Open research questions in Sustainable Finance and Green Bonds
230 gap statements mined from Sustainable Finance and Green Bonds papers in our 7.9M-paper local library, which holds 1,989 papers on the topic — drawn mostly from each paper's own stated research gap, future-work, challenge and limitation notes, and its abstract. The ones listed below are a selection still marked open; each names the study that raised it, with a DOI link where the paper has one.
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What the literature leaves open
The paper highlights the need for a regulatory framework to operate in the context of climate-related financial risks.
A Dynamic Framework for Climate Conditional Value-At-Risk Based on Nonlinear Canonical Correlation Forests · 2026 · DOIThe accounting problem is the traceability gap between labelled issuance, allocated expenditure, and realised material outcomes. Incomplete allocation traceability, issuer composition, and implementation delays are possible mechanisms requiring disaggregated evidence. The study identifies the need for comparable allocation reporting and verifiable circular outcomes.
Green Bond Market Development and Circularity in the EU-27: Material Use and Resource Productivity · 2026 · DOIThe paper identifies challenges in estimating the impact of green finance reforms on green innovation responses, including the need to address concerns about parallel trends and treatment effects. It highlights the difficulty of generalizing the results to all resource-based cities, given the limited number of treated cities in the initial cohort.
Resource Dependence and Uneven Green Innovation Responses to Green Finance: Evidence from China’s Initial Pilot Cohort · 2026 · DOIThe study notes the challenge of disclosing ESG performance according to the needs of investors.
Disaggregated evidence is required to understand the mechanisms of incomplete allocation traceability, issuer composition, and implementation delays. Further research is needed to resolve issuer aggregation, unobserved allocation quality, or causal identification. The study suggests the need for comparable allocation reporting and verifiable circular outcomes.
Green Bond Market Development and Circularity in the EU-27: Material Use and Resource Productivity · 2026 · DOIWhile traditional safe‐haven assets such as gold and sovereign bonds hedge monetary and financial crises, their effectiveness against transition‐related risks, particularly in emerging economies, remains unclear.
“Flight to Safety” Vis‐à‐Vis “Flight to Quality”: The Safe‐Haven Appeal of Green Indices in Developing Economies · 2026 · DOIThe promotion of the synergistic development of environmental regulation and sustainable finance is insufficient in empirical analysis, and fails to reach the desired high level as in game analysis.
The impact mechanism of environmental regulation and sustainable finance on green development of China’s A-share listed port enterprises · 2026 · DOIThe role of finance has been under-researched in the literature on sustainability transitions.
‘Kicking the shin and extending a hand’: Which strategies do civil society actors use to affect transitions to sustainable finance? · 2026 · DOIThis study aims to address an explicit gap in the literature on climate finance in conflict contexts.
Gender and climate financing in non-self-governing territories: the case of Western Sahara · 2026 · DOIThe paper addresses an original and underexplored topic by examining climate finance, gender, refugee status and non-self-governing territory status through the case of Western Sahara.
Gender and climate financing in non-self-governing territories: the case of Western Sahara · 2026 · DOIThe findings show that while MDBs have established comprehensive policy frameworks, several important risk areas are insufficiently addressed.
Evaluating Multilateral Development Banks’ Environmental and Social Policies for Green Hydrogen Projects: A Content Analysis · 2026 · DOIThe application of green bonds in a multi-country context has not been studied extensively.
A bibliometric analysis of green bonds use in multi-country contexts: current status and future directions · 2026 · DOIFinancial constraints significantly constrain renewable energy development in emerging economies, yet the mechanisms by which green finance (GF) influences innovation capacity remain insufficiently quantified.
Green Finance and Renewable Energy Innovation: Addressing Financial Constraints for SDG Achievement in China · 2026 · DOIThere is still a lack of evidence concerning the influencing factors of green finance while considering food production, water productivity, and agricultural production as a result of the increasing global population.
Land Resources and Climate Resilience: The Role of Environmental Policy and Food Production in the Settings of the G7 Economies · 2026 · DOIA significant gap in the literature is the failure to distinguish that not all renewable energy sources are environmentally beneficial.
While our literature review reveals significant industry responses, it also highlights that the voluntary nature of many initiatives and the lack of standardized regulatory frameworks pose considerable challenges to transforming business models in line with sustainability goals.
Finance in Sustainable Transition: A Comparative Review Across Institutional Investors, Asset Managers, Venture Capital, Insurance, and Bonds · 2025 · DOIDespite a good number of studies on the impact of such efforts on bank lending decisions and by extension to non-financial borrowers, little is known about their effect on banking institutions themselves.
