , 78 ].

It is evident that green financing plays a crucial role in promoting sustainable initiatives. Thus, a transition from a rising economy to a green economy necessitates that a country's leadership offers green financing [ 112 ]. To assure green economic growth, nations around the world have invested in green projects to promote, invent, and employ environmentally friendly technologies to safeguard the environment and maximize environmental performance [ 55 ]. Because of new stakeholders' and institutions' understanding of environmental issues, regulatory authorities are likely to seek out extra ecologically acceptable financial resources. In an effort to establish environmental legitimacy, this type of environmental proactivity will be required when new methods of providing financial resources and green financing arise.

In numerous ways, the impact of adopting green financing is proven. First, green finance provides financial support for firms engaged in green innovation, including the purchase of green equipment, the introduction of new environmentally efficient technologies, and the training of their personnel. Second, green funding from various projects can assist stakeholders (organizations, governments, and regulators) in spending R&D funds on environmental challenges and minimize the associated risk with green legislation. Lastly, green policies have higher costs than conventional practices, and green finance can assist an organization in covering these expenses without encountering significant financial obstacles. As a result, green finance-driven economic growth can significantly support green policies, lessen environmental pollution, and build sustainable cities [ 128 ].

There have previously been systematic literature reviews conducted in the green finance area. However, a study's reliance on one database can exclude some recent developments in green finance from its analysis [ 93 ]. Findings from several databases could be compared and contrasted to create a more all-encompassing view of the area. Therefore, this study focuses on using Scopus and WoS databases.

Though additional methods, such as systematic literature reviews (SLR) and more complex network analyses such as co-occurrence of index terms, citations, co-citations, and bibliometric coupling, are available, previously conducted studies used a fundamental bibliometric technique [ 23 ]. A more detailed picture of the green finance study setting may emerge from an examination of the identification of various themes.

As part of a systematic review of the literature concerning emerging trends in green finance, it is critical to ascertain the dominant themes that are present in the field. By adopting this methodology, an intentional emphasis is placed on maintaining the review's relevance and excluding any studies that are obsolete. In addition, by identifying and classifying these themes, one can gain significant knowledge regarding the ever-changing characteristics of green finance, thereby illuminating the latest advancements and patterns. A study conducted by Pasupuleti and Ayyagari [ 99 ] identified different themes in green finance, but the researchers were only focused on polluting companies. By amalgamating insights from the literature review, one can attain a holistic comprehension of the current state of research in the field of green finance. Additionally, this process identifies areas where additional inquiry is necessary. Engaging in such an undertaking provides advantages not only to the scholarly community but also carries practical implications for policymakers, practitioners, and investors, assisting them in formulating effective policies and investment strategies and making well-informed decisions.

Green finance research is growing rapidly. However, the rising themes and trends in green finance literature must be comprehended. A comprehensive literature review can summarize current knowledge, identify research gaps, and identify the field's most relevant topics. This study seeks to uncover green finance's emerging themes through a rigorous literature review. This research aims to advance green finance knowledge by synthesizing and analyzing a wide range of scholarly articles.

Methods and methodology

Study selection process and methods.

In this study, a systematic literature review (SLR) was applied. It used inclusion criteria, analysis techniques, and a more objective method of article selection. As recommended for SLRs [ 65 ] with regard to the article selection process, the PRISMA article selection steps were adhered to. The steps are "identification," "screening," and "included". The steps that were taken in this study are shown in Fig. 1 .

PRISMA article selection flow diagram. Note : Search algorithm; “green finance” . Sources (s) Authors Construct, 2023

In the identification phase, the search terms, search criteria, databases, and data extraction technique are chosen. The keyword to use in the search was "green finance" as the study is aimed at identifying emerging themes in green finance.

The identified articles need to be screened in accordance with the PRISMA guidelines. The tasks carried out at the screening were the screening, retrieval, and evaluation of each article's eligibility. According to Priyashantha et al. in [ 103 ], articles in each task that did not meet the inclusion criteria were removed. The "empirical studies" published in "Journals" from "2011–2023" in "English" were the inclusion criteria for screening the articles. In 2023, up to May, the journal articles were chosen.

This screening was carried out both manually and automatically. Utilizing Scopus' and Web of Science's (WoS) automatic article screening features by study type, language, report type, and publication date, articles achieving the inclusion criteria "empirical studies" published in "English" "journals" from "2011–2023″ were included. The other publication types such as conference papers, book chapters, reviews, research notes, editor's comments, short surveys, and unpublished data, as well as non-English articles and articles published within the considered year range, were excluded. The full versions of the screened articles were then retrieved for the eligibility assessment, the next stage of screening. The author manually evaluated each article's eligibility.

Study risk of bias assessment

Researcher bias in article selection and analysis lowers the quality of reviews [ 8 , 102 ]. Avoiding bias in article selection and analysis requires using a review protocol, adhering to a systematic, objective article selection procedure, using objective analysis methods [ 8 , 102 ], and performing a parallel independent quality assessment of articles by two or more researchers [ 8 ]. By adhering to all of these requirements, the risk of bias in the articles was removed.

Methods of analysis

Biblioshiny and VOSviewer were used for bibliometric analysis. Green finance literature was captured by Scopus and WoS. These databases were used exclusively to get a representative sample of journal articles to study green finance articles. The data were collected and analyzed using Biblioshiny. Select databases can be systematically extracted and analyzed with the software. It collects year-by-year article distribution, journal distribution, country-specific scientific production, most relevant authors, most frequent words, word frequency over time, trend topics, density visualization, etc.

Trends and patterns were found by analyzing green finance paper distribution by year. This analysis shows green finance research's growth. By analyzing article distribution by year, we may also establish green financing and rising theme trends. To identify green finance research publications, article distribution was studied. Academic journal distribution can indicate green finance's prominence in various academic journals. Analyzing scientific production by region reveals regional green finance research tendencies. Scientific production across nations identifies knowledge-producing regions.

Analyzing influential green finance authors helps identify their contributions. This strategy acknowledges influential scholars. The research's most frequently used words reveal the fundamental questions and ideas of environmentally responsible economics. This analysis reveals the discipline's primary topics and studies. By counting words, it may focus on green finance's most important and widely used components. Word frequency can show how green finance's focus has shifted. By tracking word usage, it can identify trending topics. This analysis reveals changing green finance research priorities. Biblioshiny explores green financial trends. This study reveals new topics, research gaps, and subject interests. The trend themes allow us to evaluate green finance studies.

Results and findings

Study selection.

The PRISMA flow diagram illustrates that during the identification step, 528 articles from the WoS database and 1183 articles from the Scopus database that include the term "green finance" were identified. There were 402 duplicates, which were removed. The overall number of articles remained at 1302 at that point. Further attempts were made to include papers on empirical investigations in the final versions that were published in English. 34 non-English articles were thus disregarded. In addition, 295 papers from conferences, book chapters, reviews, news articles, notes, letters, abstracts, and brief surveys were not included. Two articles were disqualified because they were published before 2011. The next step was to retrieve the remaining 978 articles and transfer their pertinent data to an MS Excel file, including the article's title, abstract, keywords, authors' names and affiliations, journal name, citation counts, and year of publication. After that, each article was examined by a third party to determine whether it met the requirements for its eligibility.

Study characteristics

Main information.

This study examined 978 studies by 1830 authors from 59 countries. They've been published in 281 publications. The average number of citations each article received was 12.37. There were a total of 2206 keywords and 44,712 references. This information is detailed in Table 1 .

Annual scientific production

The fluctuations in green financing for scientific production are depicted in Fig. 2 . In 2011, two articles were published that demonstrated interest in this research. No publications were released in 2012, indicating a paucity of research or interest. The trend persisted in 2013 with two articles. One publication appeared in 2014, indicating a halt in research. Since 2015, scientific output has gradually increased. In 2015, three articles contributed to the development of green finance research. Two articles survived in 2016. With eleven articles published in 2017, green finance has become a significant area of study. In 2018, 23 articles were published; in 2019, there will be 42. With 45 publications in 2020, green finance research remains robust. Green finance research increased to 132 publications in 2021. This significant increase in articles on the subject indicates a growing interest in the matter. The publication of 403 research articles in 2022 represents a notable increase. This increase reflects the expanding literature on green finance and its academic significance.

Year-wise research article distribution. Source (s): Author created, 2023

Journal distribution

Table 2 consists of a list of journals that were included in the sample and had more than six relevant papers published inside the journals. The majority of the journals that publish articles relating to green finance are, unsurprisingly, those that focus on environmental science, renewable energy, and sustainability. This is despite the fact that finance is considered an essential component of green financing. Not a single journal in the field of finance was able to attract more than 10 papers.

Based on the number of papers, Environmental Science and Pollution Research emerges as the top journal, demonstrating a strong focus on comprehending the intersection between environmental science, pollution, and financial aspects. The prevalence of journals focused on renewable energy and sustainability, each of which publishes 50 papers, demonstrates the growing interest in examining the financial aspects of sustainable development and renewable energy sources. The fact that Resources Policy was included in the list of 49 papers indicates that a significant emphasis was placed on understanding the financial implications of resource management and extraction.

Green finance is interdisciplinary in nature, exploring the connections between finance and various environmental issues, as evidenced by the existence of interdisciplinary journals like Frontiers in Environmental Science. The existence of journals like Finance Research Letters and Economic Research-Ekonomska Istrazivanja highlights the importance of economic and financial analysis in the context of green finance.

Countries scientific production

The analysis of region frequencies in the provided data in Fig. 3 reveals intriguing patterns and highlights the varying levels of research focus in various countries. The analysis is focused on the top ten countries for scientific production on green finance.

China is the part of the world most frequently mentioned, with a striking frequency of 993. This suggests a significant research interest in comprehending and analyzing diverse aspects of China's economy, policies, and development. Given China's status as the world's most populous nation and its growing global influence, it is unsurprising that researchers have devoted considerable effort to examining China's position in various fields, including finance, sustainability, and innovation.

Pakistan follows with a frequency of 79, indicating a notable but relatively lower research emphasis. Researchers may have investigated particular Pakistan-related topics, such as its economy, governance, or social issues. Pakistan may be of particular interest to a subset of researchers, or there may be a paucity of relevant literature in the analyzed dataset.

With a frequency of 60, the UK is the third-most-mentioned region. This demonstrates a sustained interest in researching various aspects of the UK, such as its economy, financial sector, and policies. It is possible that the historical significance of the UK, particularly in terms of finance and international relations, contributed to its prominence in literature.

Most relevant authors

The prominent and active contributors to the discipline are shown in Fig. 4 . Wang Y has significantly added to the body of literature. The top authors have a constant record of publishing, which shows a dedication to knowledge advancement and suggests a high level of expertise in their field of study.

In this section, the findings that conform to the aims of the research are reported. The conclusions were generated through the use of trend themes, keyword co-occurrence analysis, "most frequent words," and "word frequency over time." During the course of the investigation, both the "keyword co-occurrence; network visualization" and the "density visualization" methods were applied.

Most frequent words

The analysis of the most frequent words sheds light on the emerging themes in the field of green finance, as illustrated in Table 3 and Fig. 5 . A significant emphasis on China, which appears 253 times in the literature, is one of the important observations. This indicates that China's initiatives and role in the context of sustainable finance and green investment are gaining increasing recognition. China's approach to green finance and its potential implications for global sustainability initiatives are likely the primary focus of researchers and policymakers.

The term "finance" appears 122 times, emphasizing the importance of financial mechanisms and instruments to the advancement of green initiatives. This emphasizes the significance of financial institutions, policies, and frameworks that support environmental protection and sustainable development. The frequency of the term "investment" (103) emphasizes the significance of allocating financial resources to environmentally friendly businesses and initiatives.

The 105 occurrences of "sustainable development" indicate the close relationship between green finance and broader sustainability goals. This indicates that researchers and practitioners recognize the need to align financial decisions with environmental, social, and governance (ESG) factors in order to achieve long-term sustainable development objectives.

The terms "green economy" (75) and "environmental economics" (57) refer to the integration of environmental considerations into economic systems and decision-making procedures. This emphasizes the importance of transitioning to environmentally sustainable economic models and policies.

The frequency of terms such as "carbon," "carbon emissions," and "carbon dioxide" (55, 55, and 51 times, respectively) indicates a focus on mitigating greenhouse gas emissions and addressing climate change via financial mechanisms. This is consistent with the worldwide drive for decarbonization and the transition to low-carbon economies.

In addition, the terms "innovation" (71), "impact" (67), and "efficiency" (49) emphasize the significance of technological advancements, measurable outcomes, and resource optimization in green finance. These ideas illustrate the ongoing pursuit of innovative strategies and solutions to promote positive environmental impact while maximizing resource utilization.

The terms "sustainability" (44), "policy" (49), and "financial system" (41) highlight the need for policy frameworks and a robust financial system to facilitate the incorporation of sustainability considerations into mainstream finance. These themes emphasize the critical role that regulations, incentives, and institutional arrangements play in promoting green finance practices and nurturing a sustainable economy.

In addition, the terms "climate change" (50) and "alternative energy" (42) suggest an emphasis on addressing climate-related issues and investigating renewable and sustainable energy sources. This demonstrates an acknowledgment of the role of green finance in the transition to a low-carbon, resilient future.

The relationships between the keywords depicted as nodes are displayed in Fig. 6 's keyword co-occurrence network visualization. The link shows how each keyword relates to the others. In particular, the thickness of the line indicates how strong the relationship is. As a result, Fig. 8 illustrates how China and green finance are connected by a thicker line, showing that the majority of green finance research is carried out in China. Additionally, the connection between finance, sustainable development, and investments in green finance shows their connection to green finance. In Fig. 6 , the nodes are grouped into the red, green, and blue clusters. These clusters contain the keywords listed in Table 3 for each one. The various clusters in Fig. 6 demonstrate how different areas of research had distinct effects on green financing. When keywords are grouped together, it indicates that the topics they refer to are quite likely to be the same. As a result, the red, green, and blue clusters in Fig. 6 highlight common themes, while Table 4 provides explanations for the clusters.

The keyword co-occurrence network visualization

Areas where empirical research is lacking

Figure 7 displays the density visualization map that the VOSviewer generated. The VoSviewer manual states that a node with a red background denotes sufficient research for established knowledge and that it is evident that more study on green finance is still needed. On the other hand, keyword nodes with a green background show that there hasn't been much research on those particular keywords. Other than finance and China, the other keywords in the figure are therefore in the green background, which denotes insufficient research.

The keyword co-occurrence density visualization

Word’s frequency over time

The analysis of words' frequency over time in Fig. 8 reveals a number of significant trends. Beginning in 2018, the frequency of the term "China" increases considerably, with a significant rise in 2022 and a peak of 253 occurrences in 2023. This indicates a growing emphasis on China's role in green finance and its expanding prominence in the academic literature.

The persistent occurrence of the term "finance" over the years indicates the sustained significance of financial mechanisms and instruments in the context of green finance research. Its increasing frequency over time demonstrates the continued emphasis placed on financial aspects of the field.

The consistent growth of the term "sustainable development" from 2016 to 2019 indicates a growing recognition of the connection between green finance and broader sustainability objectives. However, after 2019, its occurrence remains comparatively stable, indicating that sustainable development has become a well-established and consistent theme in the literature.

Similarly, the term "investment" has maintained a consistent presence throughout the years, indicating a continued emphasis on allocating financial resources to green and sustainable initiatives. Its frequency fluctuates but remains relatively high throughout the period under consideration.

The frequency of the term "economic development” increased gradually until 2021, after which it remained relatively stable. This indicates that researchers have acknowledged the need to incorporate economic development and sustainable practices, resulting in a continued emphasis on this topic.

Similar to the term "investments," it has maintained a consistent presence throughout the years. This demonstrates a persistent desire to investigate investment opportunities and strategies within the context of green finance.

The frequency of the term "green economy” increased until 2020, after which it stabilized. This demonstrates an ongoing commitment to transitioning to a greener and more sustainable economy.

The terms "innovation" and "impact" have exhibited a general upward trend over the years. This suggests that innovative approaches to measuring the impact of green finance initiatives and projects are gaining importance.

The term "green finance" has been used significantly more frequently, particularly after 2021. This demonstrates the increasing interest and focus on the specific discipline of green finance, reflecting its emergence as a distinct research area within the context of sustainable finance as a whole.

Trend topics

Insights into novel areas and their developments over time can be gained from an analysis of trend themes using author keywords in the bibliometric data, as shown in Fig. 9 .

Trend Topics

There are nine times where the "Paris Agreement" is mentioned as a subject. It was consistently present from 2019 to 2022, demonstrating a strong interest in comprehending the ramifications and execution of this global climate agreement. The Paris Agreement's effects on environmental regulations and attempts to slow down climate change were probably among the topics on which researchers concentrated.

Seven uses of the word "environment" show that it is a recurring subject. This implies maintaining a focus on environmental concerns and the interactions between human actions and the environment as a whole. It's likely that academics and researchers have examined numerous environmental concerns and their effects on various industries and regulations.

Six occurrences of "regional economy" are found in the literature. This shows a rise in interest in learning about the dynamics and growth of regional economies and how they relate to sustainable practices. The emphasis on regional economies indicates that scholars are looking at the regional and context-specific elements affecting sustainable development and economic progress.

Another subject with five mentions per topic is "crowdfunding". This shows that crowdsourcing is becoming more and more popular as a method of finance, especially for sustainable projects. Crowdfunding's ability to assist green projects, as well as the opportunities and challenges that come with it, has probably been studied by researchers.

With 631 occurrences, the topic "green finance" stands out due to its very high frequency and demonstrates its rising importance in the literature. This demonstrates a rise in interest in the nexus between finance and environmental sustainability. The methods, laws, and procedures that encourage financial investments in green projects and companies have probably been studied by academics and policymakers.

With 92 mentions, "China" stands out as being quite popular. In the context of green finance and sustainable development, this suggests a strong focus on China's participation. Researchers are probably looking at China's policies and initiatives and how they may affect international sustainability efforts.

