Green Economic Development: A Systematic Literature Review
September 30, 2024
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This article explores the development of green economy research topics and issues. Using
the Systematic Literature Review (SLR) method and data analysis using the VOSviewer application
on 482 articles from Scopus, the study found that Wang J. is the most prolific researcher contributing
to the issue of environmental pollution, carbon emissions, and green tourism. Companies facing
financial performance bottlenecks due to green innovation can address this issue by increasing
executive equity incentives and reducing the pay gap between management and employees. New
researchers such as Ozturk I., Ullah S., Li X., and Wu H. contribute to green innovation and
agriculture, finding that reduced pesticide use does not lower agricultural productivity. Globally,
China successfully implemented a green economy through strict environmental regulations and
large investments in renewable energy. Topic cluster analysis revealed that Economic Growth and
Circular Economy are the main issues, while Price, Barrier, Green Practice, Financial Inclusion, and
Green Development are the focus of recent studies, especially in the application of green bonds and
financial inclusion. These developments form a strong basis for the implementation of green
economy concepts globally.
Ismail, I., Khairunisah, K., Maharani, B. H. ., Ardila, W. R. ., Suparman, S., & Al-Ifansyah, M. . (2024). Green Economic Development: A Systematic Literature Review. International Journal on Economics, Finance and Sustainable Development, 6(3), 454–471. https://doi.org/10.31149/ijefsd.v6i8.5315
1. Alsmadi, A. A., & Alzoubi, M. (2022). Green Economy: Bibliometric Analysis Approach. International Journal of
Energy Economics and Policy, 12(2), 282–289. https://doi.org/10.32479/ijeep.12758
2. Arin Setiyowati, Yuana Tri Utomo, Muhamad Yusup, Ivan Rahmat Santoso, Sulistyowati, Eni Haryani Bahri, Erni
Zulfa Arini, Sutrisno, Ageung Suriabagja, Husni Mubarrak, & Angrum Pratiwi. (2023). Green Economy Dan
Pembangunan Berkelanjutan (Issue March).
3. Ashraf, S., P, J., & Umar, Z. (2022). The asymmetric relationship between foreign direct investment, oil prices and
carbon emissions: evidence from Gulf Cooperative Council economies. Cogent Economics and Finance, 10(1).
https://doi.org/10.1080/23322039.2022.2080316
4. Budiarto, D. S., Amanda, A., & Nordin, N. (2023). Digital Technologies Application and Competitive Advantage
for MSMEs Sustainability and Market Performance. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 18(2), 169
178. https://doi.org/10.24269/ekuilibrium.v18i2.2023.pp169-178
5. Chaaben, N., Elleuch, Z., Hamdi, B., & Kahouli, B. (2022). Green economy performance and sustainable
development achievement: empirical evidence from Saudi Arabia. Environment, Development and Sustainability.
https://doi.org/10.1007/s10668-022-02722-8
6. Deng, M. (2022). China economic performance and natural resources commodity prices volatility: Evidence from
China in COVID-19. Resources Policy, 75. https://doi.org/10.1016/j.resourpol.2021.102525
7. Dewi, N. I., & Melati, F. C. (2021). The Impact on Economic and Environmental Development of COVID-19
Pandemic: a Case Study in Indonesia. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 16(1), 1.
https://doi.org/10.24269/ekuilibrium.v16i1.3364
8. Dobrin, C., Croitoru, E. O., Dinulescu, R., & Marin, I. (2022). THE IMPACT OF PESTICIDE AND FERTILISER USE
ON AGRICULTURAL PRODUCTIVITY IN THE CONTEXT OF THE “FARM TO FORK” STRATEGY IN
ROMANIA AND THE EUROPEAN UNION. Amfiteatru Economic, 24(60), 346–360.
https://doi.org/10.24818/EA/2022/60/346
9. Dong, X., Jiang, Q., & Wang, J. (2021). Assessing Embodied Carbon Emission and Its Intensities in the ICT Industry:
The Global Case. Frontiers in Energy Research, 9. https://doi.org/10.3389/fenrg.2021.685021
