Climate Finance and Sustainability: A Story Told Through the Journal of Cleaner Production
PDF

Keywords

Climate Finance
Sustainability
Journal of Cleaner Production
ESG
Literature Review
Bibliometric Analysis

How to Cite

Awad, B. . (2025) “Climate Finance and Sustainability: A Story Told Through the Journal of Cleaner Production”, EuroMid Journal of Business and Tech-Innovation (EJBTI), 4(2), pp. 31-47. doi: 10.51325/ejbti.v4i2.216.

Abstract

This study examines all research related to climate finance and sustainability published in the Journal of Cleaner Production between 2010 and 2024. It employs a bibliometric analysis in conjunction with a systematic literature review of 41 peer-reviewed articles to identify changes in research patterns, institutional development, and emerging thematic trends. Since 2015, research has shifted from primarily conceptual discussions to more empirical investigations, largely influenced by two major global developments: the Paris Agreement and the evolving Environmental, Social, and Governance (ESG) standards. The analysis focuses on three primary areas: the integration of green bonds, renewable energy finance, and blockchain technologies. While the journal exhibits strong publication activity from East Asian and European academic institutions, it remains underrepresented in contributions from the Global South, particularly in African contexts and the field of agricultural finance. The findings suggest that the journal serves as a critical conduit linking academic research with practical financial instruments that support sustainability. Future research should adopt multi-disciplinary approaches, aligning financial innovations with sector-specific applications, and prioritize vulnerable economies to advance global climate objectives. The study underscores the interconnected role of finance, policy, and technology as essential levers in achieving sustainable development goals.

https://doi.org/10.51325/ejbti.v4i2.216
PDF

References

Ahmed, Z., Ahmad, M., Alvarado, R., Sinha, A., Shah, M. I., & Abbas, S. (2022). Towards environmental sustainability: Do financial risk and external conflicts matter? Journal of Cleaner Production, 371, 133721. https://doi.org/10.1016/j.jclepro.2022.133721

Alzoubi, Y. I., & Mishra, A. (2023). Green blockchain – A move towards sustainability. Journal of Cleaner Production, 430, 139541. https://doi.org/10.1016/j.jclepro.2023.139541

Amighini, A., Giudici, P., & Ruet, J. (2022). Green finance: An empirical analysis of the Green Climate Fund portfolio structure. Journal of Cleaner Production, 350, 131383. https://doi.org/10.1016/j.jclepro.2022.131383

Austin, A., & Rahman, I. U. (2022). A triple helix of market failures: Financing the 3Rs of the circular economy in European SMEs. Journal of Cleaner Production, 361, 132284. https://doi.org/10.1016/j.jclepro.2022.132284

Calciolari, S., Cesarini, M., & Ruberti, M. (2024). Sustainability disclosure in the pharmaceutical and chemical industries: Results from bibliometric analysis and AI-based comparison of financial reports. Journal of Cleaner Production, 447, 141511. https://doi.org/10.1016/j.jclepro.2024.141511

Damert, M., Paul, A., & Baumgartner, R. J. (2017). Exploring the determinants and long-term performance outcomes of corporate carbon strategies. Journal of Cleaner Production, 160, 123–138. https://doi.org/10.1016/j.jclepro.2017.03.206

Dilling, P. F. A., & Harris, P. (2018). Reporting on long-term value creation by Canadian companies: A longitudinal assessment. Journal of Cleaner Production, 191, 350–360. https://doi.org/10.1016/j.jclepro.2018.03.286

Dmuchowski, P., Dmuchowski, W., Baczewska-D?browska, A. H., & Gworek, B. (2021). Green economy – Growth and maintenance of the conditions of green growth at the level of Polish local authorities. Journal of Cleaner Production, 301, 126975. https://doi.org/10.1016/j.jclepro.2021.126975

Gianfrate, G., & Peri, M. (2019). The green advantage: Exploring the convenience of issuing green bonds. Journal of Cleaner Production, 219, 127–135. https://doi.org/10.1016/j.jclepro.2019.02.022

Gomes, S., & Pinho, M. (2023). Can we count on the commitment of European SMEs to achieve SDG12? An exploratory study of business sustainability. Journal of Cleaner Production, 425, 139016. https://doi.org/10.1016/j.jclepro.2023.139016

