Zou na zidou, Geo gia
A icle
G een inance and sus ainable de elopmen : In es iga ing
he ole o g een ech business ecosys em h ough
PRISMA-d i en bibliome ic analysis
Adminis a i e Sciences
P o ided in Coope a ion wi h:
MDPI – Mul idisciplina y Digi al Publishing Ins i u e, Basel
Sugges ed Ci a ion: Zou na zidou, Geo gia (2025) : G een inance and sus ainable de elopmen :
In es iga ing he ole o g een ech business ecosys em h ough PRISMA-d i en bibliome ic
analysis, Adminis a i e Sciences, ISSN 2076-3387, MDPI, Basel, Vol. 15, Iss. 4, pp. 1-24,
h ps://doi.o g/10.3390/admsci15040150
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Ci a ion: Zou na zidou, G. (2025).
G een Finance and Sus ainable
De elopmen : In es iga ing he Role
o G een ech Business Ecosys em
Th ough PRISMA-D i en Bibliome ic
Analysis. Adminis a i e Sciences,15(4),
150. h ps://doi.o g/10.3390/
admsci15040150
Copy igh : © 2025 by he au ho .
Licensee MDPI, Basel, Swi ze land.
This a icle is an open access a icle
dis ibu ed unde he e ms and
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licenses/by/4.0/).
A icle
G een Finance and Sus ainable De elopmen : In es iga ing he
Role o G een ech Business Ecosys em Th ough PRISMA-D i en
Bibliome ic Analysis
Geo gia Zou na zidou
Depa men o Business Adminis a ion, Uni e si y o Wes e n Macedonia, GR 51 100 G e ena, G eece;
[email p o ec ed]
Abs ac : This esea ch aims o examine he ela ionship be ween g een inance, in ech,
and sus ainable de elopmen . PRISMA and bibliome ic analyses we e conduc ed o
de e mine he mos impo an ends ela ed o his subjec . A o al o 432 scien i ic
documen s we e analyzed, sou ced om he Scopus da abase. The PRISMA app oach
was used o choose he bibliome ic da a, including he applica ion o sui able inclusion
and exclusion c i e ia. The bibliome ic analysis s udy amewo k, p oduced using he
s a is ical p og amming language R alongside sophis ica ed bibliog aphic ools Biblioshiny
and VOS iewe , pa icula ly concen a es on ca bon emissions, enewable ene gy, g een
echnology inno a ion, and in ech. The s udy highligh s he mos signi ican au ho s,
sou ces, and eme ging esea ch domains in he subjec . Fu he mo e, he indings sugges
ha he o ganiza ion’s pe o mance ega ding ESG may be enhanced ia he in e play
be ween g een inancing and in ech. The s udy’s esul s highligh he signi icance o
g een inance in achie ing sus ainable de elopmen and he need o in ech o e ol e in o
g een ech o p omo e ecologically sus ainable ac i i ies.
Keywo ds: g een ech; g een inance; sus ainable ecosys em; Fin ech; g een ansi ion
1. In oduc ion
The de elopmen o a sus ainable economy elies on he execu ion o g een unding,
which has a ans o ma i e in luence. To a ain his objec i e, inancial esou ces a e
designa ed o a ange o ac i i ies ha a e socially esponsible and en i onmen ally
ad an ageous (Xing e al.,2024;X. Zhang e al.,2024). These ini ia i es subs an ially
impac he en i onmen , and hei ole in sus ainable de elopmen is gua an eed by he
dis ibu ion o hese esou ces. The p ecise o igin o he e m “g een inance” is open o
in e p e a ion. Du ing he 1992 “Ea h Summi ” held in Rio de Janei o, B azil, he e m
was o en used. In 2016, he In e na ional Finance Co po a ion (IFC) de ined g een inance
as “ he alloca ion o inancial esou ces o p ojec s ha yield bene icial en i onmen al
esul s”. The no ion includes a di e se a ay o inancial p oduc s and asse s, such as
g een bonds, g een banks, ca bon ma ke ins umen s, iscal policy, g een cen al banking,
inancial echnology, and communi y-based g een unds, among o he s (Song & Hao,2024;
Y. Yang e al.,2021). Each de ice was designed o p omo e and enable he es ablishmen o
companies ha a e en i onmen ally awa e and ecologically sus ainable. G een unding
acili a es go e nmen al in es men in en i onmen ally bene icial ac i i ies, he e o e
achie ing he objec i e o de eloping a low-ca bon economy. This kind o inancing is
o en appealing o socially conscious in es o s since i mi iga es he inancial cons ain s
encoun e ed by ecologically sus ainable en e p ises, o en known as “g een p ojec s”.
Adm. Sci. 2025,15, 150 h ps://doi.o g/10.3390/admsci15040150
Adm. Sci. 2025,15, 150 2 o 24
The inco po a ion o ecologically esponsible unding has become a signi ican end
in academic w i ing. The Sus ainable De elopmen Goals (SDGs), namely SDG 13 (Clima e
Ac ion) and SDG 7 (A o dable and Clean Ene gy), a e c ucial componen s o he global
ini ia i e o sus ainable de elopmen . This is a c ucial elemen o he p og am. Bo h he
Pa is Ag eemen and he Uni ed Na ions Sus ainable De elopmen Goals emphasize he
need o subs an ial inancial expendi u es in en i onmen ally bene icial ini ia i es. I is
heo e ically possible o de e mine he ela ionship be ween en i onmen al, social, and
go e nance (ESG) a iables and co po a e pe o mance. Consequen ly, i ms implemen -
ing hese s a egies a e s a egically posi ioned o ad ance global ini ia i es ocused on
enhancing sus ainable de elopmen and educing en i onmen al impac (Alsed ah,2024;
Tong e al.,2024;Uche e al.,2024;Wei e al.,2024;L. Wu e al.,2024;Zheng & Zhang,2023).
Mo eo e , ega ding in ech businesses and hei need o comply wi h he g een
ansi ion, he e is cu en ly an absence o a ho ough examina ion o he opic. This
si ua ion pe sis s despi e exis ing esea ch ha has examined ce ain ace s o g een inance,
like he e icacy o g een bonds and he unc ions o inancial ins i u ions. This is a p oblem
as i complica es he a ainmen o a comp ehensi e unde s anding o he di e se aspec s
o g een inance and i s ela ion o o e a ching sus ainabili y objec i es. This s udy aims o
examine he subjec o g een inance ia mode n bibliome ic me hodologies o p o ide
a comp ehensi e o e iew o he sec o . Thus, he cu en esea ch ies o in es iga e
he de elopmen s ha ha e anspi ed in he ealm o g een inance du ing he las ew
decades, as well as he need o ansi ion om he adi ional o m o in ech o ha o
g een ech. To da e, he e is an absence o bibliome ic analysis in he a ea being examined.
Da e al. (2024) examine he co ela ion be ween in ech and g een unding. The s udy
indings p ima ily a ge inancial manage s, ecommending ha w i e s explo e he use o
echnology and g een inance in inancial se ices o assis inancial o ganiza ions in he
g een ansi ion (Da e al.,2024).
This s udy’s esul s e eal subs an ial de iciencies in he exis ing li e a u e, especially
on unde explo ed opics like he ansi ion o in ech o he al e na i e pa adigm o g een-
ech. This sugges s new s udy a enues ha migh ad ance he ield. The esul s possess
signi ican policy implica ions o aiding policymake s and p ac i ione s in ha monizing
inancial s a egies wi h sus ainabili y objec i es. This acili a es he implemen a ion o
g een inance ini ia i es ha achie e g ea e success a bo h na ional and global scales. The
o ma ion o a signi ican ole o g een inance in ul illing i s co e objec i e o sus ainable
de elopmen and os e ing in e na ional collabo a ion is c ucial o hese easons.
The ollowing is an o ganiza ion o he succeeding componen o he s udy ha
is cu en ly being conduc ed. Wi hin he Sec ion 2is a li e a u e e iew ha p o ides
an o e iew o he many s udies ha ha e been ca ied ou on g een inancing in he
pas . De ailed explana ions o he me hodology and he ma e ials a e p o ided in he
Sec ion 3, he esul s a e p esen ed in he Sec ion 4, and he Sec ion 5analyzes he indings
and sugges s po en ial a enues o u u e in es iga ion. The conclusion o he inqui y is
epo ed in he six h pa o he epo o indings.