10. Gennari, F. (2022). The transition towards a circular economy. A framework for SMEs. Journal of Management and
Governance. https://doi.org/10.1007/s10997-022-09653-6
11. Indarwati, T. A., & Untarini, N. (2017). Studi Perbedaan Niat Beli Green Electricity Product Berdasarkan Gender.
Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 12(1), 36. https://doi.org/10.24269/ekuilibrium.v12i1.421
12. Kinda, S. R. (2021). Does the green economy really foster food security in Sub-Saharan Africa? Cogent Economics
and Finance, 9(1). https://doi.org/10.1080/23322039.2021.1921911
13. Kolmykova, T., Merzlyakova, E., & Kilimova, L. (2021). Development of robotic circular reproduction in ensuring
sustainable economic growth . Economic Annals-XXI, 186(11–12), 12–20. https://doi.org/10.21003/EA.V186-02
14. Li, Y., Liu, J., & Jia, S. (2022). The Design of a Remediation Device for Heavy Metal Contaminated Soil Under Digital
Economy. Frontiers in Energy Research, 10. https://doi.org/10.3389/fenrg.2022.893335
15. Lin, S., & Wu, R. (2022). On the nexus between energy efficiency, financial inclusion and environment: Evidence
from emerging seven economies using novel research methods. Economic Research-Ekonomska Istrazivanja ,
35(1), 6756–6779. https://doi.org/10.1080/1331677X.2022.2053362
16. Liu, L., Wu, H., Hafeez, M., Albaity, M. S. A., & Ullah, S. (2022). Carbon neutrality through supply chain
performance: does green innovation matter in Asia? Economic Research-Ekonomska Istrazivanja .
https://doi.org/10.1080/1331677X.2022.2149588
17. Liu, Z., Vu, T. L., Phan, T. T. H., Ngo, T. Q., Anh, N. H. V, & Putra, A. R. S. (2022). Financial inclusion and green
economic performance for energy efficiency finance. Economic Change and Restructuring, 55(4), 2359–2389.
https://doi.org/10.1007/s10644-022-09393-5
18. Ma, J., Wang, J., & Shen, X. (2022). Economic policy uncertainty and green economy efficiency: power or
resistance?—Empirical evidence from Chinese major urban agglomerations. Economic Research-Ekonomska
Istrazivanja , 35(1), 657–675. https://doi.org/10.1080/1331677X.2021.1931911
19. Mazina, A., Syzdykova, D., Myrzhykbayeva, A., Raikhanova, G., & Nurgaliyeva, A. (2022). Impact of Green Fiscal
Policy on Investment Efficiency of Renewable Energy Enterprises in Kazakhstan. International Journal of Energy
Economics and Policy, 12(5), 491–497. https://doi.org/10.32479/ijeep.13437
20. Morris, M., Robbins, G., Hansen, U., & Nygard, I. (2022). The wind energy global value chain localisation and
industrial policy failure in South Africa. Journal of International Business Policy, 5(4), 490–511.
https://doi.org/10.1057/s42214-021-00123-8
21. Neves, S. A., & Marques, A. C. (2022). Drivers and barriers in the transition from a linear economy to a circular
economy. Journal of Cleaner Production, 341. https://doi.org/10.1016/j.jclepro.2022.130865
22. Parmawati, R. (2019). Valuasi Ekonomi Sumberdaya Alam & Lingkungan Menuju Ekonomi Hijau. UB Press.
23. Partnership with China | UNEP - UN Environment Programme. (n.d.). Retrieved June 12, 2023, from
https://www.unep.org/explore-topics/green-economy/what-we-do/economic-and-fiscal-policy/partnership-china
24. Pertiwi, A. B., Juwita, A. H., & Suryanto, S. (2021). Effects of Poverty, Income Inequality and Economic Growth to
Environmental Quality Index (EQI) in 33 Province in Indonesia 2014-2019. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu
Ekonomi, 16(2), 154–163. https://doi.org/10.24269/ekuilibrium.v16i2.2021.pp154-163
25. Pliavskyiy, I., Martusenko, I., Molnar, O., Dzyana, H., & Kushniriuk, V. (2021). Modeling ways of improving green
economy and environmental protection in the context of governance. Business: Theory and Practice, 22(2), 310
317. https://doi.org/10.3846/btp.2021.13336
26. Prasad, S., Rao, A. N., & Lanka, K. (2022). Analysing the Barriers for Implementation of Lean-led Sustainable
Manufacturing and Potential of Blockchain Technology to Overcome these Barriers: A Conceptual Framework.
International
Journal
of Mathematical, Engineering and Management Sciences, 7(6), 791–819.
https://doi.org/10.33889/IJMEMS.2022.7.6.051
27. Saqib, N. (2022). Green energy, non-renewable energy, financial development and economic growth with carbon
footprint: heterogeneous panel evidence from cross-country. Economic Research-Ekonomska Istrazivanja , 35(1),
6945–6964. https://doi.org/10.1080/1331677X.2022.2054454
28. Saydaliev, H. B., & Chin, L. (2022). Role of green financing and financial inclusion to develop the cleaner
environment for macroeconomic stability: Inter-temporal analysis of ASEAN economies. Economic Change and
