A comprehensive bibliometric review of voluntary carbon markets: trends and future directions

Abstract This paper provides a comprehensive bibliometric analysis of voluntary carbon markets (VCMs), identifying key contributors, influential research works, thematic developments, and emerging trends from 765 scholarly publications sourced from the Web of Science Core Collection (1994–2024). Using VOSviewer and CiteSpace software, the study examines leading countries, institutions, authors, and highly cited documents shaping the VCM research landscape. Findings indicate dominant research clusters centered around carbon market mechanisms, environmental impact assessments, policy frameworks, corporate responsibility, and public engagement. The study underscores critical issues of additionality and leakage in carbon offset projects, highlighting the importance of robust monitoring and verification practices. Gaps identified include inadequate ground-level empirical data collection and limited involvement of Global South researchers. Future research directions emphasize technological innovations, improved transparency, stronger global regulatory integration, and expanded public awareness and participation to enhance the effectiveness and credibility of VCMs. This analysis offers valuable insights for scholars, policymakers, and market practitioners committed to advancing voluntary carbon markets towards meaningful climate action.