The phrase "sustainable development" also comes up 70 times, demonstrating a steadfast interest in learning and implementing sustainable practices in a variety of fields. There is a good chance that academics have looked into the frameworks, policies, and tactics that help achieve long-term sustainable development goals.

Seventeen times are mentioned when the term "carbon neutrality" is brought up, which shows that efforts to achieve it are becoming more and more of a priority. To minimize greenhouse gas emissions and combat climate change, researchers have probably looked into a variety of strategies and regulations.

ESG (environmental, social, and governance) is a term with a frequency of ten references, which reflects the growing understanding of the significance of ESG aspects in investment choices and company practices. The incorporation of ESG factors into financial analysis and decision-making processes has probably been researched by researchers and practitioners.

Last but not least, the phrase "green finance policy" is used nine times, showing that policies that support and oversee green finance efforts are a particular emphasis of the study. It's likely that academics and policymakers have looked at how well these policies work and how they affect the growth of sustainable practices and investments.

In conclusion, study subjects that have attracted interest over time are shown by an analysis of trend topics in the bibliometric data. These themes show the continued attempts to understand and manage environmental concerns through research, policy, and finance, from global agreements like the Paris Agreement to specific topics like green finance and sustainable development.

Themes of green finance

This study uncovered a variety of topics relating to green finance as well as potential areas for further research. The descriptions of the themes are presented in Fig. 10 . Different themes related to green finance, along with significant studies that contributed significantly, are discussed below.

Green finance and environmental sustainability

In recent years, there has been a growing emphasis on the significance of green finance and environmental sustainability, leading to increased attention and focus in both academic research and practical applications. The world is currently experiencing an unparalleled environmental crisis, with issues like resource depletion, biodiversity loss, and climate change becoming more pressing. Green finance, which falls under the umbrella of sustainable finance, centers its attention on investments and financial methods that not only yield economic profits but also contribute to favorable environmental consequences.

Existing research mostly focuses on green finance and environmental sustainability in Asian countries, with specific focus on China. Green finance's function in low-carbon development has been thoroughly studied in relation to carbon emissions [ 13 , 147 ]. Green financing and renewable energy growth have also received attention, aiding China's clean energy revolution [ 4 , 12 , 20 , 21 , 40 , 49 , 51 , 56 , 61 , 67 , 72 , 75 , 76 , 80 , 85 , 89 , 97 , 104 , 105 , 107 , 109 , 110 , 119 , 121 , 129 , 135 , 144 , 145 , 149 , 169 , 172 ]. Environmental rules and green finance have also been studied to determine how well they promote sustainable financing [ 19 , 22 , 62 , 114 , 123 , 145 , 159 ].

When it comes to the study of regions outside of Asia, such as Africa, South America, and parts of Europe, there is a significant knowledge gap. It may be helpful to gain useful insights into regional variances and strategies if one is able to comprehend the various ways in which these various regions approach green financing and environmental sustainability initiatives.

Green finance and investments

Following a global shift toward sustainable and ecologically responsible economic practices, green finance and investments have developed dramatically.

Green bond quality and effectiveness, notably in China, is a major study topic. Green bonds finance ecologically friendly projects, therefore verifying their quality is crucial to green financial markets. To help green bonds meet sustainability goals, researchers have studied their quality procedures and standards [ 3 , 6 , 9 , 10 , 33 , 34 , 35 , 38 , 79 , 92 , 95 , 108 , 115 , 164 ]. The relationship between green and non-green investments is another frequent research topic. Researchers have studied the hedging or diversification impacts of these two assets. This study examines how green and non-green investments affect portfolio strategies, risk management, and the financial environment [ 1 , 116 ]. Another interesting relationship is natural resource richness, FDI, and regional eco-efficiency. Given global agreements like COP26, scholars are studying how natural resources and FDI effect regional ecological efficiency as states attempt to combine economic growth with environmental sustainability [ 15 , 36 , 42 , 143 , 157 ].

A key feature of green finance study is how financial institutions, integrate green investment and financing teams. The green finance agenda requires understanding how bank’s structure and behave to encourage sustainable investment. Green financial instrument creation and effect are another study topic. Researchers have examined green finance products including green bonds and minibonds to determine their performance and impact on environmental and sustainability goals. This field helps design policies and strategies to optimize industrial structures and promote sustainable development.

Green finance research examines how it affects industrial structures. Studies have examined how green finance initiatives including loans and investments optimize and shift industrial sectors toward sustainability. These findings are crucial for governments and business stakeholders seeking financial incentives for eco-friendly operations [ 12 , 31 , 46 , 57 , 85 , 96 , 124 , 130 , 139 ].

Green finance market interactions with financial variables must also be assessed for sustainable financial development. Researchers examine the relationship between green financial indices and other financial indicators to better understand how green finance affects the financial landscape [ 27 , 32 , 48 , 68 , 137 ].

Green finance and investments have many unexplored areas, presenting research opportunities. The behavioral dimensions of green investment focus on the psychological drivers and biases that influence investment choices; subnational and local initiatives, which are frequently ignored despite their crucial role in ecological action; cross-country comparisons to provide a more holistic view of effective green finance practices; the role and impact of green finance in emerging economies; and innovative green financial instruments like blockchain. Examining these lesser-known aspects could improve our understanding of sustainability in the financial sector and offer insightful information to investors, financial institutions, and legislators that want to make a positive impact on a more sustainable and environmentally friendly future.

Green finance and innovation

The convergence of green finance and innovation is a crucial topic that addresses the pressing global concerns of environmental sustainability and financial stability. Much study has been done on green finance and innovation, yet various themes and gaps emerge, demonstrating its complexity.

Green financing policies and instruments promote innovation, especially in environmental technologies and renewable energy. Many studies have studied how green funding affects green innovation and if it promotes sustainable technology. They've studied green bonds, green banking, and green finance reform laws, offering empirical evidence that financial incentives combined with green practices can stimulate environmental innovation [ 16 , 41 , 44 , 47 , 52 , 64 , 70 , 81 , 87 , 107 , 133 , 152 , 162 ].

The role of environmental legislation in green financing and innovation is another common theme. Researchers have studied how these restrictions affect green finance's impact on technology. Studying how financial policies and regulatory frameworks interact has helped explain the complex dynamics affecting innovation in environmentally sensitive industries [ 11 , 29 , 54 , 84 , 120 , 126 , 132 , 151 , 152 , 174 ].

Nevertheless, there are obvious gaps in the existing knowledge within the field. The effects of green finance on innovation have been extensively studied, but a better knowledge of the factors driving innovation in other areas is needed. Further study may reveal how green funding might boost innovation in non-environmental industries. How can financial mechanisms support sustainable transportation, agricultural, and urban planning innovation.

Further research is needed on education and the human element in green innovation. How green finance, educational investments, and innovation interact can help individuals, businesses, and societies develop a sustainable future. Green finance and innovation's impact on environmental adaptation and resilience also understudied. More research is needed to determine how financial mechanisms and new solutions may help communities and organizations adapt to climate change.

Green finance policy/green credit guidelines

Climate change and environmental degradation are major worldwide issues. Green finance, which promotes environmentally and socially responsible investments, is a key instrument in this battle. Research and discussion have focused on how green finance policies affect the economy and environment.

The switch to renewable energy is crucial to fighting climate change globally. This transition relies on green financing initiatives. Researchers are investigating how well such regulations promote renewable energy. They examined how green finance regulations affect renewable energy output, investment, and job development in this growing sector. Understanding these implications helps improve green finance initiatives for sustainability [ 18 , 98 , 118 ].

China and other nations have implemented green finance pilot programs to test the waters and stimulate innovation. This research evaluates pilot policy implementation and impacts. Scholars use synthetic control and other tools to study how these initiatives affect green innovation. The results help determine the real-world implications of such experiments and their potential for wider use [ 48 , 113 , 121 , 131 , 146 , 162 ].

Green financing policies vary worldwide. Comparative research of green financing rules can highlight policy differences among jurisdictions. Researchers compared the EU and Russia's green financing laws. These studies emphasize differences, similarities, and the potential influence of these policies on green finance development, promoting cross-border cooperation and knowledge exchange [ 60 , 125 ].

Monitoring and measuring green finance progress is essential for future development. Researchers are developing green finance indices to assess green finance in a country or region. These indices help policymakers, investors, and the public understand green finance's growth and potential [ 141 ].

Despite significant and informative research on green finance policies and their effects on the economy and environment, several research gaps and opportunities for additional investigation remain. First, a thorough evaluation of the durability and long-term sustainability of green finance policies is lacking in the literature. Many studies focus on short-term outcomes, but long-term planning and implementation need understanding these policies' long-term implications. Second, green finance policies' cross-border effects need greater study. As the global economy grows more interconnected, it's important to understand how regional policies affect others and the possibility for international collaboration. Green finance and social effects as creating employment and community development are understudied. Such studies could illuminate these policies' overall impact. Finally, additional multidisciplinary research combining economics, environmental science, and social science are needed to comprehend green finance policies' complex implications. Scholars can fill these gaps to improve our understanding of this crucial topic and inform sustainable policymaking.

Green finance and economy

The relationship between carbon intensity and economic development is a growing topic in green finance research. How nations may shift to low-carbon economies while maintaining economic growth has been studied. Several studies have quantified how green finance policies reduce carbon emissions and boost economic growth [ 63 , 71 , 122 , 155 , 175 ].

The study of the impact of green financing on agriculture, particularly in China, is gaining attention. Green financing impacts agricultural trade, sustainability, and food security, according to researchers [ 37 , 140 ]. Given its connection with economics, food production, and sustainability, this type of researches is crucial.

Efficient utilization of natural resources in Asian countries has gained attention for promoting green economic growth. Researchers have studied how nations might maximize economic gains from natural resources while reducing environmental harm. Addressing sustainable economic development concerns requires this area [ 86 , 101 , 146 , 166 ].

The significance of judicial quality in reducing emissions without hindering economic growth is a common issue in green finance research. Researchers examine how strong legal systems can enforce environmental laws and promote green practices while boosting the economy [ 154 ].

Even while the previously stated research topics have unquestionably enhanced our understanding of the intricacies of green finance, there are still a number of uncharted territories and research gaps that need to be investigated further. Currently, research on green finance mostly focuses on economic and environmental concerns. Integrated research combining economic, environmental, and social science is needed. It can provide a holistic view of green finance policy' many implications. The globalization of green finance policy has significant implications and cross-border effects. These policies' worldwide spillover effects and country collaboration are rarely studied. Research is lacking on how regional policies affect others and international cooperation.

Green finance and corporate social responsibility

Fostering CSR requires understanding how environmental regulations affect companies' sustainable strategies. Researchers should examine how CSR goals can be better aligned with regulations to improve environmental and social outcomes. Researchers have studied green finance-CSR approaches to promote sustainability. This research seeks to understand how green finance initiatives like green bonds and sustainable investment practices affect CSR performance [ 173 ]. Businesses and investors looking to maximize their environmental and social impact must understand these mechanisms.

One intriguing research topic is empirical evidence from heavily polluting enterprises, especially in China. This study shows how green finance can reduce environmental harm and promote CSR in industries with a high environmental impact [ 45 , 66 ]. Researchers can find ways to help heavily polluting companies become more sustainable by studying their experiences.

Bangladesh banks' CSR and green finance practices have also been studied [ 168 ]. This study studies how green financing affects financial institution CSR and environmental performance. Financial organizations can use these results to incorporate environmental responsibility while being profitable. Another relevant research topic is post-pandemic CSR practices as a business strategy to combat volatility and drive energy and environmental transition [ 53 ]. Understanding how CSR and green finance can help companies whether economic downturns and pandemics are crucial. This research can help businesses adapt to changing business conditions.

Further studies can explore socially responsible mutual funds and low-carbon economies. The impact of the investment industry on sustainability and environmental responsibility can be better understood by scholars by examining how these funds affect company behavior and investment decisions. Investors and businesses pursuing sustainable development may find these insights to be beneficial.

Green bond issuance is growing, thus study on its effects on company performance and CSR is needed. Investors seeking to support environmentally responsible businesses and companies contemplating green finance must have a comprehensive understanding of the repercussions on associated with green financing.

Trends/challenges/barriers/awareness of green finance

Regional patterns in China's green finance trends are well-studied, but little is known about applying these findings elsewhere, especially in countries with similar environmental issues [ 24 , 30 , 83 , 88 ]. Analysis of green finance growth by sector is common; however, there may be a knowledge vacuum about how sectors might learn from each other to create more successful sectoral plans [ 28 , 50 , 142 ].

Analyzing the structural barriers to green financing is vital, but also understanding how consumers, financial institutions, and governments can work together to close this gap is crucial. Political and institutional restrictions in green financing have been extensively examined, but cross-national comparisons might reveal similar concerns and inventive solutions. Cultural variety is crucial in ethical and green finance, but the challenges of adapting cultural methods to different places may not be adequately examined [ 7 ].

There were 213 papers pertaining to green finance research that were published between the years 2011 and 2021. However, between 2022 and May 2023, there was an enormous increase in the number of publications, which was 715. These publications can be found in Scopus and WoS. This spike can be associated with a number of causes that have encouraged both academia and industry to focus on sustainable and environmentally friendly practices. These drivers can be found in both the public and private sectors.

To begin, there has been a growing awareness of the urgent need to address climate change and its adverse impacts on the world. An increasing number of demands for action have accompanied this recognition. Green finance provides a means by which funds can be directed toward projects and investments that promote environmental sustainability, such as the development of sustainable infrastructure, clean technologies, and renewable sources of energy. In addition, global initiatives such as the Paris Agreement have put pressure on governments and financial institutions to align their strategies with climate goals, which has led to an increased demand for research on green finance practices and regulations [ 58 ]. Additionally, investors and consumers are becoming more aware of the environmental impact of their financial actions, which is contributing to an increase in demand for environmentally responsible investing products and services [ 39 ]. As a direct consequence of these developing tendencies, researchers and academics have developed responses to them, adding to the expanding body of literature on green finance.

993, more than any other nation, are references to China. This shows a keen interest in learning about China's economy, politics, and development. Researchers have concentrated on China's position in finance, sustainability, and innovation given its status as the world's largest population country and its growing global relevance due to its critical role in fostering sustainable and low-carbon development. Reduced energy use and waste are the goals of energy efficiency measures, which also have a positive effect on the environment by reducing greenhouse gas emissions. Researchers want to comprehend the procedures, regulations, and financial tools that can successfully encourage and support energy efficiency projects, which will ultimately contribute to a greener and more sustainable future. This is why they are focused on energy efficiency within the context of green finance [ 2 , 14 , 60 , 67 , 69 , 74 , 106 , 117 , 134 , 136 , 156 , 160 , 170 ].

The construction of pilot zones for green finance reform and innovations (GFRI) is a significant step the Chinese government has taken to build a green economy. Many authors have conducted surveys on China's GFRI policy and its impact on innovations. The GFRI policy program supports green innovation in large, polluting companies and urban green development by enhancing total factor productivity in pilot cities, emphasizing the importance of debt finance in corporate green innovation [ 40 , 82 , 148 , 150 , 153 , 158 ]. A different study by Wang et al. in 2022 [ 127 ] discovered that while the GFRP generally plays a positive role in fostering green technology innovation capabilities, the extent to which it has an impact varies depending on the region's resources, environment, and level of economic development, with middle- and high-income areas seeing a more noticeable impact. Wang et al. in 2022 [ 127 ] propose a green finance index, employing statistical indicators from 2011 to 2019, to analyze China's green finance development and predict its growth from 2020 to 2024. New energy, green mobility, and new energy vehicles have boosted China's green finance index during the previous nine years, according to research.

The Green Financial Reform and Innovation Pilot Zones (GFPZ) policy's effect on the ESG ratings of Chinese A-share listed firms between 2014 and 2020 is examined in another study. The findings showed that the GFPZ policy raises ESG scores, which are mainly based on social responsibility, and helps businesses in the pilot zones do better financially and environmentally [ 17 ]. In 2023, Shao and Huang [ 111 ] reviewed China's green finance policy mix, showing a shift toward market-based approaches and greater private sector engagement, influenced by dynamic vertical interactions between different levels of government.

Chen et al. [ 14 ] examined the response of China's equity funds to institutional pressure on green finance in 2021. The results showed that funds with negative screening strategies, which exclude environmentally harmful investments, have higher green investment levels and higher financial returns, while funds with positive screening strategies face negative investor reactions despite their green investments.

A study done by Lv et al. [ 88 ] found that while green finance development in China is improving, regional disparities and a polarization trend exist, requiring measures to narrow the gap and promote coordinated development across economic regions. Because it is crucial for striking a balance between economic development, environmental conservation, and social well-being, researchers in green finance concentrate on sustainability. The authors focused on studies on sustainable investment options, analyzed how environmental, social, and governance aspects are incorporated into financial decision-making, and evaluated how sustainability affects financial performance. Researchers are expected to advance ethical and sustainable financial practices and help the world accomplish its sustainability goals by studying sustainability within the context of green finance [ 5 , 25 , 43 , 46 , 59 , 73 , 77 , 90 , 91 , 94 , 104 , 109 , 138 , 161 , 163 , 165 , 167 , 171 ].

In conclusion, research on green finance has primarily focused on Asian countries, particularly China, where it plays a crucial role in low-carbon development and renewable energy growth. However, there is a significant knowledge gap in regions outside Asia, such as Africa, South America, and parts of Europe. Further research is needed to understand regional variances and strategies in these areas.

Studies have examined various aspects of green finance, including green bond quality, the relationship between green and non-green investments, and the impact of green finance on environmental and sustainability goals. Behavioral dimensions of green investment, subnational and local initiatives, cross-country comparisons, and the role of green finance in emerging economies have also been explored. Additionally, the role of green finance in stimulating innovation in environmental technologies and renewable energy has been studied, but there are gaps in understanding its impact on non-environmental industries and the human element in green innovation.

Further research is needed to understand the role of environmental legislation in green finance, its impact on technology, and its cross-border effects. The durability and long-term sustainability of green finance policies should also be examined, along with their social effects such as employment creation and community development. The relationship between carbon intensity and economic development, as well as the alignment of corporate social responsibility goals with environmental regulations, are important areas for investigation.