Restructuring. https://doi.org/10.1007/s10644-022-09419-y
29. Steblyanskaya, A., Mingye, A., Bocharnikov, V., & Denisov, A. (2021). Strategies for green economy in China.
Foresight and STI Governance, 15(1), 74–85. https://doi.org/10.17323/2500-2597.2021.1.74.85
30. Triandini, E., Jayanatha, S., Indrawan, A., Werla Putra, G., & Iswara, B. (2019). Metode Systematic Literature
Review untuk Identifikasi Platform dan Metode Pengembangan Sistem Informasi di Indonesia. Indonesian Journal
of Information Systems, 1(2), 63. https://doi.org/10.24002/ijis.v1i2.1916
31. Tufail, M., Song, L., Umut, A., Ismailova, N., & Kuldasheva, Z. (2022). Does financial inclusion promote a green
economic system? Evaluating the role of energy efficiency. Economic Research-Ekonomska Istrazivanja , 35(1),
6780–6800. https://doi.org/10.1080/1331677X.2022.2053363
32. Turner, B. K., Race, J., Alabi, O., Calvillo, C., Katris, A., & Swales, K. (2022). Policy trade-offs in introducing a CO2
transport and storage industry to service the UK’s regional manufacturing clusters. Ecological Economics, 201.
https://doi.org/10.1016/j.ecolecon.2022.107547
33. Viktorovna, F. I., Yurievich, N. V, Viktorovna, P. I., & Mikhailovna, O. L. (2021). Impact of renewable energy
sources consumption on economic growth in europe and asia-pacific region. International Journal of Energy
Economics and Policy, 11(6), 270–278. https://doi.org/10.32479/ijeep.11787
34. Vishnevsky, V. P., Harkushenko, O. М., Zanizdra, M. Y., & Kniaziev, S. I. (2021). Digital and green economy:
Common grounds and contradictions . Science and Innovation, 17(3), 14–27. https://doi.org/10.15407/scine17.03.014
35. Xie, Z., Wang, J., & Zhao, G. (2022). Impact of Green Innovation on Firm Value: Evidence From Listed Companies
in China’s Heavy Pollution Industries. Frontiers in Energy Research, 9. https://doi.org/10.3389/fenrg.2021.806926
36. Yan, L., Wang, H., Athari, S. A., & Atif, F. (2022). Driving green bond market through energy prices, gold prices
and green energy stocks: evidence from a non-linear approach. Economic Research-Ekonomska Istrazivanja , 35(1),
6479–6499. https://doi.org/10.1080/1331677X.2022.2049977
37. Zhang, L., Danko, Y., Wang, J., & Chen, Z. (2021). ANOVERVIEW OF ECOTOURISM RESEARCH — ANALYSIS
BASED ON WEB OF SCIENCE. Proceedings on Engineering Sciences, 3(2), 171–180.
https://doi.org/10.24874/PES03.02.005
38. Zhou, G., Li, H., Ozturk, I., & Ullah, S. (2022). Shocks in agricultural productivity and CO2 emissions: new
environmental challenges for China in the green economy. Economic Research-Ekonomska Istrazivanja , 35(1),
5790–5806. https://doi.org/10.1080/1331677X.2022.2037447
Energy Economics and Policy, 12(2), 282–289. https://doi.org/10.32479/ijeep.12758
2. Arin Setiyowati, Yuana Tri Utomo, Muhamad Yusup, Ivan Rahmat Santoso, Sulistyowati, Eni Haryani Bahri, Erni
Zulfa Arini, Sutrisno, Ageung Suriabagja, Husni Mubarrak, & Angrum Pratiwi. (2023). Green Economy Dan
Pembangunan Berkelanjutan (Issue March).
3. Ashraf, S., P, J., & Umar, Z. (2022). The asymmetric relationship between foreign direct investment, oil prices and
carbon emissions: evidence from Gulf Cooperative Council economies. Cogent Economics and Finance, 10(1).
https://doi.org/10.1080/23322039.2022.2080316
4. Budiarto, D. S., Amanda, A., & Nordin, N. (2023). Digital Technologies Application and Competitive Advantage
for MSMEs Sustainability and Market Performance. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 18(2), 169
178. https://doi.org/10.24269/ekuilibrium.v18i2.2023.pp169-178
5. Chaaben, N., Elleuch, Z., Hamdi, B., & Kahouli, B. (2022). Green economy performance and sustainable
development achievement: empirical evidence from Saudi Arabia. Environment, Development and Sustainability.
https://doi.org/10.1007/s10668-022-02722-8
6. Deng, M. (2022). China economic performance and natural resources commodity prices volatility: Evidence from
China in COVID-19. Resources Policy, 75. https://doi.org/10.1016/j.resourpol.2021.102525
7. Dewi, N. I., & Melati, F. C. (2021). The Impact on Economic and Environmental Development of COVID-19
Pandemic: a Case Study in Indonesia. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 16(1), 1.