2. Li e a u e Re iew
2.1. G een Financing: The In e connec ion Among Sus ainabili y and Finance o Ba ling
Clima e Risk
The concep o g een inance has ga ne ed subs an ial a en ion in ecen decades,
indica ing he g owing acknowledgemen o he impo ance o sus ainable economic
g ow h. In gene al, g een inance is he e m used o desc ibe inancial in es men s in
sus ainable ini ia i es ha ha e he po en ial o educe he ca bon oo p in o humani y.
These ini ia i es include enewable ene gy, ene gy e iciency, sus ainable ag icul u e, and
Adm. Sci. 2025,15, 150 3 o 24
pollu ion managemen . The e iew o e s a succinc o e iew o he p ima y esea ch
ha has been conduc ed in he ield o g een inance. I ou lines he objec i es o g een
inancial ins umen s, he nume ous esea ch opics, and hei impac on he economy and
he en i onmen (Tang e al.,2024;Yada e al.,2024).
Ini ial in es iga ions ocused on he de elopmen and dissemina ion o g een inan-
cial ins umen s, such as g een bonds and g een loans. Howe e , he schola ly discou se
on g een inance has wi nessed a signi ican ans o ma ion. Yeow and Ng’s pionee ing
esea ch, which examined he inancial pe o mance o co po a ions ha issue g een bonds,
e ealed a co ela ion be ween hei issuance and imp o ed co po a e en i onmen al pe -
o mance and a o able inancial e u ns. The s udy conduc ed by Dhayal e al. examines
he po en ial o g een inancing o acili a e he ansi ion o Indus y 5.0, he eby cla i ying
he di ec ion o u u e esea ch and esol ing i s sus ainabili y (Dhayal e al.,2023). In
he same ein, Mal ais and Nyk is examined he iabili y o g een bonds as a s a egy
o os e ing en i onmen al sus ainabili y (Mal ais & Nyk is ,2020). They con end ha
g een bonds a e essen ial because hey acili a e he educ ion o ca bon emissions. Dhayal
e al. in es iga ed he p esen s a e o g een ene gy inno a ion ini ia i es ha a e in ended
o p o ec he en i onmen and iden i ied po en ial esea ch ajec o ies o imp o e hei
e icacy (Dhayal e al.,2023).
Recen esea ch in g een inance has concen a ed on he ole o inancial ins i u ions
and ma ke s in os e ing sus ainabili y. Edunjobi and Odejide’s esea ch in es iga ed he
manne in which inancial ins i u ions and banks inco po a e en i onmen al ac o s in o
hei c edi isk assessmen s (Odejide & Edunjobi,2024). I was de e mined ha inancial
ins i u ions ha e alua e en i onmen al haza ds p io o ex ending c edi would gene a e
highe p o i s han hei coun e pa s. This implies a posi i e co ela ion be ween p o i abil-
i y and en i onmen al isk. The li e a u e on g een inance is no ewo hy o i s associa ion
wi h sus ainable de elopmen . The signi icance o g een money in he pu suance o SDGs
is unde sco ed in he lec u es deli e ed by S. Zhang and Lee (2020). This esea ch posi ed
ha g een inancing p omo es en i onmen al sus ainabili y and social and economic de el-
opmen by encou aging in es men in g een echnology and in as uc u es.
2.2. G een ech: The Impac o G een Finance on Fin ech
Fin ech is signi ican ly enhancing he banking indus y by p o iding cus ome s wi h
digi al and pape less inancial expe iences. Fu he mo e, i is cul i a ing a ious echnolo-
gies and c ea ing chances o ackle clima e- ela ed da a and se ices. Simul aneously, o he
inancial ins i u ions a e eassessing hei s a egy o diminish hei ca bon impac and
encou age hei clien s o do likewise. The key aim o new en an s is inancial solu ions
ha p o ide alue o all s akeholde s while achie ing ze o ca bon emissions (Dicuonzo
e al.,2024;Galeone e al.,2024;Macchia ello & Si i,2020).
Speci ically, ecen iscal yea s (2020–2025) saw conside able inancial expendi u es in
deca boniza ion based on clima e conside a ions. Fin ech can p o ide anspa en inancial
se ices and c ea e unique use cases o i s use s by using ad anced echnologies such
as a i icial in elligence (AI), big da a, and blockchain. I aids businesses in moni o ing
and alle ia ing hei en i onmen al e ec by diminishing a mosphe ic g eenhouse gas
emissions. Mo eo e , in ech companies a e endea o ing o mo i a e cus ome s o con on
clima e change by acking ene gy use and ca bon emissions. As a esul , people a e
inc easingly expec ing subs an ial inancial inclusion inside he banking en i onmen .
This emphasized he need o he es ablishmen o a new ype o in ech, e e ed o as
g een in ech o g een ech (Koem zopoulos e al.,2025a). This ca ego y is de ined by he
amalgama ion o inancial echnology ( in ech) solu ions wi h en i onmen al sus ainabili y
goals. This app oach u ilizes cu ing-edge inancial echnology o ackle en i onmen al
Adm. Sci. 2025,15, 150 4 o 24
issues and p omo e sus ainable beha io in he inancial indus y. None heless, he exis ing
li e a u e has ye o include any s udy on g een ech. The o iginali y o his esea ch s ems
om he examina ion o he ansi ion o in ech o g een ech and he possible new needs
ha may a ise in hei con ex .
3. Ma e ials and Me hods
This sec ion desc ibes he bibliome ic analysis, which was essen ial o examining ci a-
ion me ics and o he s a is ical cha ac e is ics o esea ch a icles in he ield. Resea che s
asse ha bibliome ic analysis is a legi ima e app oach o analyzing la ge scien i ic
da ase s. Ad ancemen s in a discipline in luence academic domains. Bibliog aphic analysis
has enabled esea che s o assess published wo ks, iden i y eme ging esea ch ends,
and unde s and collabo a i e dynamics. Fu he mo e, he au ho ies o in e oga e he
da abase using sui able sea ch e ms. Table 1illus a es he compila ion o hese a icles
using keywo d esea ch me hodologies. Ini ially, keywo d esea ch was used o conduc
ex ensi e sea ches o Scopus’s scien i ic a icle i les and e ms om 2019 o 2025. These
da abases enhance he e ec i eness o bibliog aphic analysis and li e a y s udy.
Table 1. Keywo d sea ch o mula. Sou ce: Own elabo a ion.
S ep Keywo d Sea ch
1 ((“g een inance” AND “sus ainabili y”)) (Kashi e al.,2024)
2((“g een inance” OR “sus ainable inance”) AND (“sus ainabili y”))
(Hoang e al.,2024)
3((“g een inance” OR “sus ainable inance”) AND (“sus ainabili y”) AND (“ESG”))
(Tong e al.,2024;Xie,2024)
4((“g een inance” OR “sus ainable inance”) AND (“Fin ech”) AND
(“sus ainabili y”) AND (“ESG”)) (Alsed ah,2024;Wei e al.,2024;Y. Yang e al.,2021)
5
((“g een inance” OR “sus ainable inance”) AND (“Fin ech”) AND (“sus ainabili y”
OR “sus ainable de elopmen ”) AND (“ESG”)) (Tang e al.,2024)
6
((“g een inance” OR “sus ainable inance”) AND (“Fin ech”) AND (“sus ainabili y”
OR “sus ainable de elopmen ”) AND (“ESG”) AND (“g een echnology”))
(Susan & Pan,2024)
7
((“g een inance” OR “sus ainable inance”) AND (“Fin ech”) AND (“sus ainabili y”
OR “sus ainable de elopmen ”) AND (“ESG”) AND (“g een echnology” OR
“sus ainable echnology”)) (Ki an e al.,2024;T. Li e al.,2024)
8
((“g een inance” OR “sus ainable inance”) AND (“Fin ech”) AND (“sus ainabili y”
OR “sus ainable de elopmen ”) AND (“ESG”) AND (“g een echnology” OR
“sus ainable echnology”) AND (“g een inno a ion”)) (Obobisa & Ahakwa,2024;
Tong e al.,2024;Xing e al.,2024)
9
((“g een inance” OR “sus ainable inance”) AND (“Fin ech”) AND (“sus ainabili y”
OR “sus ainable de elopmen ”) AND (“ESG” OR “co po a e en i onmen al
esponsibili y”) AND (“g een echnology” OR “sus ainable echnology”) AND
(“g een inno a ion”)) (Wang e al.,2024;Xing e al.,2024)
10
((“g een inance” OR “sus ainable inance”) AND (“Fin ech”) AND (“sus ainabili y”
OR “sus ainable de elopmen ”) AND (“ESG” OR “co po a e en i onmen al
esponsibili y”) AND (“g een echnology” OR “sus ainable echnology”) AND
(“g een inno a ion”))AND (LIMIT-TO (PUBSTAGE, “ inal”) OR LIMIT-TO
(PUBSTAGE, “aip”)) AND (LIMIT-TO (SRCTYPE, “j”))
Ins i u ions, publica ions, and au ho s a e employed o e alua e he e icacy o e-
sea ch. U ilizing pe o mance da a and VOS iewe can con ibu e o he isualiza ion
o he bibliog aphic connec ion. The nex s ep was o p o ide da a o analysis, wi h a
pa icula emphasis on scien i ic ca og aphy and pe o mance assessmen , which a e wo
Adm. Sci. 2025,15, 150 5 o 24
c i ical bibliome ic componen s. This s udy e alua es bibliome ics by employing all h ee
me hodologies. Biblioshiny’s ne wo k analysis and pe o mance e alua ion me ics a e
employed o display hema ic maps and academic esea ch opics. Resea che s can e alua e
hei esea ch and imp o e isualiza ion by employing scien i ic mapping, ne wo k analy-
sis, and pe o mance assessmen ins umen s. To achie e ha , he au ho o his esea ch
assessed he mos p ominen au ho s, ins i u ions, and jou nals based on hei h-index, o al
ci a ions, and publishing me ics. The nex s ep was o employ a clus e ing me hodology
o associa e ph ases wi h simila subjec s (Koem zopoulos e al.,2025b;Zou na zidou &
Flo os,2023).