Hassan, T., Khan, Y., Safi, A., Chaolin, H., Wahab, S., Daud, A., & Tufail, M. (2021). Green financing strategy for a low-carbon economy: The role of high-technology imports and institutional strengths in China. Environmental Science and Pollution Research, 28(34), 47402–47415. https://doi.org/10.1007/s11356-021-12213-4

Johannsdottir, L., Davidsdottir, B., Goodsite, M. E., & Olafsson, S. (2014). Insurers’ role in enhancing development and utilization of environmentally sound technologies: A case study of Nordic insurers. Journal of Cleaner Production, 65, 526–538. https://doi.org/10.1016/j.jclepro.2013.09.043

Jones, A. W. (2015). Perceived barriers and policy solutions in clean energy infrastructure investment. Journal of Cleaner Production, 104, 297–304. https://doi.org/10.1016/j.jclepro.2015.05.072

Kaewsaeng-on, R., & Mehmood, S. (2024). Quantile modeling for environmental risk: SAARC’s journey with green finance, policies, and regulations. Journal of Cleaner Production, 434, 140234. https://doi.org/10.1016/j.jclepro.2023.140234

Kanda, W., Sakao, T., & Hjelm, O. (2016). Components of business concepts for the diffusion of large scaled environmental technology systems. Journal of Cleaner Production, 128, 156–167. https://doi.org/10.1016/j.jclepro.2015.10.040

Kragt, M. E., Burton, R., Zahl-Thanem, A., & Otte, P. P. (2021). Farmers’ interest in crowdfunding to finance climate change mitigation practices. Journal of Cleaner Production, 321, 128967. https://doi.org/10.1016/j.jclepro.2021.128967

Leitão, J., Ferreira, J., & Santibanez-González, E. (2023). Green finance sources in Iberian listed firms: A socially responsible investment approach. Journal of Cleaner Production, 427, 139259. https://doi.org/10.1016/j.jclepro.2023.139259

Matiiuk, Y., & Liobikien?, G. (2021). The role of financial, informational, and social tools on resource-saving behaviour in Lithuania: Assumptions and reflections of real situation. Journal of Cleaner Production, 326, 129378. https://doi.org/10.1016/j.jclepro.2021.129378

Mehboob, M. Y., Ma, B., Mehboob, M. B., & Zhang, Y. (2024). Does green finance reduce environmental degradation? The role of green innovation, environmental tax, and geopolitical risk in China. Journal of Cleaner Production, 435, 140353. https://doi.org/10.1016/j.jclepro.2023.140353

Nie, P.-Y., Chen, Y.-H., Yang, Y.-C., & Wang, X. H. (2016). Subsidies in carbon finance for promoting renewable energy development. Journal of Cleaner Production, 139, 677–684. https://doi.org/10.1016/j.jclepro.2016.08.083

Numan, U., Ma, B., Sadiq, M., Bedru, H. D., & Jiang, C. (2023). The role of green finance in mitigating environmental degradation: Empirical evidence and policy implications from complex economies. Journal of Cleaner Production, 400, 136693. https://doi.org/10.1016/j.jclepro.2023.136693

Olumekor, M., & Oke, A. (2024). Support for sustainable finance and investment in Europe. Journal of Cleaner Production, 449, 141769. https://doi.org/10.1016/j.jclepro.2024.141769

Pata, U. K., Destek, M. A., Manga, M., & Cengiz, O. (2023). Militarization of NATO countries sparks climate change? Investigating the moderating role of technological progress and financial development. Journal of Cleaner Production, 409, 137241. https://doi.org/10.1016/j.jclepro.2023.137241

Pohl, C., Schüler, G., & Schiereck, D. (2023). Borrower- and lender-specific determinants in the pricing of sustainability-linked loans. Journal of Cleaner Production, 385, 135652. https://doi.org/10.1016/j.jclepro.2022.135652

Qing, L., Li, P., Dagestani, A. A., Woo, C., & Zhong, K. (2024). Does climate change exposure impact on corporate finance and energy performance? Unraveling the moderating role of CEOs' green experience. Journal of Cleaner Production, 461, 142653. https://doi.org/10.1016/j.jclepro.2024.142653

Ragosa, G., & Warren, P. (2019). Unpacking the determinants of cross-border private investment in renewable energy in developing countries. Journal of Cleaner Production, 235, 854–865. https://doi.org/10.1016/j.jclepro.2019.06.166

