Unlocking renewable energy potential through green finance: a bibliometric analysis and systematic literature review

Purpose This study aims to explore the effectiveness of green finance (GF) dynamics, public–private investments and GF policies in advancing renewable energy through a literature review. Furthermore, this study seeks to identify the key barriers to green financing of renewable energy and proposes strategies to overcome these obstacles. Design/methodology/approach This study used preferred reporting items for systematic reviews and meta-analyses (PRISMA) guidelines for document search using relevant keywords in the Scopus database. Bibliometric analysis was performed using R Bibliometrix and VOSviewer. Further screening guided by themes based on the abstract screening constructed during the study resulted in key findings, actionable implications, future research avenues and policy-level suggestions. Findings The bibliometric analysis indicated a notable increase in research activity post-2017, with China being the leading contributor. This study highlights that GF plays an important role in supporting renewable energy and sustainability, but its impact is highly uneven across countries and becomes effective only when strong structural and institutional conditions are present. Geopolitical risks, inflation and financial development maturity shape GF effectiveness. Mechanisms such as utility modification, social learning and capacity building enhance the GF’s impact, while challenges such as fossil fuel dependence and energy overuse remain. Public–private partnerships, financial instruments and policy interventions are vital for creating a favorable investment environment. Green bonds and energy performance contracts are promising, but transparency is crucial for preventing greenwashing. Robust environmental regulations, fiscal flexibility and support for technology transfer and project-level funding are essential for effective GF implementation. Originality/value This study is an initial attempt to integrate GF and renewable energy. It explores trends in academic research and examines the effectiveness of GF instruments, policies and public–private partnerships in advancing renewable energy and reducing carbon emissions.