There is a need for more research on applying the findings from China's green finance trends to other countries facing similar environmental issues. Structural barriers to green financing should be analyzed, and the collaboration between consumers, financial institutions, and governments in closing this gap should be explored. Cultural diversity in ethical and green finance should also be considered, along with the challenges of adapting cultural methods to different places. Overall, further research in these areas can contribute to a more sustainable and environmentally friendly future.

When compared to other fields of study, it is clear that research on green finance has not been investigated to the same extent. In contrast to the less-researched areas of carbon, carbon emissions, climate change, financial systems, policymaking, agriculture, CSR, supply chain, risk management, corporate strategy, regional planning, and governance, green financing has been well-liked with investments, sustainable developments, green innovations, and green economies. On the other hand, taking into account the growing attention paid to sustainability on a worldwide scale and the pressing need to find solutions to the problems posed by the environment, it is quite likely that research into green finance will become more important in the years to come.

The increasing significance of sustainable development and the change to an economy with lower carbon emissions will require the development of innovative financial solutions to support green initiatives and assist the shift toward a financial system that is more friendly to the environment and more sustainable. It is anticipated that researchers will devote a greater amount of attention to green finance as the level of awareness regarding the environmental and social impacts of financial activities continues to rise. These researchers will investigate topics such as sustainable investment strategies, green bond markets, sustainable banking practices, and the incorporation of environmental considerations into financial decision-making. In addition to this, the incorporation of environmentally friendly financial practices into policy frameworks and regulatory measures further emphasizes the requirement for research in this particular area. In general, it is projected that research on green finance will pick up steam in the years to come because it plays such an important role in the process of sculpting a financially sustainable and resilient.

Availability of data and materials

SCOPUS and WoS databases.

Abbreviations

Corporate social responsibility

Financial Technology

Green finance reform and innovations

Green Financial Reform and Innovation Pilot Zones

Systematic literature review

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Mudalige, H.M.N.K. Emerging new themes in green finance: a systematic literature review. Futur Bus J 9 , 108 (2023). https://doi.org/10.1186/s43093-023-00287-0

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Sustainable development has been the overarching goal of the international community since the UN Conference on Environment and Development (UNCED) in 1992. Amongst numerous commitments, the Conference called upon governments to develop national strategies for sustainable development, incorporating policy measures outlined in the Rio Declaration and Agenda 21. Despite the efforts of many governments around the world to implement such strategies as well as international cooperation to support national governments, there are continuing concerns over global economic and environmental developments in many countries. These have been intensified by recent prolonged global energy, food and financial crises, and underscored by continued warnings from global scientists that society is transgressing a number of planetary boundaries or ecological limits.

With governments today seeking effective ways to lead their nations out of these related crises whilst also taking into account these planetary boundaries, green economy (in its various forms) has been proposed as a means for catalysing renewed national policy development and international cooperation and support for sustainable development. The concept has received significant international attention over the past few years as a tool to address the 2008 financial crisis as well as one of two themes for the 2012 UN Conference on Sustainable Development (Rio+20). This has resulted in a rapidly expanding literature including new publications on green economy from a variety of influential international organisations, national governments, think tanks, experts, non-government organisations and others.

Governments agreed at Rio+20 to frame the green economy as an important tool for sustainable development; one that is inclusive and can drive economic growth, employment, and poverty eradication, whilst maintaining the healthy functioning of the Earth’s ecosystems. Importantly, the outcome document also recognises that capacity building, information exchange and experience sharing will be critical for implementing green economy policies.

Recent initiatives on green economy or green growth by the United Nations Environment Program (UNEP) , the UN Department of Economic and Social Affairs (UNDESA), the United Nations Conference on Trade and Development (UNCTAD), the International Labour Organisation (ILO), the World Bank, the Organisation for Economic Cooperation and Development (OECD), the Global Green Growth Institute (GGGI), the Partnership for Action on Green Economy (PAGE) , the Green Growth Knowledge Platform (GGKP) the Green Economy Coalition https://www.greeneconomycoalition.org, Stakeholder Forum, the Green Growth Leaders and many others have begun to address these knowledge gaps and demystify these concepts.

Importantly, there is also emerging practice in the design and implementation of national green economy strategies by both developed and developing countries across most regions, including Africa, Latin America, the Asia-Pacific and Europe. This emerging practice can help to provide some important insights and much-needed clarity regarding the types of green economy policy measures, their scope with regard to various sectors and national priorities, and their institutional barriers, risks and implementation costs. This international experience (https://sustainabledevelopment.un.org/index.php?menu=1501) may serve to alleviate concerns regarding the effective integration of green economy policies with national economic and social priorities and objectives, that a transition to a greener and more inclusive economy offers for advancing the 2030 Agenda for Sustainable Development and its Sustainable Development Goals SDGs.

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January 1992 Agenda 21 "As main outcome of the UN Earth Summit held in Rio in 1992, Agenda 21 calls for a global partnership able to address the problems of the present and prepare the International Community for the challenges of the upcoming century. Bearing in mind the perpetuation of disparities laying between and within nations, the worsening of poverty, hunger, ill health and illiteracy, and the continuing deterioration of the ecosystems on which humanity depends for their well-being, Agenda 21 identifies integration of environment and development concerns and greater attention to them as leading factors for the fulfilment of basic needs, improved living standards for all, better protected and managed ecosystems."

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EPI’s research in this arena focuses on the role that public investment, regulation, and tax policy play in making the economy more sustainable and equitable.

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How to improve infrastructure project selection : account for positive regional spillovers, environmental impacts, and job creation benefits, what is the ideal mix of federal, state, and local government investment in infrastructure, testimony prepared for the subcommittee on highways and transit, transportation and infrastructure committee, u.s. house of representatives : for a hearing on “building a 21st century infrastructure for america—long-term funding for highways and transit programs”, by content:, the inflation reduction act finally gave the u.s. a real climate change policy, the industrial policy revolution has begun, but another is still needed : industrial policy and policies to rebalance labor market power are complements, not substitutes, the fed and a smooth macroeconomic transition to a cleaner u.s. economy, inflation is no excuse for inaction on needed tax reforms and investments, botched policy responses to globalization have decimated manufacturing employment with often overlooked costs for black, brown, and other workers of color : investing in infrastructure and rebalancing trade can create good jobs for all, president biden’s budget shows what true ‘fiscal responsibility’ means : pushing the economy closer to full employment, reducing inequality, and measuring the debt burden more accurately, the biden-harris administration’s first 100 days : how to assess progress for workers, rebuilding american manufacturing—potential job gains by state and industry : analysis of trade, infrastructure, and clean energy/energy efficiency proposals, epi’s model federal budget and tax plan : how we can raise the revenue needed to provide universal health care, strengthen safety nets, and shore up public investment, how to think about the job-creation potential of green investments: a boost to labor demand that will create some jobs, shift some others—and increase job-quality overall, what we read today, with friends like these : the carbon tax edition, green ‘sequester’ is already costing u.s. jobs : job losses from ongoing clean-tech cuts will rival those from defense cuts, counting up to green : assessing the green economy and its implications for growth and equity, green jobs are good jobs for african americans, climate change policy—border adjustment key to u.s. trade and manufacturing jobs, clunkers program drives economic, environmental gains, why this earth day is different than all others, green investments and the labor market : how many jobs could be generated and what type, employment impacts of clean edge act proposals, the employment impact of environmental investment : a conceptual framework, the impact of proposed greenhouse gas control policies on coal mining and railroad employment.

Articles on Green economy

Displaying 1 - 20 of 42 articles.

Australia is playing catch-up with the Future Made in Australia Act. Will it be enough?

Naoise McDonagh , Edith Cowan University

Green economy summit: how can Australia get more from its relationship with Vietnam?

Trang Nguyen , Climateworks Centre and Anna Skarbek , Climateworks Centre

America’s green manufacturing boom, from EV batteries to solar panel production, isn’t powered by renewable energy − yet

James Morton Turner , Wellesley College

Ghana’s new vehicle tax aims to tackle pollution – expert unpacks how it’ll work and suggests reforms

Theophilus Acheampong , University of Aberdeen

Low emissions and economic survival – countries in the global south aren’t getting a fair deal

Olabisi D. Akinkugbe , Dalhousie University

Sunak’s climate shift is out of touch with the demands of the UK’s workforce – here’s why

Vera Trappmann , University of Leeds and Jo Cutter , University of Leeds

Idea of green growth losing traction among climate policy researchers, survey of nearly 800 academics reveals

Ivan Savin , ESCP Business School and Lewis King , Universitat Autònoma de Barcelona

EU poised to copy US subsidies for green technology – new evidence from China shows how it could backfire

Jun Du , Aston University and Holger Görg , Kiel Institute for the World Economy

Industrial policy options for southern Africa: scenarios set out possibilities and risks

Julius Gatune , Maastricht School of Management and Deon Cloete , South African Institute of International Affairs

The Amazon rainforest is disappearing quickly — and threatening Indigenous people who live there

Félix Bhérer-Magnan , Université Laval

Politicians in high-vis say they love manufacturing. But if we want more Australian-made jobs, here’s what we need

Jesse Adams Stein , University of Technology Sydney

Green bonds can help finance clean energy – as long as the projects they fund are transparent

Catarina Araya Cardoso , University of Westminster

Sustainability rankings don’t always identify sustainable companies

Rumina Dhalla , University of Guelph and Felix Arndt , University of Guelph

How extractive industries manage to carry on harming the planet

Judith Verweijen , University of Sheffield and Alexander Dunlap , University of Oslo

Hydrogen gas-fuelled airships could spur development in remote communities

Barry E. Prentice , University of Manitoba

Analysis shows how the Greens have changed the language of economic debate in New Zealand

Geoffrey Ford , University of Canterbury ; Bronwyn Hayward , University of Canterbury , and Kevin Watson , University of Canterbury

How banks are trying to capture the green transition

Tomaso Ferrando , University of Antwerp and Daniel Tischer , University of Bristol

Five ways to kickstart a green recovery

Raimund Bleischwitz , UCL

Post-war reconstruction involved taxing richest – it could be a model for building a low carbon economy

Dario Kenner , Anglia Ruskin University

US green economy growth dwarfs Donald Trump’s highest hopes for the fossil fuel industry

Lucien Georgeson , UCL and Mark Maslin , UCL

Top contributors

Professor of Environment and Society, University of Essex

Professor of Organisational Studies, University of Sydney

Senior Lecturer & ARC DECRA Fellow, School of Design, University of Technology Sydney

Research Professor, Fridtjof Nansen Institute

Associate Professor, Adelaide Law School, University of Adelaide

Senior Lecturer in International Relations, Discipline of Politics & International Relations, Macquarie School of Social Sciences, Macquarie University

Professor in International Relations / International Political Economy, UNSW Sydney

Professor of Geology, The University of Edinburgh

Professor of Resources and Environmental Policy, UCL

Professor of Management, Newcastle Business School, University of Newcastle

Professor of International Politics, University of Sheffield

Professor of Natural Sciences, UCL

Program Manager / Educator, National Centre for Sustainability (NCS), Swinburne University of Technology

Researcher, Green Economy and Sustainable Development, UCL

Professor Emeritus, Macquarie Business School, Macquarie University

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Int J Environ Res Public Health

Green Jobs—A Literature Review

Mihaela-roberta stanef-puică.

1 Department of Economics and Economic Policies, Bucharest University of Economic Studies, 6 Romana Sq., District 1, 010734 Bucharest, Romania; [email protected]

Liana Badea

2 Department of Economic Doctrines and Communication, Bucharest University of Economic Studies, 6 Romana Sq., District 1, 010734 Bucharest, Romania; [email protected] (G.-L.Ș.-O.); [email protected] (L.-G.F.); [email protected] (A.C.)

George-Laurențiu Șerban-Oprescu

Anca-teodora Șerban-oprescu.

3 Department of Modern Languages and Business Communication, Bucharest University of Economic Studies, 6 Romana Sq., District 1, 010734 Bucharest, Romania; [email protected]

Laurențiu-Gabriel Frâncu

Alina crețu, associated data.

Not applicable.

In the past two decades the topic of “green jobs” has drawn particular attention, resulting in a widely diverse and relatively large number of published papers. Although a determinant for the increase of knowledge, the heterogeneity of these studies may raise the issue of a systematic documentation of the key contributions in this field. In this context, the present research focuses on analyzing the scientific literature published in the last five years on the topic of “green jobs” with the aim to identify definitions and meanings associated with the concept of “green jobs”, the connected terms, areas of research interest and the main theoretical and practical results. The results reveal that although there is no uniformity in the definition of the concept, there is still a convergence towards the initial meaning offered by the UNEP/ILO/IOE/ITUC Report of 2008. Moreover, using scientific software VOSViewer our research shows that the concept of “green jobs” is most linked with the following terms: sustainable development, the green economy, the circular economy, the welfare economy, the European Green Pact, energy, renewable energy, economic development, and employment. Furthermore, our analysis reveals that the studies focused on “green jobs” are mainly concerned with the following issues: green jobs creation, work-life balance, correlations between green business and green jobs and the role of local government in supporting green jobs.

1. Introduction

In recent years, one of the most debated topics among scholars, as well as policymakers, has related to climate change and the most efficient response to its detrimental consequences. According to the European Commission (2019), the global atmosphere is warming and that may cause the extinction of no less than one million out of eight million species [ 1 ]. In this context, climate change and degradation of the natural environment at the same time have been recognized as global factors for change. Thus, an important step to fight this phenomenon was taken in 2019 with adoption of the Green Deal. This is seen as a new growth strategy decoupled from the use of resources; one which will seek a stop to the production of net greenhouse gas emissions until 2050, aim at conserving the EU’s natural capital and to protect the health and well-being of its citizens from the challenges posed by detrimental impacts on the environment [ 1 ].

Given the emergence of “black swan” surprises, such as the COVID-19 pandemic and the war in Ukraine, it is becoming more than necessary to implement measures that will lead to a successful Green Deal, considering the application of the principles of solidarity, sustainable development, and well-being. In this context, it has become more evident than ever that there is an urgent need to move forward with an older initiative—the Green Jobs Initiative. “The Green Jobs Initiative” emerged as a result of a partnership between the United Nations Environment Program (UNEP), the International Trade Union Confederation (ITUC), the International Organization of Employers (IOE) and the International Labor Organization (ILO). The main goal of this partnership is the promotion of opportunities, equity, and a fair transition to sustainable economies [ 2 ]. The first report published in 2008 defines “green jobs” as any decent work that contributes to maintaining and restoring the quality of the environment, whether it is agriculture, industry, services, or administration. This outcome may be achieved by reducing energy consumption and raw materials, minimizing pollution and waste, protecting, and restoring ecosystems and enabling companies and communities to adapt to climate change [ 2 ].

Over time, creating green jobs has come to be seen as a possible solution for creating new jobs, while the green economy has come to be seen as a solution to climate change, environmental degradation and poverty growth.

Using color coding to create a more vivid picture of the labor market is not new. One can find examples in the literature referring to professions that are white, blue, pink, gold and green [ 3 ]. According to [ 3 ], green collar workers could include individuals who practice professions encompassing sustainable development principles in the upgrading of processes (for instance: jobs in the public transport sector, renewable energy sources, construction and waste management).

The studies related to “green job” concepts are usually conducted in two ways—either qualitative or quantitative. The quantitative approach mainly revolves around the idea of designing econometric models based on variables describing the number of green jobs in national economies, while the qualitative approach describes green jobs in terms of the specific skills needed to perform tasks [ 4 ].

Moreover, the definition of “green jobs” is approached in various ways in the existing literature and there are significant discrepancies when it comes to issues such as the economic importance of jobs, environmental protection, equality and social justice or sustainable development principles [ 3 , 5 ].

Nevertheless, one thing is certain, green jobs lead to the creation of a new management framework based on the need to connect to the eco-efficient technologies of the future and to use resources efficiently in an effort to reduce environmental pollution and climate change [ 3 ]. In addition, green jobs require decent work [ 2 ], connecting the 1st Millennium Development Goal—poverty reduction—with the 7th Millennium Development Goal—environmental protection.

In addition, the European Commission [ 6 ] defines a green job as being ”one that directly deals with information, technologies, or materials that preserves or restores environmental quality. This requires specialized skills, knowledge, training, or experience (e.g., verifying compliance with environmental legislation, monitoring resource efficiency within the company, promoting and selling green products and services)”. However, different economists formulate various definitions of green jobs. Hence, Colijn propose a slightly different definition of green jobs: ”A green job features characteristics that contribute to a socio-ecological transition in focus and activity through supporting an increase in the use of renewable energy or a reduction of the use of non-renewable energy” [ 7 ]. This definition actually proposes the use of several shades of green, depending on the involvement in the socio-ecological transition, being assigned a certain shade of green to each type of occupation depending on the extent to which work activities can be considered “green”.

There is no uniformity in the literature concerning the specific areas in which green jobs can be created. Therefore, the economic sectors prone to green job creation are differently showcased at the international level. For instance, the Bureau of Labor Statistics identifies activities related to pollution reduction and recycling, or activities specific to organic farms and non-energy activities [ 3 ]. On the other hand, the UNEP mentions broader sectors such as agriculture, production, research and development, renewable energy, services and administration and other sectors of the economy with a substantial participation in maintaining or restoring environmental quality [ 3 ].

Against this background, the present paper builds on the previous work of a significant number of researchers and primarily attempts to provide guidance on the identification of current definitions as well as an anticipation of future definitions and how green jobs are perceived in diverse sectors of the economy.

2. Materials and Methods

The increased interest in sustainable development and the special emphasis on environmental protection have led to the development and publication in the last decade of a significant number of studies that have focused on topics such as sustainability, education for sustainability, green economy, green innovation, circular economy, sustainable entrepreneurship and, more recently and particularly, the concept of green jobs. The variety of issues addressed as well as the large number of published studies are undoubtedly positive aspects, but at the same time can raise several issues in the unitary identification of contributions to increasing knowledge in this field. In such a context, the defining role of a literature review is to systematize existing knowledge in a particular field to facilitate its use in further studies and research. In addition, the identification, synthetization, and analysis of existing studies allow for a deeper understanding of the field and may contribute to the development of new hypotheses or more rigorous testing of existing theories [ 8 ].

