Role of green finance in carbon emission reduction: a meta-bibliometric approach to developed and developing economies

In the wake of the 2015 Paris Agreement, green finance has emerged as a pivotal mechanism for addressing environmental challenges and achieving sustainable development goals (SDGs). This study employs a combined meta-analysis and bibliometric analysis to assess the evolving research landscape of green finance with a comparative lens on developed and developing economies. Based on 51 studies from Scopus (1990–2024) for bibliometric analysis and 17 studies for meta-analysis, the findings highlight distinct research patterns. Developing economies, particularly China and India, exhibit a rising trend in green finance research, emphasizing practical environmental solutions, whereas developed economies, including the United States, Sweden, and South Africa, focus on long-term strategies and foundational policy frameworks. The meta-regression analysis indicates that integrating green finance with financial development and renewable energy investments significantly enhances carbon reduction efforts. Model 2 results show that fintech and renewable energy investments contribute to emission reductions by 84% and 92%, respectively, at a 1% significance level. Moreover, interaction effects suggest that these investments yield greater benefits in developing economies, reducing emissions by 56% and 118%, respectively, at the 1% significance level. This study underscores the importance of Green Finance policies tailored to the specific economic contexts of nations to maximize environmental sustainability.