The R so wa e (R 3.6.0+) o e s sophis ica ed da a analysis unc ionali ies o his
esea ch. Bibliome ix is open-sou ce so wa e ha analyzes scien i ic li e a u e o he
pu pose o science mapping. This ins umen acili a es esea che s’ quan i a i e biblio-
me ic assessmen . Bibliog aphic da a om Scopus a e accu a ely impo ed using R-based
RS udio e sion 3.6.0 o abo e. Di e se scien i ic ields ha e me iculously examined he
signi icance o R and i s lib a ies. The o icial websi e allowed his s udy o conduc a biblio-
me ic analysis using he Biblioshiny online ool, which is a componen o he Bibliome ix
p og am, owing o i s in ui i e in e ace. This esea ch’s so wa e ools a e accessible o
e e ybody, pa icula ly schola s.
Da a
To conduc his in es iga ion, da a we e ob ained om he Scopus da abase o he
yea s 2019–2025. To selec he app op ia e da a, he PRISMA me hod (Figu e 1) was
implemen ed. In o ma ion was also collec ed o de e mine whe he i was easible o
conduc bibliome ic analyses and iden i y pe inen scien i ic a icles. The sole ocus o
a se ies o pape s ha exclusi ely add ess his subjec is he signi icance and ends o
g een inance in he ansi ion o in ech o g een ech. In p epa a ion o his in es iga ion,
exhaus i e il e ing p ocedu es we e implemen ed. The documen ca ego ies a e es ic ed
o esea ch pape s o conduc an addi ional e alua ion o he esea ch. The e o e, o ensu e
he uni y and consis ency o he a icles unde in es iga ion, he au ho implemen s he
abo e p ocedu e.
Figu e 1p esen s he PRISMA low diag am, which ou lines he main app oaches
used o he sys ema ic selec ion o publica ions in bibliome ic esea ch. The collec ion
has a o al o 945 sou ces, as de e mined by he sea ch que y. Consequen ly, he au ho
es ic ed he quan i y o a icles, esul ing in a o al o 783, and pe o med a ho ough
assessmen o 512 esea ch pape s, excluding hose ha we e e y ague o lacked a clea
connec ion, since hey we e inapp op ia e o ou p esen s udy. This inqui y examines
he in luence o g een inance and sus ainabili y on he ans o ma ion o in ech in o
g een ech. Findings show ha he names o keywo ds o he sou ces ha we e selec ed do
no accu a ely ep esen he quali ies and nuances o he subjec a ea unde in es iga ion,
despi e a comp ehensi e s udy o all he a icles. The sea ch c i e ia we e modi ied o ocus
on esea ch pe inen o he p esen s udy and o exclude ex aneous e e ences. A o al
o 299 academic a icles we e ound and included in he bibliome ic s udy using his
sc eening me hod.
In o de o acili a e he selec ion o sou ces, he PRISMA me hodology was used o
de e mine he ollowing inclusion and exclusion c i e ia: (i) he da e o publica ion; (ii) he
ela ionship be ween g een inance, sus ainabili y, and g een ech; (iii) he language o he
publica ion (only esea ch s udies w i en in English a e included); and (i ) geog aphic
conside a ions, which encompass speci ic egions, s a es, coun ies, o popula ions. This is
he eason why each o hese wo ks was inco po a ed in o he bibliome ic analysis.
Adm. Sci. 2025,15, 150 6 o 24
Adm. Sci. 2025, 15, x FOR PEER REVIEW 6 o 26
A o al o 299 academic a icles we e ound and included in he bibliome ic s udy using
his sc eening me hod.
Figu e 1. PRISMA low diag am.
In o de o acili a e he selec ion o sou ces, he PRISMA me hodology was used o
de e mine he ollowing inclusion and exclusion c i e ia: (i) he da e o publica ion; (ii) he
ela ionship be ween g een inance, sus ainabili y, and g een ech; (iii) he language o he
publica ion (only esea ch s udies w i en in English a e included); and (i ) geog aphic
conside a ions, which encompass speci ic egions, s a es, coun ies, o popula ions. This
is he eason why each o hese wo ks was inco po a ed in o he bibliome ic analysis.
4. Resul s
4.1. Ne wo k Analysis
Figu e 2 illus a es he annual p oduc ion o esea ch publica ions conce ning he
link be ween g een inance, sus ainabili y, and he mo e om in ech o g een ech. I is
essen ial o ecognize ha his subjec is e y ecen in he li e a u e, wi h he i s pape s
da ing o 2019. Publica ion g ow h emained mode a e om 2019 o 2021. None heless,
To al documen s iden i ied in he
ini ial Scopus da abase sea ch
(n = 945 )
Reco ds emo ed be o e sc eening:
Duplica e eco ds emo ed (n =
80)
Reco ds emo ed o o he
easons (n = 82)
Reco ds sc eened o all
(n = 783)
Documen s excluded based on
applica ion o exclusion:
by hand (n = 124)
by Scopus unc ionali y (n = 147)
Repo s assessed o eligibili y
(n = 512) Documen s excluded due o
i ele ance (n = 213)
Documen s included in
bibliome ic analysis
(n = 299)
In es iga ing he esea ch ends on g een inance, sus ainabili y, and
g een ech
Iden i ica ion
Sc eening
Included
Figu e 1. PRISMA low diag am.
4. Resul s
4.1. Ne wo k Analysis
Figu e 2illus a es he annual p oduc ion o esea ch publica ions conce ning he
link be ween g een inance, sus ainabili y, and he mo e om in ech o g een ech. I is
essen ial o ecognize ha his subjec is e y ecen in he li e a u e, wi h he i s pape s
da ing o 2019. Publica ion g ow h emained mode a e om 2019 o 2021. None heless,
he e has been signi ican g ow h om 2022 o he p esen . This is since g een in ech o
g een ech is an inno a i e in e sec ion o digi al echnology, inancial se ices, and clima e
change, capable o subs an ially expedi ing he shi owa ds a mo e sus ainable economy.
As men ioned p e iously, g een ech may be de ined as he use o digi al echnology o
enhance adap a ion and mi iga ion ia inancial se ices, he e o e aiding people and
en e p ises in making en i onmen ally bene icial inancial choices. I has he capaci y o
imp o e he accessibili y and e iciency o clima e inancing by using digi al ans o ma ion
and es uc u ing he inancial sec o . I is a solu ion o he need o unding he g een
ansi ion and engaging in es o s and companies o mee clima e a ge s. Technological
Adm. Sci. 2025,15, 150 7 o 24
applica ions may ca alyze enhancemen s in da a and in o ma ion lows, consequen ly
augmen ing he a ac i eness o clima e- ela ed ac i i ies o in es o s. Examples include
g een digi al banking and paymen s, sus ainable in es men and asse managemen , g een
c owd unding and lending, and he supply o en i onmen al and clima ic da a (Kiohos &
Sa iannidis,2010;Zou na zidou e al.,2024).
