A Thematic Study of Green Finance with Special Reference to Polluting Companies: A Review and Future Direction

The objective of the study was to understand the phenomenon of green finance in polluting companies through a systematic literature review. The methodology involves the search, selection, classification, and categorization of thirty-five articles on green finance in polluting companies which were analyzed for the time span of eleven years, i.e., 2011–2022. The outcome of the review identified the following five themes: (i) green credit and environmental protection; (ii) green finance and green innovation; (iii) green innovation and environmental protection; (iv) green finance and investment; and (v) green innovation and firm performance. The review has put forward recommendations for further advancement in policy strengthening and the utilization of extensive data analysis, indicating potential avenues for future research and development. The findings of the study provide insights to researchers, practitioners, and policymakers about the status of green finance in polluting companies.