Decoding the Dynamics of Sustainable Finance: Spillover, Risk, and Connectivity Through a Bibliometric Lens

As global environmental and economic challenges intensify, the field of connectedness of sustainable finance has emerged as a critical area for research and policy development, yet its growth patterns and thematic focus remain underexplored. The present study contributes toward the achievement of sustainable growth by providing directions to align financial decision-making with different sustainability aspects. This paper presents a comprehensive bibliometric analysis of 1,261 peer-reviewed articles from the Web of Science Core Collection spanning from 1994 to 2024. We employ bibliographic coupling, co-citation, trend cartography and collaboration network in our analysis to visualize the intellectual structure and connectedness of sustainable finance. VOSviewer, Biblioshiny (an extension of the Bibliometrix package), and RStudio are used for data visualization and network analyses. Key findings underscore the field’s exponential growth post-2015, largely driven by climate policy initiatives like the Paris Agreement and increasing investor interest in ESG-aligned investments. This study provides a roadmap for future research and practical insights for policymakers, investors, and academics aiming to build a resilient, sustainable financial system aligned with global climate goals.