Adm. Sci. 2025, 15, x FOR PEER REVIEW 7 o 26
he e has been signi ican g ow h om 2022 o he p esen . This is since g een in ech o
g een ech is an inno a i e in e sec ion o digi al echnology, inancial se ices, and cli-
ma e change, capable o subs an ially expedi ing he shi owa ds a mo e sus ainable
economy. As men ioned p e iously, g een ech may be de ined as he use o digi al ech-
nology o enhance adap a ion and mi iga ion ia inancial se ices, he e o e aiding peo-
ple and en e p ises in making en i onmen ally bene icial inancial choices. I has he ca-
paci y o imp o e he accessibili y and efficiency o clima e inancing by using digi al
ans o ma ion and es uc u ing he inancial sec o . I is a solu ion o he need o und-
ing he g een ansi ion and engaging in es o s and companies o mee clima e a ge s.
Technological applica ions may ca alyze enhancemen s in da a and in o ma ion lows,
consequen ly augmen ing he a ac i eness o clima e- ela ed ac i i ies o in es o s. Ex-
amples include g een digi al banking and paymen s, sus ainable in es men and asse
managemen , g een c owd unding and lending, and he supply o en i onmen al and cli-
ma ic da a (Kiohos & Sa iannidis, 2010; Zou na zidou e al., 2024).
Figu e 2. Annual scien i ic p oduc ion in he ield. Sou ce: Scopus/Biblioshiny.
In addi ion, Figu e 3 illus a es he signi icance o he ansi ion om in ech o
g een ech and he mos in luen ial au ho s in he ield o g een inance. G een inance,
enewable ene gy, and g een echnology a e he p ima y a eas o inqui y o Assis an
P o esso Liu X., who is one o he mos in luen ial w i e s in China. Guo W. and he ha e
ecen ly collabo a ed on a esea ch p ojec i led “Dynamic Impac o G een Finance on
Renewable Ene gy De elopmen : Based on Scale, S uc u e, and Efficiency Pe spec i es”
(X. Liu & Guo, 2025). The dynamic e olu ion cha ac e is ics, ype he e ogenei y, and
mechanisms by which g een inance in luences enewable ene gy de elopmen in China
we e in es iga ed using a dynamic panel quan ile eg ession model and a media ing es
model. In addi ion, hey e alua ed he ope a ional efficiency, s uc u e, and scope o g een
inance. The e we e subsequen disco e ies ha esul ed om he in es iga ion. De elop-
men o enewable ene gy is acili a ed by he scope, s uc u e, and efficacy o g een i-
nance. The g een inancial amewo k’s in luence is, howe e , pa icula ly no ewo hy.
Wi h he ad ancemen o enewable ene gy, he in luence o g een inancial efficacy in-
c eases, while he in luence o g een inancial scope and s uc u e dec eases. In compa i-
son o hyd oelec ic and sola powe , wind powe is mos signi ican ly p omo ed by g een
inance. A U-shaped cu e is used o desc ibe he ma ginal effec s o g een inancial scope
32214
63
175
40
0
20
40
60
80
100
120
140
160
180
200
2019 2020 2021 2022 2023 2024 2025
Numbe o ele an published a icles
Yea o publica ion
A icles
Figu e 2. Annual scien i ic p oduc ion in he ield. Sou ce: Scopus/Biblioshiny.
In addi ion, Figu e 3illus a es he signi icance o he ansi ion om in ech o g een-
ech and he mos in luen ial au ho s in he ield o g een inance. G een inance, enewable
ene gy, and g een echnology a e he p ima y a eas o inqui y o Assis an P o esso
Liu X., who is one o he mos in luen ial w i e s in China. Guo W. and he ha e ecen ly
collabo a ed on a esea ch p ojec i led “Dynamic Impac o G een Finance on Renewable
Ene gy De elopmen : Based on Scale, S uc u e, and E iciency Pe spec i es” (X. Liu &
Guo,2025). The dynamic e olu ion cha ac e is ics, ype he e ogenei y, and mechanisms by
which g een inance in luences enewable ene gy de elopmen in China we e in es iga ed
using a dynamic panel quan ile eg ession model and a media ing es model. In addi ion,
hey e alua ed he ope a ional e iciency, s uc u e, and scope o g een inance. The e we e
subsequen disco e ies ha esul ed om he in es iga ion. De elopmen o enewable
ene gy is acili a ed by he scope, s uc u e, and e icacy o g een inance. The g een inan-
cial amewo k’s in luence is, howe e , pa icula ly no ewo hy. Wi h he ad ancemen o
enewable ene gy, he in luence o g een inancial e icacy inc eases, while he in luence
o g een inancial scope and s uc u e dec eases. In compa ison o hyd oelec ic and sola
powe , wind powe is mos signi ican ly p omo ed by g een inance. A U-shaped cu e
is used o desc ibe he ma ginal e ec s o g een inancial scope and s uc u e on wind
powe . The p ima y ac o is he di ec impac o g een inance on he de elopmen o
enewable ene gy, wi h indi ec e ec s unc ioning as a complemen . In channels ha
a e associa ed wi h g een quali ies, he way g een inance in luences he de elopmen o
enewable ene gy is ela i ely seamless. The esul s o his esea ch sugges s a egies o
imp o e he de elopmen o enewable ene gy h ough g een inance, wi h a pa icula
ocus on e iciency, s uc u e, and scale.
Adm. Sci. 2025,15, 150 8 o 24
Adm. Sci. 2025, 15, x FOR PEER REVIEW 9 o 26
Figu e 3. Mos ele an au ho s in he ield. Sou ce: Scopus/Biblioshiny.
The e alua ion o he mos ele an and impo an esea ch publica ions occu s a e
assessing he mos p ominen au ho s in he subjec (Table 2). The p ima y i em is “The
Wall S ee Consensus”, a esea ch a icle au ho ed by P o esso Gabo D. The pu pose is
o es ablish ela ionships wi h global inance o eo ganize de elopmen effo s (Gabo ,
2021). Ins i u ional in es o s and hei asse manage s in he Global No h a e being
guided owa ds de elopmen asse classes ia he UN’s Billions o T illions ini ia i e, he
Wo ld Bank’s Maximizing Finance o De elopmen amewo k, and he G20’s In as uc-
u e as an Asse Class s a egy (Jackson e al., 2023; Xiao e al., 2024). These p ojec s econ-
igu e he Washing on Consensus o he pe iod o po olio excess. A dual s a egy is
essen ial o make de elopmen in es able: in ol ing he go e nmen in mi iga ing isks
linked o de elopmen asse s and os e ing he s uc u al ans o ma ion o local inancial
ins i u ions owa ds ma ke -o ien ed inancing ha be e se es po olio in es o s. The
“de- isking s a e” is cons i u ed by en speci ic policy di ec i es. They ac as a sa egua d
o in es o s in de elopmen al asse s, p o ec ing hei p o i s om demand isks linked
o commodi ied in as uc u e asse s, poli ical isks om p og essi e policies ha may
dis up cash lows, such as na ionaliza ion and ele a ed minimum wages, and, c ucially,
clima e egula ion, in addi ion o liquidi y and cu ency isks. The inancial s a emen in-
dica es ha he s a e accep s hese isks. The abili y o a g een de elopmen al s a e o p o-
ide a ai ansi ion o a low-ca bon economy is cons ained by he g owing pa adigm o
“de elopmen as de- isking” (Halden & Cali, 2024; Jackson e al., 2023; Z. Liu & Li, 2024).
Among he esea ch publica ions highligh ing he challenges o in ech, g een i-
nance, and he g een ansi ion is “Fin ech and SMEs Sus ainable Business Models: Re-
lec ions and Conside a ions o a Ci cula Economy” by Pizzi, Co bo, and Capu o. This
a icle is ounded on he ope a ional pa adigms o Indus y 4.0, ma ked by he as expan-
sion o echnology-d i en en e p ises ha a e p og essi ely emb acing sus ainable busi-
ness models in ecen yea s (Pizzi e al., 2021). An inc easing numbe o in ech companies
a e launching inno a i e se ices o o e come he o ganiza ional obs acles ha hinde
SMEs om olun a ily adop ing sus ainable business s a egies. Resea ch on he sys em-
a iza ion o effo s and he iden i ica ion o enabling a iables o such a shi emains
limi ed. This s udy analyzes and discusses case s udies ha link in ech applica ions o
he ci cula economy (CE) ac oss many sec o s and si ua ions, using a a ied a ay o
Figu e 3. Mos ele an au ho s in he ield. Sou ce: Scopus/Biblioshiny.