In terms of sustainability in general and of the concepts traditionally associated with it, there are a number of current reviews in the literature [ 9 , 10 , 11 , 12 ], to which we may add a study on green human resource management [ 13 ]. However, in the case of the specific concept of green jobs, a systematic analysis of the studies published so far in this field could not be identified. In this context, the main objective of our research is to analyze the scientific literature to identify the definitions and meanings given to the term “green jobs”, the concepts associated with it, the research areas in which the concept is frequently encountered, and also the main theoretical and practical results obtained in the last 5 years in the research studies conducted on green jobs.

From a methodological perspective, in accordance with the research objective, the analysis included the following steps: (1) identifying the studies published and indexed in the Web of Science—Core Collection and Scopus databases—and selecting the works considered to be the most relevant for our analysis; (2) critical analysis of the selected articles from the perspective of their definition for the concept “green jobs”, the field of interest and the main results obtained; and (3) synthesis and interpretation of the results obtained following the analysis of selected articles from the research literature.

In the first stage, a scan of the papers published since 2008 in the Web of Science—Core Collection and Scopus databases—was performed using as a search criterion the identification of the concept “green jobs” in the title, abstract or keywords and selecting only the “article” type. The two databases were chosen because they contain the richest collection of scientific papers that have undergone a rigorous review process before being published and are the most relevant in that field. Web of Science is the oldest database [ 14 ] and it includes 10,000 journals, while Scopus is the largest database for multidisciplinary scientific literature [ 15 ]. The search period has been fixed since 2008 because in this specific year the first explicit definition of the concept “green jobs” was identified [ 2 ].

Information concerning the number of articles identified following the application of the search criteria in the two databases, by publication period, is presented in Table 1 . Given that most papers can be indexed in both databases, a cumulation of numbers would not be relevant and could be misleading.

Number of articles published on “green jobs”.

Source: authors’ processing by using the data provided by scopus.com and webofknowledge.com (accessed on 2 February 2022).

It is noted that there is a significant number of published articles on the topic of “green jobs” during the period under review, but at the same time it can be easily seen that their number has increased significantly in recent years; in a period of 5 years (2018–2022) approximately the same number of articles were published and indexed as in the previous 10 years (2008–2017). In this context, our analysis focuses on the articles published since 2018. Moreover, to ensure that the articles are as relevant as possible and can be easily accessed by the academic community, we have selected those ones indexed both in Web of Science and in Scopus. First, since our analysis focuses on the definition of “green jobs”, we chose papers that use a previous or suggest a new definition for this concept. Second, we looked at the citations for each paper and selected primarily the papers with a high number of citations within Web of Science and Scopus databases. Third, the database with the selected articles was analyzed using the VOSViewer program (version 1.6.18 created by Nees Jan van Eck and Ludo Waltman from Centre for Science and Technology Studies at Leiden University) to identify the correlations between the key terms. The results of the correlation between the key terms are shown in Figure 1 .

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Network of key term associations.

As showcased in Figure 1 , the concept “green jobs” is most often associated with the key term “sustainable development”, with which it has the strongest connection. There are also significant associations between “green jobs” and the following keywords: green economy, circular economy, welfare economy, European Green Deal, energy, renewable energy, economic development, employment. In addition, through sustainable development, the concept “green jobs” relates to other concepts, such as innovation, higher education, education for sustainable development, sustainable development goals, etc. According to these results, we selected the papers in which “green jobs” mainly correlates with topics specific to areas of interest such as green economy, circular economy, labor market, environmental protection, and higher education. Lastly, a selection criterion of a qualitative nature was applied to the articles meeting the above criteria, aiming at the degree to which the papers are relevant to the concept “green jobs”. As a result of applying these criteria, 25 articles summarized in Table 2 were selected.

Reviewed articles.

Source: author’s work.

All the above articles are going to be analyzed in the following sections in order to discover how their authors interpreted and defined “green job” and also to notice with what the topic of green jobs has frequently been associated with.

3. ”Green Jobs” Meanings in the Literature

Usually, social scientists as well as economists do not easily agree to a singular definition of the concepts they apply in their studies. Consistent with this empirical assumption, one may say that there is currently no unanimously accepted definition of green jobs among scholars or policymakers [ 40 ]. As may be noted, a first association, that almost emerged as a necessity, has been made between the “green jobs” and “decent work” concepts. This connection is the outcome of the hypothesis that green and decent work may be assumed as any provision of services performed under decent conditions following sustainability as main driver.

Since different jobs have diverse impacts on the environment, and decarbonization is a process that takes place gradually, the concept “green jobs” is also under a permanent construction, with no bounded content and meaning [ 32 ].

In the literature the “green jobs” term has started to grow more in content in recent years, but the approach to areas that offer such opportunities and specific skills differ among published papers [ 41 ] or from one country to another [ 28 ]. Meanwhile, the lack of a widely accepted definition comes with several issues [ 28 ], including the precise highlighting of areas and the accurate number of such jobs. Valero et al. have shown that a top-down approach that uses a narrow definition of green jobs, considering only those industries or activities that are directly relevant to decarbonization, leads to an estimate of green jobs below 5% of employment in the United States or European economies. The same study emphasizes that when using a “bottom-up” definition, which contemplates jobs directly or indirectly related to the decarbonization, significantly higher percentages can be obtained [ 41 ].

Another approach implicates classifying green jobs either as outcomes or as processes [ 42 ]. The first perspective goes towards generating environmentally friendly goods or services through these jobs, such as green buildings, clean transport, or solar water heating systems. The second angle assumes that green jobs contribute to greener processes, e.g., by reducing water consumption, controlling air pollution, or improving recycling services. In both cases, there is no question of results based on 100% environmentally friendly production processes or 100% environmentally friendly final goods or services. However, the key element is meeting the criteria of decent work [ 42 ].

The prominence of green jobs has been noticed particularly following the emergence of the “Green Jobs Initiative” [ 2 ], as well as the economic crisis of 2008–2009 [ 28 ].

Following the scrutiny of the selected literature, one can easily presume that many studies have chosen to begun to approach green jobs in line with the “Green Jobs Initiative” description issued by the partnership between the United Nations Environment Program (UNEP), the International Trade Union Confederation (ITUC), the International Organization of Employers (IOE) and the International Labor Organization (ILO). Thus, the studies conducted by: [ 18 , 19 , 21 , 22 , 25 , 26 , 27 , 28 , 30 , 31 , 32 , 33 , 34 ] assess green jobs in terms of their ability to decrease the impact on the environment to a level that falls within the range of sustainability. Such jobs involve reducing the consumption of energy, raw materials, and water by adopting and implementing highly efficient strategies aimed at “decarbonizing the economy and reducing greenhouse gas emissions, to minimize or completely avoid all forms of waste and pollution, to protect and restore ecosystems and biodiversity” [ 32 ], in line with the “Green Jobs Initiative” [ 2 ].

The majority of the reviewed articles rather address the green jobs concept starting from a definition issued by an international body. For instance, Otieno and Ochieng (2018) designate green jobs as any work performed in sectors such as the production of goods and services, agriculture, administration, research and development and the provision of services, which promotes conservation or restoration of the quality of the environment [ 35 ]. Following the same reasoning, Traversi et al., shows that by green jobs one may understand all occupational jobs—from agriculture to administration and services—which contribute significantly to preserving or restoring the quality of the environment in terms of eliminating, reducing or mitigating the impact of pollution. The scale of such jobs is driven by the need to adopt methods of producing goods and services in an environmentally friendly manner to limit global warming and irreversible climate change [ 39 ].

Drawing upon earlier studies and initiatives, several reviewed papers go back to the concept prior to 2008. For instance, [ 34 ] recall that the OECD (1999) defined jobs as “green” if they produced goods and services for measuring, preventing, limiting, and minimizing damage to the environment, water, air, and soil. This study shows that from the OECD perspective, green jobs play a very important role, as they make substantial contributions to solving problems arising from the need for waste recycling, noise pollution, climate change and the restoration and improvement of ecosystems [ 34 ]. Therefore, they emphasize that this older definition is quite comprehensive, including all activities that use cleaner technologies, products, and services, with the ability to reduce environmental risks, methods and technologies that minimize pollution and any management practices that permit an efficient use of natural resources [ 34 ].

Besides the definition of the “Green Jobs Initiative” [ 2 , 22 ] underscore that the progress made by several institutions of statistics is also worth considering, as the quantification of green jobs by field raises real issues for economists. Thus, the classification made by the US Department of Labor is highlighted, which differentiates “green” employment into three categories (green, new, and emerging, which have improved ecological skills and increased ecological demand) according to the level and the type of impact made by green economic activities and technologies on labor and employment demand. Using a slightly similar reasoning, Sulich and Zema point out that the definition of green jobs can be expressed as an assessing instrument based on the Classification of Activities in Poland, which has its roots in the classifications proposed by the UN, ISIC, and Eurostat [ 36 ]. According to [ 27 ], green jobs, defined as a category in the Classification of Activities in Poland, can be a factor of: (1) sustainability of the relationship between economy, society, and environment; (2) assessment of the needs of society to be met in terms of environmental protection; (3) limitations of human activity in natural environments; and (4) pro ecological management. The authors point out that the category of green jobs can include those that support the preservation or rehabilitation of the environment in traditional sectors such as production and construction, or in new, emerging sectors such as renewable energy and energy efficiency [ 27 ].

It is noteworthy that [ 25 ] reveal the progress that has been made by the European Commission (2018) towards a broader definition, according to which a green job “deals directly with information, technologies or materials that preserve or restore the quality of the environment. This requires specialized skills, knowledge, training, or experience (for example, verifying compliance with environmental legislation, monitoring and streamlining the use of resources within the company, promoting, and selling green products and services)” [ 6 ]. In this context, green technological innovations seem to be essential for the creation of green jobs [ 25 ].

The reviewed articles show that there is no uniformity in the definition of the concept, although some authors start from the same premises outlined in the joint report UNEP/ILO/IOE/ITUC from 2008. For example, in some papers [ 24 ], green jobs can mean newly created jobs in the renewable energy sector or in some others studies [ 20 ], there is identified the possibility of using a simplistic definition indicating the jobs in the environmental goods and services sector. Bassi and Guidolin have shown that the latter approach does not consider all those employees who use environmentally friendly processes and practices as it assumes that green jobs are synonymous with jobs specific to the circular economy, but that these employees may be defined in many ways [ 20 ]. Citing a report of the European Commission from 2015, the authors point out that green jobs include “all jobs that depend on the environment or are created, replaced or redefined in the process of transition to a greener economy” [ 20 ].

4. Related Research Areas

The topic of green jobs has frequently been associated with the study of sustainable development, the green economy, the circular economy and international agreements on the environment, bringing to the fore the issue of promoting those production and distribution processes that involve the use of procedures, techniques and technologies conducive to the preservation of the qualities of the environment.

Thus, several studies have shown that achieving sustainable development requires rethinking and reformulating the current economic model, which should help promote a transition to a socially and environmentally equitable economy in a context in which the two main challenges facing the 21st Century seem to be the protection of the environment and the transformation of decent work into reality [ 32 ]. Following the same line of thinking, ref. [ 19 ] points out that the prospects for future growth are important, as the degree of awareness of ecological and environmental issues is constantly growing. Furthermore, the above-mentioned study provides an overview of the economy and economic policies in the framework of the European Environment Agreement and the Spanish Recovery Plan, paying a special attention to the tourism sector and the real opportunities for creating green jobs in the Spanish tourism market and concluding that green jobs are still limited in the Spanish tourism industry.

Moreover, what we discovered reviewing the literature on the development of green jobs is the soft connection between them and higher education institutions. Lee and van der Heijden reveal that there are solid foundations from which we can start by designating universities as key players in the knowledge economy, promoting the green economy through research and development, partnerships, and education. By collaborating with corporations and governments, universities have the opportunity to indirectly influence the demand for green jobs [ 30 ]. Green jobs entail a set of green skills that universities grant. At the same time, universities can directly contribute to the creation of green jobs by producing knowledge on the best actions to be taken to combat climate change. Lee and van der Heijden give the example of Cornell University, which cut its carbon dioxide emissions by 30% from 2008 to 2019, implementing a climate action plan and creating green jobs. Two commendable initiatives fall into the same category—Climate Leadership Network and “We Are Still In” [ 30 ]. The empirical results of the same study indicate that areas with higher GDP have a higher potential to provide more green jobs; therefore, most policies should be geared towards lower GDP metropolitan areas.

Further studies addressing the issue of green jobs focus on topics closely related to the environment, such as waste management [ 27 ], focusing on reducing, preventing, and recycling waste, and producing energy from waste, where the most efficient results can be achieved by implementing waste selective collection. The results of these studies clearly show that the most effective alternative for applying the circular economy model is the specific measures applied by green enterprises in the field of selective collection and recycling of waste, followed by green jobs and, finally, ecological activities assumed by the wide public [ 27 ].

Going further, Bassi and Guidolin have investigated small and medium-sized enterprises in the European Union, and have revealed a significant association between green jobs, environmental skills, and embracing circular economic practices [ 20 ]. The results show heterogeneity within and between European countries in terms of the employment of circular economic actions by SMEs and confirm that the amount of green jobs and the prevalence of workers with environmental skills play a significant role in determining favorable behavior to the circular economy. In addition, the lack of green jobs has a negative effect on the likelihood of embracing circular economic practices, while the perception of the need for additional environmental skills has a positive effect on the intention to perform actions in the future [ 20 ].

In addition, the issue of green jobs has also raised the need for adequate training of people able to perform specific activities. For example, Unay-Gailhard and Bojnec point out the existence of significant differences between green and non-green jobs in terms of skills and human capital [ 33 ]. Green jobs require higher levels of non-routine cognitive skills, and a greater dependence on formal education, work experience and training [ 23 ]. However, the occupational risk that accompanies green jobs is not to be neglected, the exposure to bioaerosols, endotoxins and particles being particularly relevant [ 39 ].

Additional studies have concentrated on an analysis of the factors and conditions that influence the creation of green jobs. Investigating the environmental goods and services sector in 28 EU countries in the years 2009–2019, Sulich and Sołoducho-Pelc pinpoint three of the most important variables for green job creation: (1) private investment, jobs and gross value added related to the sectors of the circular economy (this is the variable with the most significant impact); (2) patents related to recycling and secondary raw materials; and (3) recycling of bio-waste [ 18 ]. Ref. [ 34 ] show that bureaucracy and lack of investment in infrastructure are real obstacles to green job creation and local green businesses.

In addition, the issue of finding the first job for young people that falls into the category of “green jobs” has been approached from the perspective of comparing opportunities in various economies. Thus, the data compared by [ 28 ] for selected groups in the European Classification of Economic Activities (NACE) shows that in both Poland and Belgium, about 15% of young people find their first job in the green jobs sector, but in the Czech Republic, the proportion is much lower (1.83%). It is concluded that a growing emphasis on building the green economy offers excellent employment opportunities for young people looking for their first job.

Song et al., analyzing the supply and demand of green jobs based on data provided by online recruitment services (Ecojob site) on the South Korean labor market from 2009 to 2020, have revealed that green jobs are concentrated in the Seoul and Gyeounggi-do metropolitan areas, where the number of jobs related to water and air quality is high [ 26 ]. Their conclusions suggest that green job creation policy should reflect data on regional and sectoral timing, demand, and supply. Creating and matching green jobs is intended to reduce environmental damage, improve environmental quality, and reduce unemployment.

As shown, studies on green jobs have covered different regions of the globe from a geographical perspective. For instance, Unay-Gailhard and Bojnec, combining “top-down” and “bottom-up” analyses of Slovenia’s green economic experience, observed the potential of green economic measures to create green jobs in the agricultural sector, particularly for young people. The study concludes that, at large, for farms that implement green measures, the growth rate of green jobs appears to be much lower than the rate of increase in the capacity to adjust labor force to organic farming activities. In the case of small and medium-sized farms from Slovenia that have adopted agri-environmental measures during 2007–2015, the ability to adjust the workforce to activities compliant to environmental policy does not lead to any significant job creation while the amount of labor used on very large farms and on farms that supply milk increased [ 33 ].

The variety of topics related to “green jobs” and the diverse geographical areas covered is furthermore revealed by Martínez-Cruz and Núnez. Their study starts from the uncertainty about Mexico’s ability to pursue an imminent, strong and serious transition in the energy sector. In a discrete choice experiment, a sample of urban residents paying household electricity bills in Aguascalientes, Mexico was studied, with some willingness to pay for both renewable energy sources, and new green jobs in the renewable energy sector and greater availability of solar energy compared to biomass energy [ 24 ].

5. Conclusions

Recently, the issue of the impact of climate change and the actions needed to combat its negative effects have become a topic of great interest to both researchers and policy makers. One of the tangible results of the academic, social, and political debates is the emergence of the Green Pact, a strategy aimed at sustainable growth, decoupled from the extensive use of resources, and leading to an increase in the quality of life of the individual while reducing the negative impact on the environment. The effective enactment of this strategy requires, among other things, a focus on the green jobs’ initiative, which aims to create decent jobs that contribute to maintaining and restoring the quality of the environment. Beginning from 2008 in particular, the topic of green jobs has attracted the attention of researchers, which has led to a diverse and relatively large number of studies. Following the assumption that, as a consequence, this can raise issues in the systematic identification of contributions to increasing knowledge, the main objective of this research was to analyze the scientific literature to identify definitions and approaches to the concept of “green jobs”, the terms associated with it, the areas of research interest in which the concept is frequently encountered, as well as the main theoretical and practical results obtained in the last five years in research on green jobs.

