Exploring the landscape of green crowdfunding: Trends, themes, and insights from a bibliometric review

Abstract

This study explores green crowdfunding as a promising alternative financing mechanism for environmental initiatives, especially given the challenges in securing traditional funding due to perceived risks. Crowdfunding enables green entrepreneurs to attract support from backers motivated by more than financial returns, particularly for renewable energy projects that have gained traction in regions like Europe. Key elements such as effective communication strategies, message framing, and an emphasis on environmental benefits significantly influence crowdfunding success. This trend has grown notably post-COVID-19, as interest in sustainable, ESG-aligned projects has increased. To analyze this evolving field, we employ bibliometric techniques, including performance analysis and science mapping, to map the intellectual structure of green crowdfunding research and identify emerging trends. Results reveal a surge in interest since 2020, highlighting green crowdfunding's rising importance as a tool for financing sustainable projects. Co-citation and co-word analyses emphasize the roles of "renewable energy," "environmental, social, and governance (ESG)," and "social entrepreneurship," while identifying research gaps in areas such as regulatory frameworks, equity crowdfunding's social impact, and green crowdfunding's role in financial inclusion, particularly in developing economies. This study offers a comprehensive overview of past achievements and outlines future research pathways within the green crowdfunding landscape, underscoring its significance for environmental sustainability.