Fu he mo e, Wang J. is he second mos in luen ial and pe inen au ho in he ield
o g een inance. Wang J. emphasizes he impo ance o inancial ins i u ions and in ech in
p omo ing g een inno a ion o acili a e he g een ansi ion in his schola ly wo ks. The
mos ecen esea ch o he au ho , “Dual- h eshold E ec o Resou ces and Go e nance
on he Role o Regula ions in G een Inno a ion: No el Insigh s om a Fou -Regime Panel
App oach”, examines he indi idual impac s o en i onmen al laws, inancial esou ces,
and go e nance on g een inno a ion (Tang e al.,2025). I u ilizes a unique heo e ical
amewo k ha is ounded on ins i u ional heo y, a esou ce-based pe spec i e, and an
a en ion-based iew o illus a e he in e play o hese elemen s in he p ocess o “going
g een”. To demons a e ha en i onmen al es ic ions ha e a de imen al impac on
g een inno a ion un il wo c i ical alues— inancial esou ces and go e nmen al emphasis
on en i onmen al issues—a e simul aneously achie ed, he s udy implemen s ad anced
h eshold eg ession wi h wo h eshold a iables. Fu he mo e, he pe inen h eshold
ange encompasses less han 10% o he da a. This implies ha he signi icance o go e -
nance exceeds ha o inancial esou ces. These indings ha e signi ican ami ica ions o
he implemen a ion o en i onmen al legisla ion and “g een” inance s a egies, pa icu-
la ly in China and o he analogous eme gen coun ies whe e go e nmen al in e en ion
emains indispensable o en i onmen al go e nance.
Addi ionally, ano he au ho wi h high impac on he ield unde in es iga ion is
Zhang Q. Ac ually, one o his mos impac ul s udies wi h he i le “The cons uc ion o
g een inance and high-quali y economic de elopmen unde China’s SDGs a ge ” ies
o examine he logical link be ween g een inancing and high-quali y economic de elop-
men , as well as he ansmission mechanism behind his ela ionship. Using da a om
30 Chinese egions om 2011 o 2021, his empi ical s udy shows ha g een inancing
may imp o e high-quali y economic de elopmen . Se e al obus ness es s show ha
his associa ion exis s. Fu he mo e, ou indings indica e ha mo e obus go e nmen
go e nance and ma ke syne gy may p omo e g een inance o high-quali y economic
de elopmen . G een inance can enhance high-quali y economic de elopmen by minimiz-
ing esou ce misma ch and encou aging g een echnology ad ancemen . Simul aneously,
g een inance o high-quali y economic de elopmen is signi ican ly he e ogeneous. Also,
i is no ewo hy ha in his esea ch some o he co-au ho s a e esea che s ha a e lis ed
Adm. Sci. 2025,15, 150 15 o 24
sus ainabili y. Acco ding o ecen da a, g een inance has a bene icial e ec on bo h de el-
oped and de eloping economies by di ec ing capi al owa d sus ainable endea o s and
p omo ing en i onmen al ini ia i es. The g owing emphasis on co po a e en i onmen al
esponsibili y and he examina ion o en i onmen al, social, and go e nance (ESG) con-
ce ns by in es o s ha e es ablished ESG as a c i ical pa adigm o e alua ing company
pe o mance (Dicuonzo e al.,2024;Galeone e al.,2024;Giakoumelou e al.,2024). This
modi ica ion is indica i e o he inc easing demand o sus ainable p oduc s and se ices
and he inc easing awa eness o cus ome s. Resea ch sugges s ha g een inancing may be a
subs an ial asse in he pu sui o companies’ co po a e social esponsibili y objec i es. The
pos -pandemic pe iod has unde sco ed he impo ance o sus ainable business p ac ices
and en i onmen ally conscious pu chasing beha io , esul ing in heigh ened awa eness o
g een ma ke ing s a egies and ca bon emission educ ion ini ia i es.
Subsequen o he bibliome ic analysis, a ac o ial analysis, g ounded on co espon-
dence analysis, is conduc ed. The ac o ial analysis app oach speci ically calcula es he
simila i y index and enables he use o no malize bibliog aphic coupling, co-occu ence,
and co-ci a ion as measu es o simila i y. Fac o ial analysis may be used o delinea e he
concep ual s uc u e o a ce ain subjec by examining he equency o wo ds wi hin a pa -
icula bibliog aphic ca ego y. Consequen ly, Figu e 8p esen s he ou comes o he ac o ial
analysis pe o med in his esea ch. A signi ican conclusion om he ac o ial s udy is
he co ela ion be ween inancial cons ain s and in ech, along wi h he shi o g een ech
ha o ganiza ions also pe o m. The po en ial ad an ages o in ech a e dependen on
he p esence o a sui able egula o y amewo k. Fin ech and g een ech bo h possess he
capaci y o pose subs an ial sys emic haza ds o he in eg i y and s abili y o he inancial
sys em. This a ises om he heigh ened echnological complexi y and suscep ibili y o
cybe secu i y ulne abili ies inhe en in bo h echnologies. A ac o ial analysis indica es
ha bo h g een echnology and inancial echnology may signi ican ly con ibu e o he
shi o enewable ene gy.
Adm. Sci. 2025, 15, x FOR PEER REVIEW 16 o 26
Figu e 8. Fac o ial analysis. Sou ce: Scopus. Biblioshiny.
Figu e 9 p esen s an al e na e app oach o n-g am analysis, ocusing on he exami-
na ion o ending hemes de i ed om he mos equen ly used keywo ds by w i e s in
he domain. The esea ch ei e a es he signi icance o de eloping a new pa adigm in
in ech, namely g een ech, as emphasized by he concep o g een digi al inance. The
amalgama ion o digi al inance wi h g een ech wi hin banking p esen s se e al p ospec s
o inno a ion, consume in ol emen , and sus ainabili y. By adop ing amewo ks such
as people, p ocess, and echnology, banks may e alua e hei ma u i y in implemen ing
digi al and g een ech ini ia i es, he e o e inding de iciencies and oppo uni ies o im-
p o emen . Th ough sus ained in es men in digi al ans o ma ion and sus ainabili y,
he banking indus y can ealize subs an ial alue, ad ance en i onmen al objec i es, and
p o ide clien s wi h mo e accessible, efficien , and eco- iendly inancial se ices. The u-
u e o banking is digi al and en i onmen ally sus ainable. E hiopian banks p o ide a
unique oppo uni y o spea head his ansi ion by using echnology o enhance se ice
accessibili y and emb acing sus ainable p ac ices o sa e he en i onmen . By adhe ing o
global bes p ac ices and ailo ing hem o local equi emen s, banks can enhance inancial
inclusion, s imula e economic de elopmen , and p omo e a sus ainable u u e.
Figu e 8. Fac o ial analysis. Sou ce: Scopus. Biblioshiny.
Figu e 9p esen s an al e na e app oach o n-g am analysis, ocusing on he exami-
na ion o ending hemes de i ed om he mos equen ly used keywo ds by w i e s
in he domain. The esea ch ei e a es he signi icance o de eloping a new pa adigm in
in ech, namely g een ech, as emphasized by he concep o g een digi al inance. The
amalgama ion o digi al inance wi h g een ech wi hin banking p esen s se e al p ospec s
o inno a ion, consume in ol emen , and sus ainabili y. By adop ing amewo ks such
Adm. Sci. 2025,15, 150 16 o 24
as people, p ocess, and echnology, banks may e alua e hei ma u i y in implemen ing
digi al and g een ech ini ia i es, he e o e inding de iciencies and oppo uni ies o im-
p o emen . Th ough sus ained in es men in digi al ans o ma ion and sus ainabili y,
he banking indus y can ealize subs an ial alue, ad ance en i onmen al objec i es, and
p o ide clien s wi h mo e accessible, e icien , and eco- iendly inancial se ices. The
u u e o banking is digi al and en i onmen ally sus ainable. E hiopian banks p o ide a
unique oppo uni y o spea head his ansi ion by using echnology o enhance se ice
accessibili y and emb acing sus ainable p ac ices o sa e he en i onmen . By adhe ing o
global bes p ac ices and ailo ing hem o local equi emen s, banks can enhance inancial
inclusion, s imula e economic de elopmen , and p omo e a sus ainable u u e.
Adm. Sci. 2025, 15, x FOR PEER REVIEW 17 o 26
Figu e 9. T end opics. Sou ce: Scopus/Biblioshiny.