In the literature, there is currently no universally accepted definition of “green job” [ 40 ], and the concept of “green job” seems to be in a state of permanent construction [ 32 ]. On the other hand, it seems that most authors choose to address the issue of green jobs starting from the definition given by an international body, such as the definition provided by the partnership between the Program United Nations Environment Program (UNEP), the International Trade Union Confederation (ITUC), the International Organization of Employers (IOE) and the International Labor Organization (ILO). Although progress has been made in the broader definition of green jobs, the lack of a common definition may raise issues as to the exact highlighting of areas and the exact number of such jobs. In addition, the review of the literature reveals that the need to define the concept of “green jobs” is also linked to the desire to highlight the importance of green jobs and the issue of quantifying green jobs by field. The results of the review show that although there is no uniformity in the definition of the concept, there is, however, a convergence towards an initial acceptance of the 2008 UNEP/ILO/IOE/ITUC Report.

Using VOSViewer scientific software our analysis revealed that the term “green jobs” is most often associated with topics such as sustainable development, green economy, circular economy, welfare economy, European Green Pact, energy, renewable energy, economic development, and employment. In any case, the strongest connection is between “green jobs” and “sustainable development”, which highlights a common field and research interest. In addition, through sustainable development, the concept of “green jobs” relates to other concepts that have been hotly debated recently, such as: innovation, higher education, education for sustainable development or sustainable development goals.

It is also worth noting that the main results obtained in studies dedicated to green jobs were aimed at creating green jobs, work–life balance, analyzing the correlations between green business and green jobs or the role of local government in support of green jobs.

The current study provides relevant and promising results, but, on the other hand, focusing only on articles published in the last five years indexed in the Web of Science—Core Collection and Scopus databases—may be considered a limitation of the study since it excludes other academic databases. In this context, the study can be further extended by including papers published in other databases that may also cover the period before 2018.

Funding Statement

This research received no external funding.

Author Contributions

Conceptualization, M.-R.S.-P., L.B., G.-L.Ș.-O., A.-T.Ș.-O., L.-G.F. and A.C.; methodology, M.-R.S.-P., L.B., G.-L.Ș.-O., A.-T.Ș.-O., L.-G.F. and A.C.; software, M.-R.S.-P., L.B., G.-L.Ș.-O., A.-T.Ș.-O., L.-G.F. and A.C.; validation, M.-R.S.-P., L.B., G.-L.Ș.-O., A.-T.Ș.-O., L.-G.F. and A.C.; formal analysis, M.-R.S.-P., L.B., G.-L.Ș.-O., A.-T.Ș.-O., L.-G.F. and A.C.; investigation, M.-R.S.-P., L.B., G.-L.Ș.-O., A.-T.Ș.-O., L.-G.F. and A.C.; resources, M.-R.S.-P., L.B., G.-L.Ș.-O., A.-T.Ș.-O., L.-G.F. and A.C.; data curation, M.-R.S.-P., L.B., G.-L.Ș.-O., A.-T.Ș.-O., L.-G.F. and A.C.; writing—original draft preparation, M.-R.S.-P., L.B., G.-L.Ș.-O., A.-T.Ș.-O., L.-G.F. and A.C.; writing—review and editing, M.-R.S.-P., L.B., G.-L.Ș.-O., A.-T.Ș.-O., L.-G.F. and A.C.; visualization, M.-R.S.-P., L.B., G.-L.Ș.-O., A.-T.Ș.-O., L.-G.F. and A.C.; supervision, M.-R.S.-P., L.B., G.-L.Ș.-O., A.-T.Ș.-O., L.-G.F. and A.C.; project administration, M.-R.S.-P., L.B., G.-L.Ș.-O., A.-T.Ș.-O., L.-G.F. and A.C.; funding acquisition, M.-R.S.-P., L.B., G.-L.Ș.-O., A.-T.Ș.-O., L.-G.F. and A.C. All authors have read and agreed to the published version of the manuscript.

Institutional Review Board Statement

Informed consent statement, data availability statement, conflicts of interest.

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Bridging Gender Gaps with a Sustainable Care Economy: Investment Opportunities and Challenges pdf (0.5 MB)

Bridging Gender Gaps with a Sustainable Care Economy: Investment Opportunities and Challenges

April 15, 2024.

The COVID-19 pandemic has revealed an acute deficiency in care services, highlighting the unfair and unsustainable model on which the care system traditionally relies. Recent surveys indicate that more than three quarters (76.4%) of unpaid domestic care work worldwide is done by women, hindering their access to other opportunities. Simultaneously, increasing care needs due to rising dependency ratios are challenging the viability and sustainability of the traditional care provision system. To meet the growing care demand among the young, old, ill and disabled, societies must move away from such a system and invest in a sustainable care economy to provide affordable, high-quality care services while recognizing, reducing and redistributing (“3Rs”) the unpaid care burden borne by women.

Besides emphasis on SDG 5, this policy brief focuses on opportunities and challenges in scaling a sustainable care economy to create new sources of fair jobs and reshape current economic and financial systems to make it more equitable, contributing to a broader range of SDGs, including SDG 1, 3, 4, 8, 10, 11 and more. While the research is built on data mostly from China, the findings may benefit a wide range of emerging economies with similar development contexts.

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Uncovering the Green Procurement Knowledge Structure: a Systematic Citation Network Analysis

Review paper
Open access
Published: 05 July 2023
Volume 4 , pages 287–316, ( 2024 )

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Abderahman Rejeb ORCID: orcid.org/0000-0002-2817-5377 1 ,
Karim Rejeb ORCID: orcid.org/0000-0003-4053-2522 2 ,
Andrea Appolloni ORCID: orcid.org/0000-0001-5741-398X 1 ,
John G. Keogh ORCID: orcid.org/0000-0002-7332-110X 3 &
Mohammad Iranmanesh ORCID: orcid.org/0000-0001-6964-6238 4

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Recently, academics and practitioners have devoted considerable attention to studying green procurement. Due to the growing number of articles in this fast-evolving domain, it is critical to examine the current body of knowledge thoroughly. The knowledge structure and dissemination channels in this field have been systematically examined for the first time. Four hundred fifty-two Scopus journal articles were analysed using keyword co-occurrence network and main path analysis (MPA) to identify the important research topics and historical evolution of green procurement research. The findings indicate that the literature focuses on multiple topics, including green supply chain management, sustainable public procurement, sustainability, green supplier selection, and environmental management. The primary focus of research has been on the determinants and difficulties of green public procurement. Recently, there has been an increased focus on the determinants of green procurement in the construction and education sectors. The novelty of this study is that it examines the evolution of knowledge in green procurement. Additionally, it offers the ability to analyse the diffusion and structure of knowledge, assisting researchers in successfully navigating hundreds of articles and expanding their understanding of the green procurement domain’s history, current state, and future directions.

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Introduction

Conceptually, procurement represents a “multipart process, which includes vendor certification and selection, requisition preparation and approval, order placement, goods receipt, reconciliation and payment of the invoice, and order archiving” [ 108 ]. Procurement is a critical organisational function that aims to ensure the quality of purchased materials (or services) and connects supplier capabilities to in-house manufacturing and distribution operations [ 34 ]. The procurement function is driven by three distinct criteria: cost, quality, and delivery [ 42 ]. Apart from these more conventional requirements, procurement concerns the environmental consequences of supply chain operations and management decisions [ 79 , 113 , 124 , 132 ]. Numerous organisations now prioritise environmental stewardship as a business priority, recognising that environmental initiatives have the potential to ensure businesses’ survival and competitive advantage [ 51 ]. As a result of the significance of these environmental objectives, interest in green procurement has increased. By adopting this practice [ 4 ], businesses can reduce waste and promote recycling and reclamation of purchased materials without impairing performance [ 81 ]. Additionally, green procurement can help organisations reduce energy consumption, increase operational efficiencies, and optimise their financial performance [ 68 , 111 , 129 ]. Incorporating environmental standards into procurement processes also requires buyers to consider the environmental impacts of the products and services they procure and conduct an environmental assessment before purchasing [ 4 ].

Given the increased focus on environmental sustainability [ 141 ], procurement managers are constantly attempting to minimise the environmental impacts of products by selecting those that cause the least damage to the ecology. Additionally, they are motivated to develop strategies for resource conservation [ 92 ]. Moreover, as businesses continue to shift toward sustainable environmental operations throughout their organisations and supply chain networks, the supply chain function’s traditional role is being reconsidered [ 45 ]. Businesses can now source more sustainable and environmentally friendly materials with the fewest possible adverse environmental and human health effects [ 2 , 21 ]. Additionally, green procurement is critical for any organisation seeking to improve its environmental performance. In this regard, Carter et al. [ 22 ] emphasised that establishing environmental programs and initiatives can increase social sustainability by enabling procurement managers to create value and, importantly, influence the environmental behaviours of businesses and their supply chain partners. Nonetheless, implementing green procurement practices remains challenging due to inadequate tools, knowledge, and training on operationalising green procurement methods [ 5 , 6 ]. Collaboration with supply chain partners in the external environment is another significant barrier for organisations engaged in green procurement practices, as stakeholders may hold divergent perspectives on what constitutes green procurement.

It is essential to thoroughly evaluate the academic literature on green procurement because of the importance of this topic and the rapid rise in research. There have been a few attempts to synthesise green procurement research. To illustrate, Appolloni et al. [ 7 ] systematically reviewed papers published between 1996 and 2013 and proposed future research directions. The review found that most of the literature focused on three key themes: the motivations and drivers for adopting green procurement, the challenges for its adoption, and the impact of green procurement on performance. Similarly, Cheng et al. [ 23 ] recently reviewed the literature on green public procurement and analysed articles from 2000 to 2016. The authors discovered that research had been centred on the particular effect of green public procurement adoption and overlooked the efficiency and innovation of environmental policy tools. Beer and Lemmer [ 14 ] critically analysed the practices related to supply chain management and green procurement to reduce pollution and greenhouse gas emissions. Finally, Vejaratnam et al. [ 125 ] systematically reviewed 29 studies to ascertain the barriers to implementing green government procurement. The results indicate that the primary barrier to green government procurement adoption is a lack of knowledge and awareness, while financial constraints were unimportant. While these reviews provided valuable insights into the green procurement literature, this research stream has not yet been studied utilising the main path analysis (MPA) approach to investigate the knowledge dissemination paths. The MPA has been extensively employed in a range of disciplines, including the Internet of Things [ 106 ], restaurant research [ 97 ], blockchain technology [ 136 ], circular economy [ 104 ], and environmental innovation [ 12 ].

To close this knowledge gap, this paper will explore the evolution of knowledge in green procurement using main path analysis (MPA) and keyword co-occurrence network. Combining these two techniques enables the identification of hot topics and critical points that have played a significant role in the historical development of green procurement. Analysing various main paths enables an intuitive representation of the knowledge diffusion trajectories and structure in green procurement. Additionally, quantitative approaches can help scholars reduce bias and efficiently collect and effectively evaluate a larger sample of publications. These approaches can aid researchers in better understanding the field’s historical development, comprehending its current state, and identifying future research opportunities.

This review makes several contributions to the literature on green procurement. First, the application of keyword co-occurrence clustering and MPA aims to comprehensively examine the green procurement field, which has been overlooked in the prior literature. Second, this study takes a novel approach by examining the knowledge diffusion paths in green procurement from different standpoints, including local (forward and backward), global, and key-route main paths. As a result, the progress of green procurement knowledge and its converging–diverging cycles can be vividly visualised and explained.

The following is the breakdown of the review. Data collection and methods are discussed in the “ Research Design ” section. The results of the keyword co-occurrence network are discussed in the “ Keyword Co-occurrence Network Analysis ” section before moving on to MPA in the “ MPA Results ” section. The discussion in the “ Discussion ” section is detailed, and the work is summarised in the “ Conclusion ” section.

Research Design

Article collection.

Data quality is a prerequisite for generating interpretable and meaningful results. The Scopus database constitutes one of the most dependable and trustworthy sources, as it contains numerous authoritative journals [ 27 , 86 , 87 ]. Additionally, researchers rely on Scopus because it allows the application of bibliometric analyses across various research domains [ 33 , 38 , 122 ]. As a result, Scopus is this paper’s primary data aggregation platform. The review’s detailed research process is depicted in Fig. 1 . Based on the guidance provided by Appolloni et al. [ 7 ], the search query used in the current study is composed as follows: TITLE-ABS-KEY (“Green Procurement” OR “Green Purchas*” OR “Sustainable Procurement” OR “Sustainable Purchas*” OR “Ethical Procurement” OR “Environmental Procurement”), where TITLE and ABS and KEY denote the title, abstract, and keywords fields, respectively. The selection of these specific keywords and their combinations was driven by the necessity to encompass the broad and diverse landscape of the green procurement literature. These terms were chosen because they effectively capture the various terminologies used to describe procurement processes to promote environmental sustainability. The use of the asterisk (*) in “Green Purchas*” and “Sustainable Purchas*” was to ensure that all variants of the word, such as purchase and purchasing, were included in the search, thereby enhancing the comprehensiveness of the search process. “Green Procurement” and “Sustainable Procurement” reflect practices incorporating environmental considerations into procurement decision-making. “Ethical Procurement” and “Environmental Procurement” are included to encapsulate procurement practices that integrate broader ethical and environmental concerns. This careful selection and combination of keywords ensured that the search query was broad enough to capture all relevant literature in the field while specific enough to exclude unrelated studies. In this manner, we enhanced methodological clarity and ensured a comprehensive review of the existing literature. The period encompasses all publications before 2022, and the papers were gathered on May 29, 2022. Only English-speaking journal publications were considered for the review. In total, 452 documents from the Scopus platform were identified and downloaded. The present study also utilised the Pajek software for the MPA of green procurement research. Pajek is a versatile software program widely used in network analysis, including social network analysis, network visualisation, and network data manipulation [ 35 ]. The software is particularly valuable for analysing large networks, which involves exploring relationships among various publications in the green procurement literature. Using Pajek, we constructed and visualised a comprehensive citation network based on the collected data, thus providing a robust framework for identifying and analysing the primary subjects and evolution within the area of green procurement. The robust analytical capabilities of Pajek were essential in revealing significant citation linkages between publications and identifying key topical themes and influential articles in the field [ 137 ]. This, in turn, enhanced our understanding of the information dissemination processes in the green procurement research field.

Research process

Methodology

We created a network of phrase co-occurrences to understand green procurement research better. Like co-citation networks, keyword co-occurrence networks map out the links between keywords that appear in the same articles [ 54 , 105 ]. One way to find active research frontiers in any area of expertise is to analyse a keyword co-occurrence network, as Su and Lee [ 115 ] point out. If two terms in the network are regularly found together in the same articles, they are likely to be related. In this paper, we utilise a co-occurrence network analysis of keywords to explain the present conceptual structure of green procurement research and to analyse the most important themes emerging from the keywords. VOSviewer was chosen as the network-generation software due to its compatibility with the BibExcel computer programme [ 38 ]. In the keyword co-occurrence network, the size of each node represents the frequency with which that keyword appears in articles, while the breadth of the edges represents the frequency with which any given combination of keywords appears in articles [ 102 ]. The most important topics addressed in green procurement studies can be identified by grouping related terms.

Several citation-based analytic approaches were applied in addition to the keyword co-occurrence network analysis, including the main path analysis (MPA). One of the many uses of MPA is to track the evolution of a field’s body of knowledge. These procedures would allow researchers to understand the historical development of a field of study, the dominant theoretical frameworks applied, and the potential future areas of inquiry within an academic domain [ 120 ]. The MPA was chosen over other methods for several reasons. Firstly, MPA helps unravel the research landscape’s complexity by identifying the most influential paths through the citation network, which might not be immediately evident through a simple literature review [ 100 ]. Secondly, compared to other similar methods, MPA provides an objective, quantitatively rigorous, and replicable approach to tracing the knowledge diffusion process over time, which is an advantage when dealing with large datasets [ 99 , 135 ], like the one in this study. The method’s systematic nature helps to eliminate any potential bias, thus providing a more accurate representation of the knowledge structure in green procurement [ 134 ]. Furthermore, since Hummon and Dereian [ 53 ] proposed MPA, it has gained widespread use and is used by many researchers to uncover the most influential studies in various disciplines [ 70 ]. Publications on MPA may be roughly divided into two categories: those developing the MPA and those applying it in various settings [ 69 ]. Reviews on topics like resource-based theory, data quality, corporate social responsibility, the Internet of Things, social commerce, sustainable technology innovation, halal food, and blockchain technology have all made use of MPA [ 35 , 74 , 75 , 103 , 116 , 121 , 130 , 139 ]. Such broad application further validates the versatility and usefulness of MPA as a method of analysis in various settings.

A citation network was created to demonstrate how MPA works (see Fig. 2 ). Consider two publications that each mentions the other. Nodes (like A, B, and C) in a network and “links” connect other nodes (e.g., A-C, A-D). Nodes referenced in other articles are sources but do not cite other works (e.g., A and B). On the other hand, sinks do not have any citations and instead link to other articles (e.g., H and I).

An exemplary citation network weighted with SPC values

Main path analysis relies heavily on traversal weight, an example of the many approaches needed to generate unique connection values. Node pair projection count (NPPC), search path node pair (SPNP), and search path link count (SPLC) are all of these [ 53 ]. The authors of this research used search path count (SPC) [ 13 ], which is the number of times a link is crossed if all potential citation chains are run through from all sources to all sinks in a citation network. Using E-J as an example, the link’s SPC value is 2 since it is traversed by two paths, A-E-J and B-E-J.

The weighted network was constructed by calculating SPCs. Our next step is to map out the main paths. Green procurement literature was examined using local (forward + backward), global, and key-route main paths. These four paths are complementary and cannot be swapped [ 136 ]. In the same way that the local main path analysis can find critical linkages, the global main path analysis can determine the path with the greatest SPC. In contrast to these approaches, the key-route main path can disclose the divergence and convergence of knowledge in a particular study subject [ 70 ].

Our main approach commences with a comparison of links between sources. Following this, we determine which link(s) possess the highest search path count (SPC) value and designate these nodes as new starting points. To reach a sink node, this process is reiterated. The resulting path is termed the forward local main path. Our analysis identifies the forward local main path as A-D, B-D, D-C, D-G, C-F, G-I, G-H, G-J, F-I, F–H, and F-J.