This transformation remains limited in many emerging economies due to persistent challenges, including data fragmentation, weak standardisation, limited reproducibility, and insufficient technical expertise to execute and maintain. The study further contributes to the literature by demonstrating that the integration of AI into ESG analytics aligns both institutional and dynamic capabilities perspectives.
Artificial Intelligence-Powered Green Finance and Environmental, Social and Governance Tracking in Emerging Markets: A Systematic Review · 2026 · DOIThe application of green finance in East Africa remains fragmented and insufficiently aligned with environmental system dynamics. Most green finance studies have not considered hydrology, water stress, or land-use change. There is a need for integrating financial instruments, environmental processes, and spatial analytical tools.
Geospatial and Environmental Science Perspectives on Green Finance in East Africa: Integrating Climate, Hydrological, and Policy Analysis · 2026 · DOIThe lack of a unified objective yardstick for ESG rating systems is a significant challenge. The endogenous bias in econometric models is difficult to completely eradicate. Greenwashing is a significant challenge for ESG portfolios.
ESG Integration and Long-Term Portfolio Performance: Evidence from International Markets · 2026 · DOIExisting studies offer mixed findings on the Paris Agreement's (PA) impact on firm performance and cost of capital.
Nevertheless, the nature and intensity of funding solutions aiming at supporting green investments from bulk shipping companies are still scarcely investigated by academics.
The initial cohort includes only three resource-based treated cities and partly mapped new areas, - The estimates concern eight treated cities and cannot be generalized to all resource-based cities, - Transferability to other resource-dependent regions remains uncertain, - The study does not establish a mechanism for the difference in responses, - The results do not show whether the reform increased financing…
Resource Dependence and Uneven Green Innovation Responses to Green Finance: Evidence from China’s Initial Pilot Cohort · 2026 · DOIThe study only considers Chinese listed banks, - The study excludes banks lacking ESG-related data, - The study conducts tail-trimming at the 1% level on all sample…
To formulate the development strategy and integrate ESG into the long-term strategy of enterprise development.
The Impact of ESG Rating on Enterprise Financing Cost -- Taking Longji Green Energy as an Example · 2026 · DOI
Most-cited papers in Sustainable Finance and Green Bonds
- Corporate green bonds · Journal of Financial Economics · 2021 · 2,489 citations
- Sustainable investing in equilibrium · Journal of Financial Economics · 2020 · 2,251 citations
- Environmental Externalities and Cost of Capital · Management Science · 2014 · 1,691 citations
- Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows · The Journal of Finance · 2019 · 1,443 citations
- Firm‐Level Climate Change Exposure · The Journal of Finance · 2023 · 1,177 citations
- Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash · The Review of Corporate Finance Studies · 2020 · 1,074 citations
- Do shareholders benefit from green bonds? · Journal of Corporate Finance · 2020 · 906 citations
- The impact of climate risk on firm performance and financing choices: An international comparison · Journal of International Business Studies · 2017 · 754 citations
- Carbon Risk, Carbon Risk Awareness and the Cost of Debt Financing · Journal of Business Ethics · 2016 · 718 citations
- The Role of the Board of Directors in Disseminating Relevant Information on Greenhouse Gases · Journal of Business Ethics · 2010 · 592 citations
Most recent work
- Urban green technology transfer networks and green finance development: Evidence from the Yangtze River Delta, China · Pacific-Basin Finance Journal · 2026
- Assessing the role of central banks in addressing financial sector carbon emissions · Research in International Business and Finance · 2026
- Public climate finance and corporate green innovation: Does external monitoring matter? · Research in International Business and Finance · 2026
- Carbon Pricing versus Green Finance · The Journal of Finance · 2026
- Optimal investment portfolio and carbon emissions under climate risk ambiguity aversion · Journal of the Operational Research Society · 2026
- Towards Net‐Zero Energy Transition: A Detailed Climate Change Integrated Green Finance Policy Investment Framework for Qatar · Sustainable Development · 2026
- Language models for environmental, social, and governance analysis: A review · Information Processing & Management · 2026
- Climate policy risk and corporate asset structure upgrading: The rise of asset-light operations · International Review of Economics & Finance · 2026
- The impact of sustainable finance literacy on investment decisions · Journal of Banking & Finance · 2026
- “Glossy Green” Banks: The Disconnect Between Environmental Disclosures and Lending Activities · Management Science · 2026
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