5. Discussion
G een and sus ainable inance is ansi ioning o mains eam indus y. The inancial
sec o ’s posi ion in any economy allows i o lead he ansi ion o a low-ca bon and mo e
sus ainable u u e. In addi ion, ollowing he publica ion o he mos ecen epo by he
In e go e nmen al Panel on Clima e Change (IPCC), which was app op ia ely e e ed o
as “a code ed o humani y”, i has become inc easingly impo an o ensu e ha he
op imal amoun o capi al is alloca ed o his ansi ion ime. Th oughou he decades,
he inancial indus y has eme ged as a main adop e o sophis ica ed echnology, seeing
he ad ance o in ech. The u iliza ion o sma phones, a i icial in elligence (AI), machine
lea ning (ML), da a analy ics, he In e ne o Things (IoT), and dis ibu ed ledge s (block-
chain) has undamen ally ans o med he ope a ions and cus ome se ice o inancial
ins i u ions (Tang e al., 2024; Yada e al., 2024).
Sus ainable inancing is essen ial, and i p o ides businesses wi h a a ie y o op ions
o de eloping in a manne ha is en i onmen ally esponsible. The e a e sufficien op-
po uni ies o con ibu e o he p ese a ion o he en i onmen while simul aneously
p oducing sus ainable e enue, ega dless o whe he a company has been in exis ence
o a sho pe iod o ime o has been con empla ing doing so o a conside able amoun
o ime. Because people wan o be a pa o some hing ha is mo e comp ehensi e and
help ul o he en i onmen , businesses ha ad oca e o sus ainabili y a e mo e likely o
a ac cus ome s. This a icle ocuses mos ly on analyzing he success s o y o he g een
in ech pa adigm, which is o en e e ed o as g een ech. The objec i e o his esea ch
s udy is o shed ligh on he connec ion ha exis s be ween g een inance and inancial
echnology ( in ech), as well as o highligh he impo ance o in ech p og essi ely an-
si ioning in o a new pa adigm, which may be e e ed o as g een in ech, g een ech, o
clima e in ech. In o de o accomplish he goal o he esea ch, a PRISMA-d i en biblio-
me ic analysis was ca ied ou . This analysis included he ex ac ion o bibliome ic da a
om he Scopus da abase o he yea s 2019–2025. Addi ionally, he bibliome ic ools
Biblioshiny and VOS iewe we e used in conjunc ion wi h he s a is ical p og amming
language R in o de o pe o m he analysis o he bibliome ic da a ha we e p o ided.
Figu e 9. T end opics. Sou ce: Scopus/Biblioshiny.
5. Discussion
G een and sus ainable inance is ansi ioning o mains eam indus y. The inancial
sec o ’s posi ion in any economy allows i o lead he ansi ion o a low-ca bon and mo e
sus ainable u u e. In addi ion, ollowing he publica ion o he mos ecen epo by he
In e go e nmen al Panel on Clima e Change (IPCC), which was app op ia ely e e ed o as
“a code ed o humani y”, i has become inc easingly impo an o ensu e ha he op imal
amoun o capi al is alloca ed o his ansi ion ime. Th oughou he decades, he inancial
indus y has eme ged as a main adop e o sophis ica ed echnology, seeing he ad ance
o in ech. The u iliza ion o sma phones, a i icial in elligence (AI), machine lea ning
(ML), da a analy ics, he In e ne o Things (IoT), and dis ibu ed ledge s (blockchain) has
undamen ally ans o med he ope a ions and cus ome se ice o inancial ins i u ions
(Tang e al.,2024;Yada e al.,2024).
Sus ainable inancing is essen ial, and i p o ides businesses wi h a a ie y o op ions
o de eloping in a manne ha is en i onmen ally esponsible. The e a e su icien
oppo uni ies o con ibu e o he p ese a ion o he en i onmen while simul aneously
p oducing sus ainable e enue, ega dless o whe he a company has been in exis ence o a
sho pe iod o ime o has been con empla ing doing so o a conside able amoun o ime.
Because people wan o be a pa o some hing ha is mo e comp ehensi e and help ul
Adm. Sci. 2025,15, 150 17 o 24
o he en i onmen , businesses ha ad oca e o sus ainabili y a e mo e likely o a ac
cus ome s. This a icle ocuses mos ly on analyzing he success s o y o he g een in ech
pa adigm, which is o en e e ed o as g een ech. The objec i e o his esea ch s udy is o
shed ligh on he connec ion ha exis s be ween g een inance and inancial echnology
( in ech), as well as o highligh he impo ance o in ech p og essi ely ansi ioning in o
a new pa adigm, which may be e e ed o as g een in ech, g een ech, o clima e in ech.
In o de o accomplish he goal o he esea ch, a PRISMA-d i en bibliome ic analysis
was ca ied ou . This analysis included he ex ac ion o bibliome ic da a om he Scopus
da abase o he yea s 2019–2025. Addi ionally, he bibliome ic ools Biblioshiny and
VOS iewe we e used in conjunc ion wi h he s a is ical p og amming language R in
o de o pe o m he analysis o he bibliome ic da a ha we e p o ided. In addi ion, he
selec ion o he samples was ca ied ou using a mix o inclusion and exclusion c i e ia in
line wi h he PRISMA app oach.
This bibliome ic s udy highligh s a esh componen o g een inance and c ea ing
g een echnology, which is clima e in ech o g een ech. The indings o his esea ch high-
ligh he impo ance o his aspec . One de ini ion o g een echnology is he de elopmen
o inancial echnology. The use o inancial echnology o sol e challenges ela ed o clima e
change is a ela i ely new componen o he la ge in ech indus y mo e gene ally. This
sec o comp ises many businesses ha make use o digi al echnology in he inancial sec o
o enhance en i onmen al sus ainabili y, dec ease emissions o g eenhouse gases, inc ease
clima e esilience, and accele a e ecen adjus men s. In 2023, clima e in ech businesses
we e able o ob ain USD 2.3 billion, which is abou 19 pe cen less han he eco d amoun
ha was secu ed in 2022. Mos o he unding was di ec ed owa ds ca bon ma ke s and
ene gy managemen . I is an icipa ed ha he sec o will expand in 2024, a ac ing a wide
a ie y o in es o s, he majo i y o which a e en u e capi alis s, ollowed by incuba o s,
and i is s a ing o ga ne a en ion om o he pa ies. The inancial echnology sec o in
coun ies wi h be e digi al in as uc u e and a mo e sophis ica ed en i onmen ecei es
mo e unding han he businesses in coun ies wi h less de eloped in as uc u e (Deng
e al.,2019;P. Li e al.,2024;J. Liu e al.,2025).
Fu he mo e, clima e in ech is no capable o add essing he challenges ha a e asso-
cia ed wi h clima e unding on i s own by i ue o i s cons ain s. Signi ican ba ie s o
global clima e unding include es ic ed access o capi al o low-income coun ies (LICs)
and unde eloped eme ging ma ke s (EMs). In hese coun ies, in es men is some imes
hampe ed by heigh ened pe cei ed isks and poo inancial in as uc u e. Ano he signi -
ican ba ie is he lack o global clima e inancing. Fu he mo e, he e is a gap be ween
he magni ude o essen ial expendi u es and he accessibili y o esou ces. This imbalance
is made wo se by he complexi y o legal amewo ks and he limi ed capaci ies o he
o mula ion and implemen a ion o p ojec s. The implemen a ion o echnology is limi ed
by a numbe o ac o s, one o which is he deg ee o which coun ies ha e de eloped hei
economies and hei digi al in as uc u e. As a esul , clima e in ech has he po en ial o
become an essen ial componen in he igh agains clima e change; ne e heless, i canno
se e as he whole answe o he p oblem. I is possible ha he use o in ech echnology o
alle ia e inancial hu dles would esul in an inc ease in in es men om bo h business and
go e nmen o ganiza ions. Fu he mo e, he use o in ech o alle ia e inancial ba ie s
may esul in an inc ease in in es men om a a ie y o sou ces, keeping in mind ha
hese impedimen s a e p esen in all ypes o inancing (Ahmad e al.,2024;Z. Liu & Li,
2024;Sanga & Aziakpono,2023).