Contrastingly, the backward local main path operates reversely, moving from sinks to sources. The forward local main path signifies the papers with the most extensive followership, while the backward local main path represents works that borrow extensively from preceding research [ 69 ]. Our analysis defines the backward local main path as A-D, B-D, A-E, B-E, D-G, E–G, G-I, G-H, and G-J.

However, the aforementioned local main paths may not exhibit the highest SPC value. As a result, we must generate the global main path. In our study, the global main path is identified as A-D, B-D, D-C, C-F, F-I, F–H, and F-J because it encompasses the most comprehensive network of connections, effectively representing the overarching structure of the network under study.

None of the previously mentioned paths can extract the links with the highest SPCs. To address this, we analyse the main key-route path, beginning with the links with the highest SPCs. This path continues forward until it reaches a sink and then traces back until it finds a source [ 69 ]. According to our exemplary citation network, the key-route main paths are all arcs except A-C and E-J. The number two corresponds to the selection of the two highest SCPs (9 and 6). Selecting more key-routes allows for the acquisition of more detailed information.

In this study, each of the main path analyses deployed offers distinctive insights into the green procurement research landscape and underlines the evolution of the field and the significant studies that contributed to this evolution. For instance, local main paths (both forward and backward) were employed to discern the direct scholarly influence of specific green procurement research publications. The forward local main path revealed which subsequent studies in green procurement were directly shaped by an initial piece of research, while the backward local main path showed which earlier studies directly fed into that seminal research work. The global main path analysis, on the other hand, provided a more holistic view of the green procurement field. It allowed researchers to identify the most influential chain of studies that essentially forms the backbone of the green procurement literature, marking its key developments from the field’s emergence to its current state. Lastly, the key-route main path analysis was implemented to overcome a specific limitation of the prior paths, which may overlook that research works with the highest citation links. By starting from the most heavily cited studies in green procurement and tracing their influence in both directions, the key-route main path unearthed the most substantial channels of academic influence within the green procurement field. Utilising all four types of main path analysis has enhanced the breadth and depth of understanding of the green procurement research landscape. This multi-pronged approach facilitated a comprehensive examination of the field and enabled the capture of direct influences of specific research, the broader evolutions within the green procurement literature, and the most impactful scholarly contributions that have shaped its trajectory.

Keyword Co-occurrence Network Analysis

Green procurement has a plethora of sub-fields that may be studied using a keyword co-occurrence network analysis. With this strategy, we can select the most important areas of exploration in this field of study. To begin, we retrieved, reviewed, and refined all of the author-supplied keywords that would serve as our analysis unit. For instance, we started using abbreviations for the original, longer terms (e.g., green supply chain management (GSCM)). We used VOSviewer to import the data and build the network. Next, we employed density-based spatial clustering using the full counting approach [ 62 ] and setting the threshold of 4 keyword occurrences.

This led to forming a network of five clusters (see Fig. 3 ). Each node in the network represents a separate keyword, and the colour of its corresponding node indicates the cluster to which it belongs. The frequency with which the keyword occurs is directly proportional to the network node size. Finally, the density is represented by the inter-node distance. This indicates that when a network is dense, its nodes will be closer together. Table 1 displays the most common ten terms from each cluster.

Keyword co-occurrence network

From the figure, the most important cluster is the red one. This cluster revolves around green supply chain management (GSCM). GSCM represents a philosophy that seeks to improve the environmental performance of firms [ 11 ]. Under the constant pressure from supply chain stakeholders and environmental regulations, firms must enhance their environmental performance by engaging in green procurement, manufacturing, product recycling, and eco-design development. According to Liu et al. [ 71 ], GSCM aims to incorporate the green concept into every link of supply chain management and assess the environmental effect of every link. The impact of GSCM practices (e.g., green procurement, eco-design, green manufacturing, internal environmental management) on environmental sustainability has been investigated by several scholars through the application of structural equation modelling (SEM) [ 24 , 46 , 82 , 110 ]. Furthermore, scholars have extensively studied this topic in Malaysia [ 41 , 66 , 84 ].

Furthermore, the second cluster focuses on sustainable public procurement. The most frequent keywords include “sustainable procurement”, “GPP” (green public procurement), “sustainable development”, “PP” (public procurement), and “SPP” (sustainable public procurement). Public procurement is recognised among academics, practitioners, and policymakers as a crucial tool supporting government operations [ 88 , 101 ]. The relevance of public procurement manifests in the willingness of governments to set regulations that entice public agencies to establish sustainable public procurement. In addition, sustainable public procurement assumes a strategic role in fulfilling specific governmental goals such as economic growth, social sustainability, and innovation [ 126 ]. Sustainable public procurement is based on several reformation initiatives that promote transparency and accountability [ 64 ]. For example, governments can achieve sustainable procurement by controlling their spending power, impacting multiple sectors, including the private sector [ 9 ]. The third place for sustainable development suggests that green procurement might help achieve sustainable development and the overarching goal of the green procurement field [ 78 ]. As a transition from conventional to circular procurement [ 125 ], green procurement is an environmental approach that aids sustainable development by providing environmentally friendly goods and services [ 127 ]. Green procurement was initiated in the 1980s and 1990s. It inspires businesses to provide eco-friendly goods and services and lays the groundwork for long-term growth. Customers’ heightened awareness of environmental challenges and the need for long-term planning motivate them to adopt green buying practices.

“Sustainability” is the most frequent keyword used in the third cluster. The cluster’s other relevant keywords are “procurement” and “SCM” (supply chain management), “AHP” (analytical hierarchical process”, and “LCA” (life cycle assessment). Embedding sustainability principles in procurement can positively influence outsourcing decisions, increase resource use efficiency, and reduce the impact of procurement projects on the economy, environment, and society [ 31 ]. Similarly, the commitment to sustainable procurement can contribute to the green economy and sustainability goals by aligning consumption and production trends and boosting the market for environmentally friendly and sustainable products and services [ 26 ]. Several studies in this cluster applied AHP and LCA to support sustainable modelling and decision-making. For example, Ozelkan and Stephens [ 90 ] use AHP and LCA to resolve a sustainable purchasing problem from a major internet service provider (ISP) in the telecommunications sector, where the objective is to choose the best jacketing option for fibre optic cabling. Ahsan and Rahman [ 3 ] employ AHP to examine the issues of adopting green public procurement in the Australian public healthcare sector. According to the results of their investigation, the primary challenges in green procurement include government, non-governmental organisations (NGOs) and public issues, and organisational difficulties. Pullman and Wikoff [ 95 ] leverage stakeholder and LCA theories to understand the environmental effects of stakeholder-driven sustainable purchasing strategies in institutional settings. Finally, Butt et al. [ 19 ] argue that for LCA to be relevant for decision support in a procurement scenario, it is essential to have a thorough understanding of the technical characteristics or attributes that comprise the life cycle phases.

The fourth cluster in yellow revolves around green supplier selection. Keywords such as “supplier selection”, “green supplier selection”, “CO2 emission”, and “CSR” (corporate social responsibility) are therefore included in this cluster. In the competitive business environment, there has been continuous growth in outsourcing materials, parts, services, and components to suppliers. As a result, within new procurement and manufacturing strategies, the crucial importance of suppliers has been emphasised for achieving competitive advantage and increasing firm performance [ 10 , 55 ]. Consequently, supplier selection has evolved into a strategic decision in supply chain management (SCM) [ 91 , 96 , 107 ]. According to Yu et al. [ 138 ], supplier selection is critical in establishing a green supply chain and developing strong collaboration with suppliers. As a critical element of green SCM, green supplier selection represents a multi-criteria decision-making (MCDM) problem that includes several quantitative and qualitative factors [ 72 ]. For example, Awasthi et al. [ 8 ] evaluate the environmental performance of suppliers using fuzzy TOPSIS. Kuo et al. [ 63 ] combine data envelopment analysis (DEA), an artificial neural network (ANN), and an analytical network process (ANP) for the selection of green suppliers. In addition, Büyüközkan and Çifçi [ 20 ] suggest a hybrid fuzzy MCDM model for green supplier assessment that integrates the Decision-Making Trial and Evaluation Laboratory (DEMATEL), ANP, and TOPSIS in an uncertain environment. The high frequency of CSR reflects its importance when implementing sustainable procurement activities, supplier selection, and order allocation [ 40 ]. CSR can be included alongside environmental protection, pollution control, green innovation, eco-design, and hazardous substance management as a criterion in green supplier selection [ 37 ]. This also would help ensure that the suppliers act socially responsibly regarding the environment and labour practices [ 112 ]. Overall, this cluster analysis shows that the predominant method to examine supplier selection in green procurement is quantitative, using various MCDM techniques.

Finally, the last cluster in purple deals with environmental management in developing countries. As a growing trend, environmental management constitutes a series of initiatives designed to reduce the environmental effect of a firm’s operations on the environment [ 46 , 112 ]. Firms can minimise environmental impact by developing products, processes, and procedures that optimise energy consumption, reduce waste, promote environmentally friendly and sustainable resources, and employ environmental management systems [ 56 ]. Because of the diversity and complexity of environmental management practices and the various attitudes with which firms address environmental issues [ 119 ], many business leaders and academics have been characterising firms based on their environmental activities. In the context of developing countries, mainly Malaysia and Brazil, several studies have been carried out to examine environmental issues and the role of green supply chain practices, including green purchasing activities, in supporting sustainable business operations and manufacturing [ 28 , 29 , 30 , 49 , 56 ]. The high frequency of keywords “PLS” (partial least squares) and “RBV” (resource-based view) indicates that scholars mainly conduct empirical studies to investigate environmental management and green supply chain practices in developing countries drawing on the RBV theory to hypothesise and develop strong conceptual models.

MPA Results

Local (forward and backward) main path analysis, global main path analysis, and key-route main path analysis were performed. These approaches are complementary and aid in identifying the most crucial information dissemination routes in the area of green procurement. Each node in the figures represents each article, along with the lead author’s name and publishing year. The directed linkages represent the flow of information, and the thickness of the links signifies their importance or a greater SPC value.

The Citation Network

Figure 4 is a visual representation of the citation network in our study. It comprises 452 nodes, representing individual research papers, and 1859 edges, symbolising the citation relationships between these papers. The largest and most prominent feature in the diagram is the central subnetwork. This contains 390 tightly interlinked nodes, which signifies many research papers that share many citation relationships. This core subnetwork is the heart of our study for MPA. Its dense interconnections imply a high degree of consensus or shared knowledge in this area of research. The largest subnetwork shows that many of these publications cite each other, thereby informing and building upon each other’s work. The second type of node is located near the periphery of the network. These nodes have fewer citations, implying that they are less frequently referenced by other papers in the network. However, they are still connected to many articles, bridging the core subnetwork and the wider body of knowledge in this field. They may represent more specialised or niche research areas that, while not as extensively cited, still contribute valuable insights to the field. Lastly, the remaining nodes are scattered throughout the network, seemingly isolated and disconnected from the main body of articles. These represent papers that do not have strong citation connections to other works in the network. This could suggest that they represent emerging research areas, novel theories, or unorthodox viewpoints that have not yet been widely adopted or recognised by the rest of the field. Through Fig. 8 , we visualise the structure and interconnectedness of research in the green procurement field, providing a bird’s eye view of the citation landscape, key papers, and research trends.

Citation network of the sample

Local Main Path Analysis

The local main paths, shown in Figs. 5 and 6 , depict the local main paths, consisting of 15 and 18 articles, respectively. Three common articles in both paths and distinct nodes are coloured yellow.

The forward local main path

The backward local main path

As shown in Fig. 5 , Marron [ 76 ] is the first publication on the forward local main path that leads to the beginning of research into environmentally friendly purchasing practices. In this article, the author examines the outcomes of green government procurement policies and notes that if marginal product costs rise, private market reactions counteract changes in government procurement. Faith-Ell et al. [ 32 ] present the results of two studies on implementing environmental requirements in Swedish road maintenance contracts and conclude that environmental requirements must be made clearer and simple to make green procurement successful, and reasonable follow-up procedures are necessary. Based on Faith-Ell et al. [ 32 ], Geng and Doberstein [ 39 ] explore the application of green government procurement in China and argue that greening government procurement in the country has become one of the numerous policy tools to enhance the environmental performance of goods and services. However, the authors report that the lack of guidelines and the limited environmental awareness are barriers to promoting green government procurement in developing countries. Research has become diverse after these three papers, with many articles appearing on the two local main paths. In the forward local main path, Michelsen and de Boer [ 79 ] examine the role of municipalities and local governments in green public procurement using survey data collected in Norway.

The findings reveal that green procurement is substantially more prevalent in large municipalities than in small ones and that there is a need for better environmental awareness among counties and municipalities and more direction from the national authorities. Testa et al. [ 117 ] attempt to evaluate the determinants and challenges of green procurement adoption in the public sector in Italy. The results of their econometric analysis demonstrate that the dimension of public authorities and the existing awareness of tools for facilitating government public procurement have a favourable and significant impact on the likelihood that they embrace green public procurement practices. In Zhu et al. [ 140 ], a conceptual model that hypothesises the moderating impacts of green public procurement knowledge on the linkages between green public procurement drivers and practices is developed to understand the adoption issues of green public procurement in China. Based on data obtained from 193 Chinese government officials, the authors discover that rewards and incentive gains, regulations, and stakeholders play a role in encouraging the implementation of green public procurement practices. Several organisational factors have been identified as drivers or barriers to implementing sustainable public procurement. However, the ways these factors impact the implementation and the level of sustainable public procurement remain unclear. To bridge this gap, Grandia [ 43 ] examines whether behaviour is a mediator between knowledge, commitment to change, and implementing sustainable procurement in Dutch national government procurement initiatives. The findings indicate that sustainable procurement behaviour positively mediates the link between affective commitment to change and knowledge and the relationship between compulsory and voluntary sustainable procurement. As a result, public organisations should concentrate on expanding their awareness of sustainability and the environment and increasing affective commitment to change and sustainable buying practices to facilitate the implementation of sustainable public procurement. The following paper, by Keulemans and Van de Walle [ 59 ], seeks to investigate and describe public preferences for various public procurement procedures. Using public opinion data on 26,836 citizens from 27 European nations, EU citizens expect public authorities to assess several aspects of every procurement bid in their decisions. While EU citizens value cost-effectiveness and domestic favouritism, most support sustainable procurement objectives.

Vluggen et al. [ 126 ] explore how external forces can hold municipalities accountable for sustainable procurement through in-depth document analysis and 34 semi-structured interviews in three mid-sized Dutch municipalities. The results reveal that legal pressure to ensure sustainable procurement is limited. Due to the absence of sanctions for noncompliance, national laws, guidelines, and principles are deemed non-binding. After Vluggen et al. [ 126 ], several streams of research on green public procurement are observed. For example, Miyamoto et al. [ 83 ] aim to determine the areas in which it is more straightforward or challenging for local municipalities to adopt green purchasing and to identify the extent and role of green purchasing policy in encouraging green purchasing. According to the authors, green public procurement is related to higher adoption and measurement rates of green purchasing.

Moreover, Oliveira et al. [ 89 ] identify and classify the stakeholders in the sustainable procurement system of Brazilian public entities. Although governmental and intra-organisational stakeholders are seen to be more significant, specific stakeholders deemed essential by the literature and by experts are considered less significant by organisations. Simion et al. [ 114 ] analyse the most important green procurement barriers and enablers for building projects in Romania and group them into clusters. The research results show that technical and technological issues associated with using green building materials represent the most significant barrier. Other barriers also include the increase in project execution costs, while the enablers for green public procurement consist of higher energy efficiency, the use of green building materials, and the pressure to enact environmental protection policies or legislation. Moving further in this direction, Khahro et al. [ 60 ] quantify the factors contributing to the adoption of green procurement in construction projects and find that market factors and techniques have an important role in improving green procurement acceptance and implementation. Hamdan et al. [ 48 ] employ an in-depth case study of actual sustainable neighbourhood (SN) development in Norway to investigate green procurement in SN initiatives. Finally, Vejaratnam et al. [ 125 ] review the barriers hampering the application of green government procurement based on 29 studies from the Web of Science and Scopus databases. The authors consider a lack of knowledge and awareness as the most significant obstacles to green government procurement, whereas budgetary limitation is a minor obstacle.

Overall, the previous analysis reveals several insights. First, the research mainly focuses on the drivers and barriers to adopting green public procurement. Second, there is a focus on examining green public procurement practices in China and some European countries such as Sweden, Italy, Norway, Italy, the Netherlands, and Romania. Third, studies concentrate on applying green procurement in municipalities, local governments, and construction projects.

Unlike the forward local main path, the backward local main path shows multiple papers at the start. For instance, van Calster [ 123 ] points out that governments play an increasingly important role in the market economy, as purchasers and regulators, using their purchasing power to further environmental and social goals. Two years later, McCrudden [ 78 ] provides a deep understanding of how public procurement can advance social objectives, such as promoting equality and human rights. Günther and Scheibe [ 47 ] analyse the factors that hamper green procurement and conclude that environmental awareness and friendliness are necessary to broadly achieve green procurement, industrial ecology, and sustainable development. In addition, Thomson and Jackson [ 118 ] find that green procurement can be promoted through legislation and implementing new action plans to embed green practices in government procurement. McCrudden [ 78 ], Günther and Scheibe [ 47 ], and Thomson and Jackson [ 118 ] merge with Walker and Brammer [ 128 ], which examines sustainable procurement in the UK public sector and reveals a significant variation across public sector entities in terms of sustainable procurement practices. Preuss [ 93 ] looks at how local government agencies in England employ their procurement activities to foster sustainable development.