Rickman, J., Larosa, F., & Ameli, N. (2022). The internal dynamics of fast-growing wind finance markets. Journal of Cleaner Production, 375, 134129. https://doi.org/10.1016/j.jclepro.2022.134129

Riti, J. S., Yang, S., Song, D., & Kamah, M. (2017). The contribution of energy use and financial development by source in climate change mitigation process: A global empirical perspective. Journal of Cleaner Production, 148, 882–894. https://doi.org/10.1016/j.jclepro.2017.02.037

Scandurra, G., Thomas, A., Passaro, R., Bencini, J., & Carfora, A. (2020). Does climate finance reduce vulnerability in Small Island Developing States? An empirical investigation. Journal of Cleaner Production, 256, 120330. https://doi.org/10.1016/j.jclepro.2020.120330

Su, X., Pan, C., Zhou, S., & Zhong, X. (2022). Threshold effect of green credit on firms’ green technology innovation: Is environmental information disclosure important? Journal of Cleaner Production, 380, 134945. https://doi.org/10.1016/j.jclepro.2022.134945

Teng, M., & Shen, M. (2023). The impact of fintech on carbon efficiency: Evidence from Chinese cities. Journal of Cleaner Production, 425, 138984. https://doi.org/10.1016/j.jclepro.2023.138984

Tolliver, C., Keeley, A. R., & Managi, S. (2020). Drivers of green bond market growth: The importance of Nationally Determined Contributions to the Paris Agreement and implications for sustainability. Journal of Cleaner Production, 244, 118643. https://doi.org/10.1016/j.jclepro.2019.118643

Tong, L., Chiappetta Jabbour, C. J., Belgacem, S. B., Najam, H., & Abbas, J. (2022). Role of environmental regulations, green finance, and investment in green technologies in green total factor productivity: Empirical evidence from Asian region. Journal of Cleaner Production, 380, 134930. https://doi.org/10.1016/j.jclepro.2022.134930

Trotter, P. A., Mannan, I., Brophy, A., Sedzro, D., Yussuff, A., Kemausuor, F., & Mulugetta, Y. (2022). Institutionalising co-benefits for the implementation of climate policies: Evidence from eleven low- and lower-middle income countries. Journal of Cleaner Production, 346, 131014. https://doi.org/10.1016/j.jclepro.2022.131014

Tweneboa Kodua, L., Xiao, Y., Adjei, N. O., Asante, D., Ofosu, B. O., & Amankona, D. (2022). Barriers to green human resources management (GHRM) implementation in developing countries. Evidence from Ghana. Journal of Cleaner Production, 340, 130671. https://doi.org/10.1016/j.jclepro.2022.130671

Wan, Y., Sheng, N., Wei, X., & Su, H. (2023). Study on the spatial spillover effect and path mechanism of green finance development on China’s energy structure transformation. Journal of Cleaner Production, 415, 137820. https://doi.org/10.1016/j.jclepro.2023.137820

Wang, Y., Adebayo, T. S., Ai, F., Quddus, A., Umar, M., & Shamansurova, Z. (2023). Can Finland serve as a model for other developed countries? Assessing the significance of energy efficiency, renewable energy, and country risk. Journal of Cleaner Production, 428, 139306. https://doi.org/10.1016/j.jclepro.2023.139306

Wei, D., Ahmad, F., Abid, N., & Khan, I. (2023). The impact of digital inclusive finance on the growth of the renewable energy industry: Theoretical and logical Chinese experience. Journal of Cleaner Production, 428, 139357. https://doi.org/10.1016/j.jclepro.2023.139357

Xie, Y. (2024). The interactive impact of green finance, ESG performance, and carbon neutrality. Journal of Cleaner Production, 456, 142269. https://doi.org/10.1016/j.jclepro.2024.142269

Zhang, D. (2021). How environmental performance affects firms' access to credit: Evidence from EU countries. Journal of Cleaner Production, 315, 128294. https://doi.org/10.1016/j.jclepro.2021.128294

Zhang, Q., Zhang, S., Chen, R., & Li, J. (2023). Does carbon emission trading mitigate firm's default risk? Evidence from China. Journal of Cleaner Production, 398, 136627. https://doi.org/10.1016/j.jclepro.2023.136627

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Copyright (c) 2025 Array

Downloads

Download data is not yet available.