His o ically, he inancial sec o has been seen as a leade in he en i onmen al, social,
and go e nance (ESG) mo emen . This is since se e al banks and inancial ins i u ions
ha e made commi men s o implemen ESG-o ien ed policies and p ocedu es. The inancial
Adm. Sci. 2025,15, 150 18 o 24
indus y, which includes he in ech indus y, is in an excellen posi ion o exe in luence
and cons uc a u u e ha is conduci e o sus ainabili y. Banks may choose o in es
hei inancial esou ces in en i onmen ally esponsible ini ia i es and businesses ha
a e wo king owa d achie ing en i onmen al, social, and go e nance (ESG) objec i es
and educing hei ca bon oo p in . I is possible o he inancial se ices sec o o make
use o i s posi ion o ad oca e o esponsible business policies, such as di e si y and
inclusion ini ia i es, as well as e hical banking p ac ices. The e o e, i is i al o inancial
ins i u ions o include en i onmen al, social, and go e nance (ESG) conside a ions in hei
s a egies in o de o p ese e hei compe i i eness in he ma ke and ensu e hei long-
e m success wi h he g owing numbe o clien s who a e en i onmen ally sensi i e. The
in oduc ion o in ech has b ough abou a subs an ial change in he gene al en i onmen o
he inancial indus y. The p o ision o consume s and in es o s wi h access o cu ing-edge
echnology and se ices has esul ed in he c ea ion o a numbe o op ions o sus ainable
inancing. In es o s now ha e access o a a ie y o in es men op ions ha a e ocused
on en i onmen al, social, and go e nance (ESG) ac o s, such as g een bonds, sus ainable
exchange- aded unds (ETFs), and impac in es men s. Consequen ly, his has made i
possible o in es o s o in es in companies and p ojec s ha a e making p og ess owa d
a mo e sus ainable u u e in a way ha is bo h simple and con enien . Fin ech companies
a e making s ides in inco po a ing en i onmen al, social, and go e nance (ESG) hemes
in o hei business amewo ks in o de o ul ill he needs o s akeholde s and p omo e
sus ainable inance (Dicuonzo e al.,2024;Galeone e al.,2024).
Meanwhile, in ech has enabled inancial ins i u ions o p o ide mo e e icien and sus-
ainable banking se ices. Fin ech has enabled banks o es ablish digi al banking sys ems
ha a e sa e and mo e e icien han adi ional banking, acili a ing accele a ed and secu e
ansac ions. The ise o in ech has hus led o he eme gence o se e al ESG- ocused
ends. Robo-ad iso s inc easingly use a i icial in elligence (AI) o analyze da a and p o-
ide cus ome s wi h sus ainable in es men ad ice. Addi ionally, blockchain echnology
enhances he anspa ency and secu i y o inancial se ices, while c yp ocu encies p o-
ide as e and mo e e icien ansac ions. The concep o using echnology o ad ance
sus ainable inance is p oli e a ing, wi h se e al in ech i ms ocusing on ESG-o ien ed
p oduc s and se ices. This bene i s in es o s by enhancing hei capaci y o in es in
sus ainable companies and p ojec s e o lessly.
The p esen esea ch emphasized he essen ial ela ionship be ween g een inance and
in ech, highligh ing he need o in ech o adop an al e na e pa adigm e med g een
in ech. The inqui y esul s e ealed ha g een in ech is expe iencing a ans o ma i e
e olu ion due o he inco po a ion o sus ainabili y in o i s undamen al p ocesses. The
inancial se ices sec o ’s esponse o en i onmen al challenges is being e olu ionized
by he new ield known as g een in ech o g een ech. G een in ech is a supplie o
inancial se ices and p oduc s ha use ad anced echnologies, including blockchain, a -
i icial in elligence, and big da a, o s imula e in es men s in en i onmen ally bene icial
p ojec s, dec ease ca bon emissions, and os e en i onmen al sus ainabili y. Blockchain
acili a es he es ablishmen o decen alized pla o ms o en i onmen ally sus ainable
in es men s, a i icial in elligence enhances ene gy e iciency and unco e s sus ainable
in es men p ospec s, while big da a o e an ex ensi e insigh in o co po a e sus ainabili y
pe o mance. The ansi ion om con en ional inance o g een in ech is no a ad bu a
c ucial ad ancemen in add essing global en i onmen al challenges. Fin ech i ms os e
a mo e sus ainable and ecologically bene icial inancial u u e by pe sis en ly inno a ing
and inco po a ing sus ainabili y in o hei ope a ions. The sec o ’s capaci y o p o ide sub-
s an ial economic and en i onmen al ad an ages is unde sco ed by he bu geoning g een
in ech indus y, which has posi ioned i sel as an essen ial elemen o he con empo a y
Adm. Sci. 2025,15, 150 19 o 24
inancial scene. The eco-e iciency o g een ech will ul ima ely be assessed in a o hcoming
p oposal, based on he ou comes o he p esen esea ch. The esea ch ques ion will be
examined in he nex s udy using he TOPSIS and en opy weigh me hods.
6. Conclusions
This s udy indica es ha in ech businesses should implemen a g een echnology
business model, possibly ma king a new pa adigm in g een inance. This al e a ion
will p omo e a ca bon-neu al en i onmen o inancial ins i u ions and assis in ech
companies in minimizing hei ecological impac .
Cu en ly, wo p ima y inno a ions a e e olu ionizing he inancial indus y. On
one side, echnology-d i en inancial inno a ion ( in ech) has p o oundly in luenced he
inancial indus y ia he de elopmen o inno a i e business models, p oduc s, and
se ices. Con e sely, p omo ing he g een ansi ion necessi a es ha policymake s iden i y
op imal me hods o in eg a ing en i onmen al conside a ions in o inancial planning.
To da e, he EU has add essed hese wo a eas independen ly. Two dis inc amewo ks
ad oca e o and go e n he digi aliza ion and sus ainabili y o he inancial indus y.
The e is an inc easing in e es in examining he ela ionship and po en ial linkages be ween
digi al and sus ainable inance.
Fin ech ac i i ies, such as digi al banking, obo-ad iso y se ices, and c owd unding,
a e acili a ed by se e al echnologies, no ably a i icial in elligence (AI), machine lea n-
ing (ML), and dis ibu ed ledge echnology (DLT). We classi y hese ope a ions as g een
in ech when hey delibe a ely ad ance he Sus ainable De elopmen Goals and ackle
sus ainabili y challenges. The signi icance o in ech companies is heigh ened in c ucial
ini ia i es o comba clima e change. Policymake s should cul i a e a a o able clima e o
g een echnology while conside ing he associa ed isks and cons ain s. An in eg a ed
app oach combining digi al and sus ainable p inciples may ad an age impo an s akehold-
e s inside he o ganiza ion, including egula o s and supe iso s. We mus emphasize da a
in eg i y, cus ome p o ec ion, and e icien in as uc u e. Mo eo e , ad ancing inancial
inclusion and li e acy is c ucial o enabling people o make educa ed and sus ainable
inancial choices.
Funding: This wo k has ecei ed unding om he Eu opean Union’s Ho izon Eu ope esea ch
and inno a ion p og amme unde g an ag eemen No. 101178789 (EVOSST). Funded by he
Eu opean Union.
Ins i u ional Re iew Boa d S a emen : No applicable.
In o med Consen S a emen : No applicable.
Da a A ailabili y S a emen : Da ase a ailable on eques om he au ho .
Acknowledgmen s: This wo k has ecei ed unding om he Eu opean Union’s Ho izon Eu ope
Resea ch and Inno a ion P og amme unde g an ag eemen No. 101178789 (EVOSST). Funded by
he Eu opean Union. Views and opinions exp essed a e, howe e , hose o he au ho only and do
no necessa ily e lec hose o he Eu opean Union. Nei he he Eu opean Union no he g an ing
au ho i y can be held esponsible o hem.
Con lic s o In e es : The au ho decla es no con lic s o in e es .
Adm. Sci. 2025,15, 150 20 o 24
Appendix A
Table A1. Mos impac ul sou ces in he ield. Sou ce: Scopus/Biblioshiny.