Ho et al. [ 50 ] investigate the procurement activities and policies of five Asian nations and Hong Kong. They emphasise the importance of government involvement and up-to-date information resources in the overall effectiveness of green procurement and its performance. In Brammer and Walker [ 17 ], a systematic and comprehensive examination of how public bodies adopt sustainable procurement globally and the primary situational elements influencing participation in sustainable procurement is conducted. The previous papers end at Walker and Brammer [ 127 ], which looks at the relationship between sustainable procurement and e-procurement in the public sector and finds that e-procurement and communication with suppliers can support sustainable procurement’s environmental, health, labour, and safety dimensions. Prier et al. [ 94 ] develop a sorting framework to evaluate whether certain firms are systematically more inclined to undertake sustainable public procurement activities than others. The authors’ findings suggest that agencies of different reach and scope do not vigorously pursue sustainable public procurement initiatives.

Nevertheless, when they apply sustainable public procurement, their efforts tend to be very diverse between and within government levels and organisational size. Strongly connected to the previous article, Roman [ 109 ] examines the conditions under which an organisation is ready to engage and promote sustainable procurement practices and identifies whether a top executive’s leadership style can reflect the extent to which sustainability is stimulated within the organisation. The empirical analysis shows that the top executives’ leadership style positively correlates with the likelihood that an agency will participate in sustainable procurement procedures. Subsequently, Leal Filho et al. [ 65 ] research the drivers and challenges that higher education institutions face when adopting sustainable procurement practices. The authors argue that much work is required to support the uptake of sustainable procurement policies and practices across all functions in higher education institutions. Beyond the education sector, Yu et al. [ 133 ] summarise the literature on e-procurement and sustainable procurement in the construction sector. Bucea-Manea-țoniș et al. [ 18 ] also conduct a literature review of the barriers to adopting green public procurement and incorporate a case study on green agriculture in Romania. Finally, Li et al. [ 67 ] examine sustainable supplier selection in public–private partnership projects and develop a sustainable supplier selection system considering five factors. According to the authors, the suppliers’ sustainable financial capabilities and technology solutions are crucial considerations when selecting a sustainable supplier.

To summarise, articles on backward local main paths play a crucial role in sustainable public procurement knowledge diffusion. Regarding content, there is a slight difference between the papers appearing on the paths. The backward local main path shows that, at the start, articles focus on the role of public procurement in fostering environmental and social sustainability. Then, the focus shifts to examining sustainable public procurement and the factors influencing its implementation in different geographic contexts. Finally, the focus ranges from e-procurement to sustainable public procurement in the construction, education, and water resources sectors.

The Analysis of the Global Main Path

The preceding paths focused on discovering the important local links within the citation network. In contrast, the global main path can decide the path with the most influence. Figure 7 depicts the global main path with 14 noteworthy documents. Table 2 displays the SPC value of each link. As can be observed, the link from Walker and Brammer [ 128 ] to Preuss [ 93 ] has the highest SCP, followed by the link emanating from McCrudden [ 78 ] to Walker and Brammer [ 128 ], the link from Günther and Scheibe [ 47 ] to Walker and Brammer [ 128 ], and the link from Thomson and Jackson [ 118 ] to Walker and Brammer [ 128 ]. The connections near the end of the journey are far thinner than the ones at the beginning, showing that older publications got a great deal of attention while more recent pieces garnered very few citations. Nonetheless, articles near the end of the global main path indicate their significance among the citation network’s followers. As new articles continue to appear, these articles’ positions must be assessed over time.

The global main path

The Analysis of the Key-Route Main Path

The historical evolution of green procurement research is shown in more depth by analysing the key-route main path. Figure 8 , which displays the structure of green procurement research, shows the key-route main path. This path contains practically all global and local main paths, except for seven additional articles. This section is devoted to analysing these papers for further insights into green procurement research.

The key-route main path

The first new article on the left path, Bohari et al. [ 16 ], reports preliminary results of green procurement practices in Malaysia and argues that construction stakeholders do not widely use them despite green procurement guidelines and considering green criteria in bidding processes. In the following paper, Yang et al. [ 131 ] apply the theory of planned behaviour to analyse the issues of developers’ green procurement in the construction industry. According to the findings, subjective norms and perceived behaviour control elements substantially affect developers’ green procurement behaviour attitudes. In the following paper, Grandia and Voncken [ 44 ] investigate the relationship between motivation, ability, and opportunity and six different types of sustainable procurement, including green public procurement, bio-based public procurement, and innovation-oriented public procurement. Finally, AlNuaimi et al. [ 5 , 6 ] adopt the natural resource-based view theory to analyse the impact of leadership styles and innovation capability on green procurement. Their results show that transformational or transactional leadership styles do not impact green procurement, despite their influence on innovation capability.

The right path comprises three new papers. In the first paper, Miemczyk et al. [ 80 ] make a systematic literature review of sustainability in purchasing and supply management, going beyond the typical environmental and social sustainability scope. More specifically, the authors report two different trends in the literature: internal or dyadic issues and an emphasis on ecological rather than social sustainability.

In addition, a survey of studies on green supplier selection conducted by Igarashi et al. [ 55 ] reveals that researchers have focused mostly on creating normative decision models for use in the latter stages of the selection process. The authors also draw the conclusion that there is a lack of consistency in the study on green supplier selection and highlight the risk of excessive focus on technical factors. Finally, Appolloni et al. [ 7 ] review the literature related to green procurement in the private sector and determine the following three overarching themes in green procurement: (a) what motivates and drives its use,(b) what hinders its spread; and (c) what performance gains result from its implementation. In summary, the key-route main analysis provides more detailed information concerning the implementation of green procurement in the construction industry and the relationship between green procurement and innovation. Moreover, the path uncovers several seminal reviews discussing sustainability in purchasing management, green supplier selection, and implementing green procurement in the private sector.

Using a combination of a keyword co-occurrence network analysis and a citation network based on 452 articles, this study seeks to analyse the primary subjects in the area of green procurement. Four alternative paths are built off of the biggest subnetwork to explore the information dissemination processes in the green procurement sector from various vantage points. Forward and backward examination of local main paths provides a clear depiction of the evolution of this academic topic across time. Furthermore, the most influential path is identified using the global main path, and the extensive development structure of the green procurement domain is shown using the key-route main path analysis.

The main findings can be summarised based on the analysis of these quantitative approaches. First, the keyword co-occurrence network analysis results show that green procurement research mainly focuses on several topical themes, including green supply chain management, sustainable public procurement, sustainability, green supplier selection, and environmental management. Research about green procurement in promoting sustainable development occupies a high percentage. As a sustainable practice, green procurement is considered a means of sustainable development due to its impact on the environment, society, and the economic conditions of firms delivering or receiving green products and/or services. The issues posed by sustainable development put the procurement function under pressure to improve environmental performance, reduce waste, and increase resource efficiency. Related keywords to green procurement include sustainability, sustainable procurement, environmental concerns, and green manufacturing.

In the context of green supply chain management, green procurement emerges as a cornerstone of sustainable operational practices [ 111 ]. It represents an actionable strategy organisations can adopt to align their operations with environmental sustainability. As a key process within the overall supply chain, procurement activities, from sourcing to buying, can profoundly impact the ecological footprint of an organisation [ 68 ]. When implemented effectively, green procurement policies enable organisations to select and prioritise suppliers that comply with environmental standards or demonstrate superior environmental performance [ 15 , 77 ]. These choices can significantly reduce the organisation’s supply chain’s environmental impact and reduce carbon emissions, waste generation, and overall resource consumption [ 36 , 52 , 61 ]. Moreover, green procurement is a key lever for broader systemic change within the supply chain. It can influence suppliers upstream to adopt more sustainable practices, driving a ripple effect of sustainability improvements throughout the supply chain. Downstream, procuring environmentally friendly products and services can enhance the market’s demand for green offerings and accelerate the shift towards sustainability. Thus, green procurement is not merely a stand-alone activity but a strategic function that permeates the entire supply chain and shapes its environmental performance [ 85 ]. Consequently, the role and impact of green procurement extend far beyond operational efficiency and cost-effectiveness, contributing significantly to the organisation’s broader sustainability objectives and shaping the discourse on green supply chain management.

Given the importance of green procurement in government operations, studies about green public procurement’s implementation opportunities and challenges have captured scholars’ attention. Sustainable public procurement policies have recently been researched in different sectors, such as construction, education, and agriculture. It is critical to draw attention to the role of government policies in driving wider green supply chain practices. Through their procurement policies, governments can significantly influence private sector behaviour towards more sustainable practices [ 101 ]. However, leveraging public procurement towards minimising global climate change and realising a circular economy is still an intriguing research area that deserves further attention.

Given the necessity of sustainable public procurement policies, it becomes clear that green procurement is not just an adjunct to green supply chain management; it serves as a critical driver for confronting climate change and fostering circular economy practices [ 98 ]. In the context of climate change, the push towards green procurement can significantly contribute to reducing greenhouse gas emissions. The decision to favour suppliers demonstrating responsible and environmentally friendly practices encourages a broad-based shift towards low-carbon technologies and renewable energy sources within the supply chain, promoting decarbonisation. Additionally, green procurement bolsters circular economy principles by advocating for sourcing recycled or recyclable materials, minimising waste, and endorsing the reuse and refurbishment of products [ 57 ]. By doing so, green procurement enables organisations to depart from the conventional linear economic model of “take-make-waste,” advocating instead for a “reduce-reuse-recycle” approach that improves resource efficiency and sustainability [ 58 ].

Despite the recognised role of green procurement in governmental operations and its potential to induce more sustainable practices in the private sector, leveraging public procurement to mitigate global climate change and facilitate a circular economy remains an underexplored research area [ 101 ]. With a growing focus on sustainable development goals, the role of green procurement transcends its operational implications. As a result, green procurement can serve as a transformative mechanism within the green supply chain, with impacts reaching far beyond organisational boundaries to include a global economic scale. This underlines the profound influence organisations, particularly governmental bodies, hold in instigating environmental transformation within their operations and supply chains [ 23 ]. It also emphasises the belief that economic prosperity and sustainability are not merely compatible but can serve to enhance one another in a symbiotic relationship.

By methodically analysing green procurement research’s four major paths over the last several decades, we can see which studies have impacted the field’s growth most. Based on the distribution of the major branches, the local main path reveals how previous studies have mostly ignored the private sector in favour of investigating green government procurement in both developed and developing nations (e.g., the UK, Sweden, Norway, and China). With the passage of years, research shifted to exploring e-procurement in the public sector and the determinants of sustainable public procurement initiatives in different geographic contexts such as Romania and Brazil. In addition, the local and global main paths are consistent, and the findings highlighted that public procurement had been the main focus over the last two decades. The global main path shows two influential studies, Walker and Brammer [ 128 ] and Preuss [ 93 ], which discussed sustainable public procurement from the UK perspective.

After analysing the most influential articles in green procurement, we revealed additional ideas by analysing the key-route main path. The following are the findings: First, the number of articles about green public procurement is proliferating, with topics including green procurement implementation in the construction sector, supplier selection, innovation, and green private procurement. As more articles are added to the citation network, the findings can be updated rapidly, and articles on the key-route main path should be checked periodically.

Significant attention has been paid to green procurement in the past two decades. As a result, there is a need to examine the green procurement field comprehensively and systematically and offer valuable insights for future research. Based on 452 journal articles extracted from the Scopus database, this study attempts to provide insights into green procurement research from a dynamic perspective. Specifically, this work uses a keyword co-occurrence network to determine the most prevalent themes in the scholarly literature. Additionally, the article analyses local (both forward and backward), global, and key-route main paths of knowledge transmission in the green procurement area. Using this approach, the novel aspects of this study can be found. First, the primary hotspots in green procurement are identified and investigated. Second, this is the first attempt to use MPA to describe the entire evolutionary process of green procurement. Thirdly, applying these quantitative methods facilitates the exhaustive and methodical inspection of many green procurement-related articles.

To the author’s knowledge, no study has analysed the development of green procurement research based on keyword co-occurrence clustering and MPA. This paper contributes by assisting academics and practitioners in comprehending the fundamental aspects of green procurement research holistically. In addition, the paper provides useful references for determining which publications shaped and contributed to the development of the field. The application of MPA aids in acquiring the most seminal studies in the history of green procurement research effectively and objectively. With the support of this new technique, this study provides readers with novel insights into the mainstream literature, the flow of ideas, the changes in research themes, and the potential research directions. This novel research framework can be expanded to examine the evolution of knowledge in other research domains.

Implications and Future Research

The increasing number of articles in the field of green procurement indicates that the potential for future growth is substantial. It is essential to critically investigate the potential contribution of green procurement to lessen the alarming impacts of climate change [ 1 , 73 ]. Green procurement research has been incorporated into diverse fields, including environmental science, business management, operations research, social science, and marketing. Soon, there is a need to expand collaboration as the multi-disciplinary nature of green procurement necessitates researchers from other disciplines to deal with green procurement challenges effectively. Analysing the keywords used frequently in the selected sample, it can be inferred that research on green procurement and sustainable development will be studied further. Clarifying the incentives prompting organisations to embrace green procurement strategies is necessary considering financial pressure and market dynamics. Adding sustainable development to the organisation’s competitive priorities may also result in a network change involving business and non-business actors like the government, media, and regulatory bodies [ 25 ]. As a result, future studies should examine how to form collaborative ties between these actors to ensure the successful contribution of the organisation to sustainable development. Moreover, the topic of sustainable public procurement stands out extensively. In the future, studies on the behaviour of public procurers and their commitment to environmental knowledge and sustainability are required to facilitate the application of greening practices in the public sector.

The findings of the MPA reveal numerous future research directions. Green procurement research has expanded to include the study of private green procurement, for instance, in light of the heightened focus on negative environmental impacts and social issues. To this end, researchers can investigate this topic in greater depth. In addition, the end of the local main paths pointed to the importance of green procurement in sustaining the healthcare and education sectors. In the future, researchers should study incorporating sustainability values into the procurement function of other equally important sectors such as tourism, transportation, agriculture, and minerals. This is because industries have different characteristics which can facilitate or impede the implementation of green procurement. Integrating other theories and their combination with practice will undoubtedly enrich the knowledge base of the green procurement field and help solve sustainable development and environmental sustainability problems. Additional practical-oriented research on green procurement is recommended by increasing collaboration between academics and industry practitioners.

Research Limitations

Although this article attempts a comprehensive analysis of the green procurement field, it fails to address a few deficiencies. First, the findings of the keyword co-occurrence network analysis and the MPA depend on the sample that was picked. In this analysis, we only looked at journal articles indexed in the Scopus database. As a result, it is possible that the study does not accurately portray how the green procurement field evolved. Although the four primary paths uncovered the knowledge transmission routes from various angles, it is possible that some significant articles were overlooked by utilising this technique. Research into the content and information diffusion paths in different areas of green procurement might therefore use more clustering approaches beyond MPA in the future.

Data Availability

Data and materials are available upon request.

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Rejeb, A., Rejeb, K., Appolloni, A. et al. Uncovering the Green Procurement Knowledge Structure: a Systematic Citation Network Analysis. Circ.Econ.Sust. 4 , 287–316 (2024). https://doi.org/10.1007/s43615-023-00287-w

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For the Colorado River and beyond, a new market could save the day

The Colorado River, “the lifeblood of the West,” is in trouble. Decades of overuse and drought have sharply reduced its water supply, threatening an ecosystem that supports 40 million people and 5.5 million acres of farmland in nearby states and parts of northern Mexico.

Steep cutbacks in water use are critical. But the seven states that rely on the Colorado River can’t agree on how much less each of them needs to take over the long run, in large part because it’s not entirely clear who holds what legal rights to the river and who should get priority over others to its available water. If the states can’t agree, the federal government is reportedly threatening to make the hard choices for them.

Paul Milgrom , a senior fellow at the Stanford Institute for Economic Policy Research ( SIEPR ), has encountered intractable problems like this before. In 2020, he won the Nobel Prize in Economic Sciences for his pioneering work creating markets for goods and services that can’t be sold in traditional ways.

Water management, he says, is ripe for a market fix — not just for the Colorado River Basin but around the world as water shortages, made worse by climate change, become a defining issue of the 21st century. It’s no longer enough to leave decisions around water use up to federal, state, and local governments alone.

“We are trying to meet a 21st century set of challenges with 20th century technology and 19th century laws,” says Milgrom, the Shirley R. and Leonard W. Ely, Jr. Professor in Humanities and Sciences in Stanford’s Department of Economics in the School of Humanities and Sciences. “What we have, fundamentally, is a market design problem.”

Milgrom is part of an interdisciplinary Stanford team — led by Billy Ferguson , a PhD student in economics at the GSB and a former SIEPR undergraduate research fellow — that has developed an elaborate plan for how new markets for trading water could overcome key policy challenges around water allocation while providing incentives to high-volume users to find ways to do more with less.

Milgrom and Ferguson recently highlighted their proposal in a working paper released by the National Bureau of Economic Research. Their use case is California, one of the Colorado River Basin’s biggest stakeholders and whose system for divvying up surface water, which comes from rivers and streams, is especially complex and opaque.

Much of their blueprint is drawn from Milgrom’s work a decade ago helping the Federal Communications Commission (FCC) overcome obstacles in delivering more radio wave frequencies to wireless companies so they could meet exploding consumer demand for mobile services.

Milgrom led a team of experts in economics and computer science through his company, Auctionomics, in the creation of a voluntary market for trading a new type of radio spectrum license, which is credited with enabling mobile communication as we know it, today. The two-part auction process he helped engineer so that the FCC could make those trades possible also delivered $20 billion in total to the radio and TV operators that gave up their old licenses and another $10 billion to the U.S. Treasury.

Milgrom, who is also a professor, by courtesy, at the Stanford Graduate School of Business (GSB) and at the Department of Management Science and Engineering in the School of Engineering, says there are lessons from the 2017 Broadband Incentive Auction that apply to water scarcity in the United States and around the world.

Water rights are broken

As a second-year PhD student in 2021, Ferguson was already interested in water scarcity when he took Milgrom’s market design course and thought that lessons from the FCC’s broadband fix could apply to water. His class project on California’s convoluted system of water rights caught Milgrom’s attention and they started talking about working together. Ferguson then enrolled in a water law course taught by Barton “Buzz” Thompson , a Stanford Law School professor and water rights expert who had also been thinking about the potential role of markets. Thompson is also the faculty director of the Water in the West program led jointly by the Stanford Woods Institute for the Environment and the Bill Lane Center for the American West.

