Clarifying the Conceptual Framework of Sustainable Finance and Periodising Research in the Field

Sárvári, Balázs and Kuncz, Izabella and Németh, Petra (2026) Clarifying the Conceptual Framework of Sustainable Finance and Periodising Research in the Field. FINANCIAL AND ECONOMIC REVIEW, 25 (3). pp. 107-125. ISSN 2415-9271 (print); 2415–928X (online)

Preview

Text fer-25-3-fa1-sarvari-kuncz-nemeth.pdf - Published Version Available under License Creative Commons Attribution Non-commercial. Download (515kB) | Preview

Abstract

The topic of sustainable finance has become a rapidly developing field of research in recent decades, positioned at the intersection of market, regulatory and academic perspectives. In this article, we review the conceptual frameworks and the historical development of the literature. On the one hand, we systematise the key concepts (namely environmental, carbon, climate, green and sustainable finance), highlighting their overlaps and hierarchical relationships. On the other hand, we propose a periodisation approach that distinguishes three main phases: the forerunners of sustainable finance research (from the 1970s to 2010), early research (2010–2021), and the era of mature research (from 2021 onwards) – all broken down into sub-periods and aligned with landmark international developments. The conclusions highlight the interactions between market innovations, policy decisions and scientific research, as well as the temporal shifts between them. With this article, we aim to contribute to conceptual clarification and to lay the foundations for future research directions.

Actions (login required)

View Item