Analysing the efficiency of investments in renewable energy-based development plays a pivotal role in maximising the benefits of transitioning to a more sustainable energy future. Examining the efficiency of these investments ensures the optimal allocation of resources to preserve the environment and promote economic growth and social well-being. Reviewing the methodologies utilised in past research enables researchers and policymakers to discern the strengths and weaknesses of various approaches. Different researchers focus on distinct aspects of renewable energy-based development by applying a solid variety of different empirical methods. The purpose of the systematic literature review of the methodological approaches is to assess the efficiency of green investment in renewable energy-based development, advance knowledge, improve the quality of the research, and guide future investigations. A bibliometric review was conducted in the field of research based on Preferred Reporting Items for Systematic Review and Meta-Analysis (PRISMA 2020) guidelines. Descriptive and performance analyses, along with a bibliometric review, cover the timeline from 2018 to the present. Utilising data from Web of Science (WoS) and Scopus databases, the VOSviewer software graphically presents the results. The examination of 105 WoS and 97 Scopus articles selected based on keyword combinations identifies the main research streams, focusing on green investment and investment efficiency in renewable energy-based development. The findings enable the identification of the most productive countries, journals, authors, and their collaborative efforts, all of which significantly contribute to shaping the theoretical framework of investment efficiency and green finance. The study also traces the evolution of research on the linkages between these two areas. Moreover, the results highlight the methodologies commonly employed within this field. Analysis of the WoS and Scopus databases revealed four emerging clusters, closely interconnected in research on investment efficiency in renewable energy development. The first cluster centres on green finance; the second on environmental economics and performance; the third on efficiency; and the fourth specifically on investment efficiency. As a result of the research, it was revealed that data envelopment analysis (DEA) is one of the most reliable methods used to assess the efficiency of green investment in renewable energy-based development under conditions of risk and uncertainty. The meta-analysis further uncovers new research avenues, shedding light on potential areas for future exploration regarding the relationship between investment efficiency and green investment, and methodological approaches. The findings of the systematic literature review contribute to the academic community by summarising existing research, providing a comprehensive overview, offering recommendations, and building the foundation for further scholarly work.
Norgren et al. (Sun,) studied this question.