“I really need to get Buzz and Paul in the same room,” Ferguson recalls thinking. With Thompson on board, the team pressed ahead.

At its core, their idea for a water market starts with creating a new type of property right — one designed to overcome many of the drawbacks with current policies. California, for instance, has a “first come, first served” approach to surface water in which the earliest rights holders — among them, farms and ranches dating 100 or more years ago — have been given priority to rivers and streams over the water-hungry entities that came later, notably coastal cities like Los Angeles and San Diego.

California also has a “use or lose it” provision that requires rights holders to consume their yearly allotment or surface water or risk getting less water in the future. They can technically sell any excess water to other users, but in practice, it’s really hard to do, according to Ferguson: Sellers first have to show that no one downstream from where the water would otherwise go — a phenomenon known as “return flow” — is harmed.

“The system is set up in a way that you have every incentive to use your entire allocation and no incentive to conserve,” Ferguson says.

Going all in with econ

Billy Ferguson was part of the inaugural cohort of undergraduate research fellows at SIEPR. He learned, as a sophomore at that time, about the power of economic tools and data-backed research and never looked back. Today, his PhD work with advisor Paul Milgrom boldly introduces a novel approach to a longstanding issue over the allocation of water rights.

A solution designed for optimal flexibility

A more efficient approach, write Ferguson and Milgrom in their working paper , would be to establish a new property right aimed at delivering water to those who need it most and are willing to pay for it. Among other features, this new right would be based on how much water gets consumed, not diverted, and adjust as precipitation levels change from one year to the next.

This new water market, Ferguson says, would give rights holders incentives to save water — maybe by switching to low-water crops or installing more efficient water treatment systems — and sell off what they don’t need without damaging downstream users. And because water would then be a financial asset, Ferguson and Milgrom say farmers and other rights holders would have easier access to loans or other capital to pay for investments in water-saving technologies.

To kickstart the market, in which participation would be voluntary, the Stanford team is borrowing another page from the radio spectrum playbook: a one-time auction in which governments, in a process known as a “reverse” auction, first buy back water rights from those who are willing to give them up in exchange for the new right. In a subsequent “forward” auction, governments would sell the new water rights to the highest bidders, who would then be free to privately trade their entitlements going forward.

“Our whole approach is to ensure a level of flexibility in allocating water that’s needed but currently missing,” Ferguson says.

Government, he adds, also has a critical role to play in adopting policies to protect vulnerable populations. This includes, for example, limiting how much farmland can be fallowed in pursuit of water profits so that local communities aren’t impacted by job losses and other economic fallout.

Why the timing is right

Milgrom and Ferguson aren’t harboring any illusions: As the Colorado River impasse shows, water scarcity is rife with political, economic, and technological challenges.

But they are also optimistic that their vision for a water market will gain traction — in large part because there’s an urgent need to figure out how to make better use of dwindling water supplies.

“There’s both pressure and possibility,” says Milgrom, just like there was when he took on the challenge of freeing up radio spectrum for wireless companies. And like then, technology has reached the point where water supplies can be measured in new ways and with enough accuracy to give users confidence in their ability to get the water they need.

“There’s every reason to think this can work,” he says. “While it won’t reverse climate change or make it rain, it would go a long way toward providing long-run water resilience.”

The biggest roadblock, says Milgrom, is the politics around water — at the federal, state, and local levels. This is one reason why Milgrom sees introducing water markets as an even bigger problem to solve than reallocating radio spectrum.

The challenge is also deeply personal for Milgrom. “I’m 75 years old,” he says. “If I’m lucky, I have one really big project left in me and I’d like this to be it.”

A conference on Advancing Sustainable Water Management — organized by Milgrom and Thompson, and hosted by Stanford Graduate School of Business and the Stanford Doerr School of Sustainability — will be held on April 18-19. Find info on the event here .

Policy challenges of the Colorado River was one of the topics at the 10th Annual Eccles Family Rural West Conference organized by the Bill Lane Center for the American West. See coverage of the March 27 event here .

The ‘sandwich generation’ faces pressure as the world ages. Here are 3 tips to prevent burnout.

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White Hydrogen Is Ready to Fuel the Multibillion-Dollar Hydrogen Economy

by BIS Research , on April 10, 2024

Go Green wooden sign with a forest background

This shift is further fueled by progress and investments in sectors such as the water electrolysis market, hydrogen fuel cell market, green ammonia market, green methanol market, ammonia crackers market, and the hydrogen storage and transportation market. Combined, these innovative technologies can guide us towards a more eco-friendly future.

Technology at the Core of the Hydrogen Economy

At the core of the hydrogen economy’s progress are technologies that streamline the production, storage, and application of hydrogen as a fuel. The water electrolysis market plays a role by enabling the creation of green hydrogen through the process of water splitting, utilizing energy sources. This innovation not only offers a method for producing hydrogen but also drives the growth of the hydrogen fuel cell market by providing a clean alternative to traditional fossil fuels in power generation and transport.

Similarly, advancements in the green ammonia and green methanol markets illustrate the adaptability of hydrogens, in producing chemicals in an environmentally friendly way. Furthermore, these innovations are crucial for the progress of the ammonia crackers market, growing at CAGR of 25.7% , and the hydrogen storage and transportation market, growing at a CAGR of 18.74% , to guarantee the efficient distribution and utilization of hydrogen in various industries.

Hydrogen Economy: Key Drivers and Opportunities

The rise of the hydrogen industry is being driven by the push for decarbonization advancements in technology and substantial financial investments. The focus on white hydrogen, known for its eco-extraction methods, highlights the potential for innovation and environmental responsibility within the sector. The white (natural) hydrogen market, though currently at a very nascent stage, is expected to reach 115.09 million tons in production from 2029-2033 .

Recent investments, like a funding round for a hydrogen company supported by Bill Gates, showcase the market's growth prospects and investor confidence. Additionally, the shift towards achieving net zero emissions has brought attention to the green hydrogen market, emphasizing its role in reducing carbon footprints across sectors. The green hydrogen market is projected to grow at a CAGR of 67.19% between 2023-20233 and reach $141.29 billion by 2033 . This expanding market offers opportunities for green technology development, job creation, and establishing a supply chain for clean energy.

White Hydrogen: A Significant Breakthrough

The emergence and emphasis on white hydrogen represent a significant milestone. Unlike other types of hydrogen, white hydrogen is produced through natural reserves, similar to natural gas but without the negative impact on carbon emissions associated with traditional fossil fuels. This groundbreaking discovery not only broadens the range of hydrogen sources but also underscores the importance of white hydrogens in transitioning towards cleaner energy alternatives. Its ability to be harnessed with minimal environmental impact positions white hydrogen as a key player in the global move towards cleaner energy solutions, offering a promising avenue for sustainable industrial and energy sectors.

Hydrogen Economy: A Way Forward

The hydrogen economy showcases a collective dedication in combating climate change as various stakeholders pave the path toward new solutions. The unique characteristics of white hydrogen and its minimal environmental footprint serve as proof that it could play a role in the energy portfolio. White hydrogen holds promise in contributing to our energy sources due to its qualities and limited environmental impact. The hydrogen economy isn't an alternative; it's a progression towards a cleaner more resilient planet, for future generations.

Understanding the Hydrogen Market Better

In an ever-evolving economy, having market insights is key. By utilizing the critical information available in market research reports, stakeholders can better understand trends, future prospects, and the competitive environment to make well-informed decisions and strategic plans.

Check out recent reports by BIS Research on these topics and other related markets:

White Hydrogen Market
Green Hydrogen Market
PEM Electrolyzer Market
Power Supply Equipment Market for Water Electrolysis
Multiple-Element Gas Container Market
Global Virtual Pipeline Market
Hydrogen Fuel Cell Market
Hydrogen Fueling Station Market
Ammonia Crackers Market
Low-Carbon Aluminum Market
Sustainable Steel Market
Hydrogen Storage and Transportation Market

These market research reports by BIS Research not only shed light on the dynamics of the hydrogen market but also outline potential areas for growth and challenges ahead. The data and expertise helps ensure that stakeholders are well prepared to seize the growing opportunities in the hydrogen economy and gain a foothold at the forefront of the transition toward sustainable energy solutions.

About the Publisher: BIS Research is a global market intelligence, research and advisory company that focuses on emerging technology trends that are likely to disrupt the market. Its team includes industry veterans, experts, and analysts with diverse backgrounds in consulting, investment banking, government, and academia.

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Green Process Innovation in Circular Economy for Sustainable Development

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International Edition

Monetary Policy, Segmentation, and the Term Structure

We develop a segmented markets model which rationalizes the effects of monetary policy on the term structure of interest rates. When arbitrageurs’ portfolio features positive duration, an unexpected rise in the short rate lowers their wealth and raises term premia. A calibration to the U.S. economy accounts for the transmission of monetary shocks to long rates. We discuss the additional implications of our framework for state-dependence in policy transmission, the volatility and slope of the yield curve, and trends in term premia accompanying trends in the natural rate.

An early version of this paper circulated under the title “Heterogeneity, Monetary Policy, and the Term Premium”. We thank Michael Bauer, Luigi Bocola, Anna Cieslak, James Costain, Vadim Elenev, Pierre-Olivier Gourinchas, Robin Greenwood, Sam Hanson, Ben Hebert, Christian Heyerdahl-Larsen, Sydney Ludvigson, Hanno Lustig, Anil Kashyap, Arvind Krishnamurthy, Matteo Maggiori, Stavros Panageas, Carolin Pflueger, Monika Piazzesi, Walker Ray, Alp Simsek, Eric Swanson, Dimitri Vayanos, Olivier Wang, Wei Xiong, and Motohiro Yogo for discussions. We thank Manav Chaudhary, Lipeng (Robin) Li, and Jihong Song for excellent research assistance. This research has been supported by the National Science Foundation grant SES-2117764. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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20 Dissertation Topics on Sustainability and Green Technology
Dissertation Topics Ideas on Sustainability and Green Technology for 2021. Topic 1: Research on sustainable gardens. Topic 2: Sustainable outdoor designs using recycled materials. Topic 3: Pollution-free disposal and recycling of trash. Topic 4: Importance of gardening- awareness and ideas for the city, terrace/roof gardening.
The green economy transition: the challenges of technological change
The Green Economy is an alternative vision for growth and development; one that can generate economic development and improvements in people's lives in ways consistent with advancing also environmental and social well-being. One significant component of a green economy strategy is to promote the development and adoption of sustainable technologies. The overall objective of this article is to ...
PDF Defining the Green Economy
Defining the Green Economy: A Primer on Green Economic Development 4 In this era of global competition and local fiscal constraint, cities increasingly seek to develop and maintain a vibrant economy. Yet, few cities have adopted comprehensive economic development strategies, and even if they have articulated explicit economic development goals ...
Frontiers
Practical and theoretical advancements have not caught pace with rising scientific researches in the rapidly emerging economy undertaking a shift to a more sustainable and particularly green model. After the UN adopted the 2030 Agenda for Sustainable Development, there has been a surge in interest in the green economy among academics around the world, and the literature on the issue is ...
Green Economy
Environmental justice, climate justice, and the green economy. Begüm Özkaynak, in Handbook of Green Economics, 2019. Introduction. While the green economy was the organizing theme of the United Nations Rio+20 Conference, it is a term that generated many interpretations over the past decade much like its precursor—sustainable development—which itself was translated into a global worldview ...
Emerging new themes in green finance: a systematic literature review
Even while the previously stated research topics have unquestionably enhanced our understanding of the intricacies of green finance, there are still a number of uncharted territories and research gaps that need to be investigated further. Currently, research on green finance mostly focuses on economic and environmental concerns.
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With governments today seeking effective ways to lead their nations out of these related crises whilst also taking into account these planetary boundaries, green economy (in its various forms) has been proposed as a means for catalysing renewed national policy development and international cooperation and support for sustainable development.
About green economy
An inclusive green economy is one that improves human well-being and builds social equity while reducing environmental risks and scarcities. An inclusive green economy is an alternative to today's dominant economic model, which exacerbates inequalities, encourages waste, triggers resource scarcities, and generates widespread threats to the environment and human health.
Why does green economy matter?
An inclusive green economy is one that improves human well-being and builds social equity while reducing environmental risks and scarcities. An inclusive green economy is an alternative to today's dominant economic model, which exacerbates inequalities, encourages waste, triggers resource scarcities, and generates widespread threats to the environment and human health. Over the past decade ...
A Green Economy as a Way for Sustainable Development
This Special Issue of Sustainability involves topics focused on innovative approaches of the green growth and the bioeconomy and circular economy in different sectors on the national and international levels. Studies should focus on specific approaches aimed at promoting sustainable development, the introduction of eco-innovation and recycling ...
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EPI is an independent, nonprofit think tank that researches the impact of economic trends and policies on working people in the United States. EPI's research helps policymakers, opinion leaders, advocates, journalists, and the public understand the bread-and-butter issues affecting ordinary Americans. Follow EPI. 1225 Eye St. NW, Suite 600
Green economy: a path towards development and poverty eradication
A green economy is defined as low carbon, resource efficient and socially inclusive. In a green economy, growth in employment and income are driven by public and private investment into such economic activities, infrastructure and assets that allow reduced carbon emissions and pollution, enhanced energy and resource efficiency, and prevention ...
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Concerning the controlling variable of fintech on the connection between green finance and economic effectiveness, model number (6) indicates that divergent to the research potentials, financial technology does not suggestively support the association between green finance and economic significance (α = 0.002, SE = 0.004), the green finance ...
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US green economy growth dwarfs Donald Trump's highest hopes for the fossil fuel industry. Lucien Georgeson, UCL and Mark Maslin, UCL. The US President pledged ambitious growth in the fossil fuel ...
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Based on the findings on publication patterns and on the key topics emerging from the literature on circular and green economy, several suggestions for future research can be provided. In particular, the purpose of this research has been to investigate the state-of-the-art of the literature on circular and green economy in the agri-food sector ...
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Get involved. If current trends continue, the global per capita use of natural resources will increase by 70 per cent by 2050. We promote the transition to economies that are low carbon, resource efficient and socially inclusive.
Green finance in circular economy: a literature review
Developing markets are using sustainable development potential to reach zero-carbon goals. Due to the limitation of natural resources, companies need to use environmentally friendly manufacturing to develop a circular economy (CE). Green finance (GF) and the CE are linked in a systematic and complex approach; therefore, it was essential to employ the coupling coordination-level framework to ...
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The energy-saving and low-carbon development model is one of the important symbols of high-quality economic development. This article attempts to study the environmental effects of green finance from both theoretical and empirical perspectives, that is, to test whether green finance policies contribute to achieving energy conservation and emission reduction. This article is based on provincial ...
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White Hydrogen Is Ready to Fuel the Multibillion-Dollar Hydrogen Economy
by BIS Research, on April 10, 2024. In the pursuit of sustainability, the hydrogen economy is emerging as a compelling energy solution. White hydrogen and green hydrogen are at the forefront of this shift—reshaping how we produce, store, and consume energy. This shift is further fueled by progress and investments in sectors such as the water ...
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The transition towards sustainable development is a complex process that assumes economic, social, technological, and even political challenges. Adaptation of green processes, renewable energies, and the intensification of green innovation are a few of the strategies meant to reshape the activity of companies in various sectors. Over the last few years, the significance of the protection of ...
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Working Paper 32324. DOI 10.3386/w32324. Issue Date April 2024. We develop a segmented markets model which rationalizes the effects of monetary policy on the term structure of interest rates. When arbitrageurs' portfolio features positive duration, an unexpected rise in the short rate lowers their wealth and raises term premia. A calibration ...

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20 Dissertation Topics on Sustainability and Green Technology

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2022 Research Topics on Sustainability and Green Technology

Topic 2: Impact of Research and Development (R&D) Expenditure in Green Technology on the Sustainability Outcomes of the Construction Industry- A Case of Malaysian Construction Industry

Topic 3: What are the Motivating and Demotivating Factors for Green Supply Chain Practices? An Exploratory Study Finding the Factors Affecting Green Supply Chain Practices in the UK

Topic 4: Influence of Green Advertising on the Consumer View of Green Technology and Sustainability in the US

Topic 5: Green Economy a Necessity? Impact of Green Technology on Sustainable Economic Growth and Development- A Case of ASEAN Economies

Covid-19 Sustainability and Green Technology Research Topics

Topic 2: COVID-19 and the environment

Topic 3: Economic expenditure on the green environment during COVID-19

Topic 4: The green economy after COVID-19

Dissertation Topics Ideas on Sustainability and Green Technology for 2021

Topic 2: Sustainable outdoor designs using recycled materials

Topic 3: Pollution-free disposal and recycling of trash

Topic 4: Importance of gardening- awareness and ideas for the city, terrace/roof gardening

20 Dissertation Topics Ideas on Sustainability and Green Technology for 2020

Topic 2: How do national and regional politics affect environmental sustainability?

Topic 3: How sustainable is the environment in the current and forthcoming eras?

Topic 4: Adoption of green energy by low-end users

Topic 5: How green technology can affect organisational processes

Topic 6: To what extent does green technology contribute to environmental sustainability?

Topic 7: Green technology and global environmental sustainability frameworks

Topic 8: Green technology practices in developing countries

Topic 9: How do policies affect the use of green technology in a country?

Topic 10: Incentives for green technology and environmental sustainability

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Topic 2: Impactful green thinking to achieve sustainability

Topic 3: A holistic approach to environmental sustainability

Topic 4: Can there be a balance between lifestyle and green technology?

Topic 5: How do businesses perceive green energy and environmental sustainability?

Topic 6: Examining sustainability policies in developed and developing countries

Topic 7: Challenges facing green technology as one of the drivers towards sustainability

Topic 8: What is the consumer perspective towards green production?

Topic 9: Stakeholders’ contribution to green technology

Topic 10: Current trends in green technology and the future of technology

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