SO Rank F eq cumF eq Zone
RESOURCES POLICY 1 36 36 Zone 1
ENERGY ECONOMICS 2 23 59 Zone 1
SUSTAINABILITY (SWITZERLAND) 3 21 80 Zone 1
JOURNAL OF ENVIRONMENTAL MANAGEMENT 4 15 95 Zone 1
JOURNAL OF CLEANER PRODUCTION 5 13 108 Zone 1
TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE 6 12 120 Zone 2
ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH 7 8 128 Zone 2
ENVIRONMENT, DEVELOPMENT AND SUSTAINABILITY 8 7 135 Zone 2
FRONTIERS IN ENVIRONMENTAL SCIENCE 9 7 142 Zone 2
RENEWABLE ENERGY 10 6 148 Zone 2
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE 11 6 154 Zone 2
SUSTAINABLE DEVELOPMENT 12 6 160 Zone 2
FINANCE RESEARCH LETTERS 13 5 165 Zone 2
PLOS ONE 14 5 170 Zone 2
DISCOVER SUSTAINABILITY 15 4 174 Zone 2
HELIYON 16 4 178 Zone 2
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS 17 4 182 Zone 2
SUSTAINABILITY (SWITZERLAND) 18 4 186 Zone 2
BUSINESS STRATEGY AND DEVELOPMENT 19 3 189 Zone 2
ENERGIES 20 3 192 Zone 2
ENERGY STRATEGY REVIEWS 21 3 195 Zone 2
INTERNATIONAL REVIEW OF ECONOMICS AND FINANCE 22 3 198 Zone 2
NATURAL RESOURCES FORUM 23 3 201 Zone 2
BUSINESS STRATEGY AND THE ENVIRONMENT 24 2 203 Zone 3
COGENT ECONOMICS AND FINANCE 25 2 205 Zone 3
CORPORATE SOCIAL RESPONSIBILITY AND
ENVIRONMENTAL MANAGEMENT 26 2 207 Zone 3
ENVIRONMENTAL IMPACT ASSESSMENT REVIEW 27 2 209 Zone 3
ENVIRONMENTAL RESEARCH COMMUNICATIONS 28 2 211 Zone 3
GEOSCIENCE FRONTIERS 29 2 213 Zone 3
IEEE TRANSACTIONS ON ENGINEERING MANAGEMENT 30 2 215 Zone 3
INTERNATIONAL JOURNAL OF ENERGY ECONOMICS AND
POLICY 31 2 217 Zone 3
INTERNATIONAL JOURNAL OF FINANCE AND ECONOMICS 32 2 219 Zone 3
INTERNATIONAL JOURNAL OF SUSTAINABLE
DEVELOPMENT AND PLANNING 33 2 221 Zone 3
KYBERNETES 34 2 223 Zone 3
SUSTAINABLE CITIES AND SOCIETY 35 2 225 Zone 3
ACTUALIDAD JURIDICA IBEROAMERICANA 36 1 226 Zone 3
AMFITEATRU ECONOMIC 37 1 227 Zone 3
ANNALS OF OPERATIONS RESEARCH 38 1 228 Zone 3
APPLIED ENERGY 39 1 229 Zone 3
APPLIED SOFT COMPUTING 40 1 230 Zone 3
ARTIFICIAL INTELLIGENCE REVIEW 41 1 231 Zone 3
ASIA-PACIFIC JOURNAL OF ACCOUNTING AND ECONOMICS
42 1 232 Zone 3
ASIA-PACIFIC JOURNAL OF BUSINESS ADMINISTRATION 43 1 233 Zone 3
ASIA PACIFIC MANAGEMENT REVIEW 44 1 234 Zone 3
ASIAN DEVELOPMENT POLICY REVIEW 45 1 235 Zone 3
BANKING AND FINANCE REVIEW 46 1 236 Zone 3
CHINA FINANCE REVIEW INTERNATIONAL 47 1 237 Zone 3
CHINA JOURNAL OF ACCOUNTING RESEARCH 48 1 238 Zone 3
COGENT BUSINESS AND MANAGEMENT 49 1 239 Zone 3
COMPETITION AND CHANGE 50 1 240 Zone 3
Adm. Sci. 2025,15, 150 21 o 24
Table A1. Con .
SO Rank F eq cumF eq Zone
CUADERNOS DE ECONOMIA 51 1 241 Zone 3
DEVELOPMENT AND CHANGE 52 1 242 Zone 3
ECONOMIC ANALYSIS AND POLICY 53 1 243 Zone 3
ECONOMIC CHANGE AND RESTRUCTURING 54 1 244 Zone 3
ECONOMIC RESEARCH-EKONOMSKA ISTRAZIVANJA 55 1 245 Zone 3
ECONOMICS AND ENVIRONMENT 56 1 246 Zone 3
ECONOMICS AND SOCIOLOGY 57 1 247 Zone 3
EDELWEISS APPLIED SCIENCE AND TECHNOLOGY 58 1 248 Zone 3
EMERGING MARKETS FINANCE AND TRADE 59 1 249 Zone 3
ENERGIES 60 1 250 Zone 3
ENERGY 61 1 251 Zone 3
ENERGY AND ENVIRONMENT 62 1 252 Zone 3
ENERGY REPORTS 63 1 253 Zone 3
ENVIRONMENTAL TECHNOLOGY AND INNOVATION 64 1 254 Zone 3
ETNOGRAFIA E RICERCA QUALITATIVA 65 1 255 Zone 3
EUROPEAN BUSINESS ORGANIZATION LAW REVIEW 66 1 256 Zone 3
FINANCIAL AND CREDIT ACTIVITY: PROBLEMS OF THEORY
AND PRACTICE 67 1 257 Zone 3
FRONTIERS IN ECOLOGY AND EVOLUTION 68 1 258 Zone 3
FRONTIERS IN ENERGY RESEARCH 69 1 259 Zone 3
FRONTIERS IN PUBLIC HEALTH 70 1 260 Zone 3
GLOBAL BUSINESS REVIEW 71 1 261 Zone 3
GLOBAL NEST JOURNAL 72 1 262 Zone 3
GONDWANA RESEARCH 73 1 263 Zone 3
HUMANITIES AND SOCIAL SCIENCES LETTERS 74 1 264 Zone 3
INFORMATION (SWITZERLAND) 75 1 265 Zone 3
INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCE
STUDIES 76 1 266 Zone 3
INTERNATIONAL JOURNAL OF EMERGING MARKETS 77 1 267 Zone 3
INTERNATIONAL JOURNAL OF ENVIRONMENTAL RESEARCH
AND PUBLIC HEALTH 78 1 268 Zone 3
INTERNATIONAL JOURNAL OF INNOVATION SCIENCE 79 1 269 Zone 3
INTERNATIONAL JOURNAL OF KNOWLEDGE MANAGEMENT
80 1 270 Zone 3
INTERNATIONAL JOURNAL OF LOGISTICS RESEARCH AND
APPLICATIONS 81 1 271 Zone 3
INTERNATIONAL JOURNAL OF LOW-CARBON
TECHNOLOGIES 82 1 272 Zone 3
INTERNATIONAL JOURNAL OF NEUTROSOPHIC SCIENCE 83 1 273 Zone 3
INTERNATIONAL JOURNAL OF OCCUPATIONAL SAFETY AND
ERGONOMICS 84 1 274 Zone 3
JOURNAL OF FINANCIAL REGULATION AND COMPLIANCE 85 1 275 Zone 3
JOURNAL OF INFRASTRUCTURE, POLICY AND
DEVELOPMENT 86 1 276 Zone 3
JOURNAL OF QUALITY 87 1 277 Zone 3
JOURNAL OF RISK AND FINANCIAL MANAGEMENT 88 1 278 Zone 3
JOURNAL OF THE KNOWLEDGE ECONOMY 89 1 279 Zone 3
LAND 90 1 280 Zone 3
MANAGEMENT OF ENVIRONMENTAL QUALITY 91 1 281 Zone 3
NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE
92 1 282 Zone 3
OIDA INTERNATIONAL JOURNAL OF SUSTAINABLE
DEVELOPMENT 93 1 283 Zone 3
QUALITATIVE RESEARCH IN FINANCIAL MARKETS 94 1 284 Zone 3
RAIRO—OPERATIONS RESEARCH 95 1 285 Zone 3
RENEWABLE ENERGY AND POWER QUALITY JOURNAL 96 1 286 Zone 3
Adm. Sci. 2025,15, 150 22 o 24
Table A1. Con .
SO Rank F eq cumF eq Zone
REVIEW OF INTERNATIONAL BUSINESS AND STRATEGY 97 1 287 Zone 3
REVISTA VENEZOLANA DE GERENCIA 98 1 288 Zone 3
SCIENTIFIC PAPERS OF THE UNIVERSITY OF PARDUBICE,
SERIES D: FACULTY OF ECONOMICS AND ADMINISTRATION
99 1 289 Zone 3
SCIENTIFIC REPORTS 100 1 290 Zone 3
SINGAPORE ECONOMIC REVIEW 101 1 291 Zone 3
STRATEGIC CHANGE 102 1 292 Zone 3
STRUCTURAL CHANGE AND ECONOMIC DYNAMICS 103 1 293 Zone 3
SUSTAINABLE FUTURES 104 1 294 Zone 3
SYSTEMS 105 1 295 Zone 3
TECHNOLOGY IN SOCIETY 106 1 296 Zone 3
TELECOMMUNICATIONS POLICY 107 1 297 Zone 3
TQM JOURNAL 108 1 298 Zone 3
UTILITIES POLICY 109 1 299 Zone 3
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