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Over the last decade, sustainable finance has appeared to be capturing a high level of interest as a crucial pillar of sustainable development. The process of taking environmental, social, and governance (ESG) considerations into account when making investment decisions in the financial sector is expected to play a key role in this framework, and although it has attracted the attention of many scholars and academics, a lack of understanding of the nature of the phenomenon remains. Therefore, on the basis of a systematic literature review of 80 studies, we examine, in detail, the subject areas and emphasize the main points in the existing literature. The findings reveal that there are four main thematic areas attracting research interest, as follows: (1) A shift in value creation; (2) green bonds; (3) ESG ratings and performance; and (4) sustainable finance, banking, and financial risks. Finally, this study outlines future research avenues in the field.
Zairis et al. (Fri,) studied this question.