https://doi.org/10.24269/ekuilibrium.v16i1.3364
8. Dobrin, C., Croitoru, E. O., Dinulescu, R., & Marin, I. (2022). THE IMPACT OF PESTICIDE AND FERTILISER USE
ON AGRICULTURAL PRODUCTIVITY IN THE CONTEXT OF THE “FARM TO FORK” STRATEGY IN
ROMANIA AND THE EUROPEAN UNION. Amfiteatru Economic, 24(60), 346–360.
https://doi.org/10.24818/EA/2022/60/346
9. Dong, X., Jiang, Q., & Wang, J. (2021). Assessing Embodied Carbon Emission and Its Intensities in the ICT Industry:
The Global Case. Frontiers in Energy Research, 9. https://doi.org/10.3389/fenrg.2021.685021
10. Gennari, F. (2022). The transition towards a circular economy. A framework for SMEs. Journal of Management and
Governance. https://doi.org/10.1007/s10997-022-09653-6
11. Indarwati, T. A., & Untarini, N. (2017). Studi Perbedaan Niat Beli Green Electricity Product Berdasarkan Gender.
Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 12(1), 36. https://doi.org/10.24269/ekuilibrium.v12i1.421
12. Kinda, S. R. (2021). Does the green economy really foster food security in Sub-Saharan Africa? Cogent Economics
and Finance, 9(1). https://doi.org/10.1080/23322039.2021.1921911
13. Kolmykova, T., Merzlyakova, E., & Kilimova, L. (2021). Development of robotic circular reproduction in ensuring
sustainable economic growth . Economic Annals-XXI, 186(11–12), 12–20. https://doi.org/10.21003/EA.V186-02
14. Li, Y., Liu, J., & Jia, S. (2022). The Design of a Remediation Device for Heavy Metal Contaminated Soil Under Digital
Economy. Frontiers in Energy Research, 10. https://doi.org/10.3389/fenrg.2022.893335
15. Lin, S., & Wu, R. (2022). On the nexus between energy efficiency, financial inclusion and environment: Evidence
from emerging seven economies using novel research methods. Economic Research-Ekonomska Istrazivanja ,
35(1), 6756–6779. https://doi.org/10.1080/1331677X.2022.2053362
16. Liu, L., Wu, H., Hafeez, M., Albaity, M. S. A., & Ullah, S. (2022). Carbon neutrality through supply chain
performance: does green innovation matter in Asia? Economic Research-Ekonomska Istrazivanja .
https://doi.org/10.1080/1331677X.2022.2149588
17. Liu, Z., Vu, T. L., Phan, T. T. H., Ngo, T. Q., Anh, N. H. V, & Putra, A. R. S. (2022). Financial inclusion and green
economic performance for energy efficiency finance. Economic Change and Restructuring, 55(4), 2359–2389.
https://doi.org/10.1007/s10644-022-09393-5
18. Ma, J., Wang, J., & Shen, X. (2022). Economic policy uncertainty and green economy efficiency: power or
resistance?—Empirical evidence from Chinese major urban agglomerations. Economic Research-Ekonomska
Istrazivanja , 35(1), 657–675. https://doi.org/10.1080/1331677X.2021.1931911
19. Mazina, A., Syzdykova, D., Myrzhykbayeva, A., Raikhanova, G., & Nurgaliyeva, A. (2022). Impact of Green Fiscal
Policy on Investment Efficiency of Renewable Energy Enterprises in Kazakhstan. International Journal of Energy
Economics and Policy, 12(5), 491–497. https://doi.org/10.32479/ijeep.13437
20. Morris, M., Robbins, G., Hansen, U., & Nygard, I. (2022). The wind energy global value chain localisation and
industrial policy failure in South Africa. Journal of International Business Policy, 5(4), 490–511.
https://doi.org/10.1057/s42214-021-00123-8
21. Neves, S. A., & Marques, A. C. (2022). Drivers and barriers in the transition from a linear economy to a circular
economy. Journal of Cleaner Production, 341. https://doi.org/10.1016/j.jclepro.2022.130865
22. Parmawati, R. (2019). Valuasi Ekonomi Sumberdaya Alam & Lingkungan Menuju Ekonomi Hijau. UB Press.
23. Partnership with China | UNEP - UN Environment Programme. (n.d.). Retrieved June 12, 2023, from
https://www.unep.org/explore-topics/green-economy/what-we-do/economic-and-fiscal-policy/partnership-china
24. Pertiwi, A. B., Juwita, A. H., & Suryanto, S. (2021). Effects of Poverty, Income Inequality and Economic Growth to
Environmental Quality Index (EQI) in 33 Province in Indonesia 2014-2019. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu
Ekonomi, 16(2), 154–163. https://doi.org/10.24269/ekuilibrium.v16i2.2021.pp154-163
25. Pliavskyiy, I., Martusenko, I., Molnar, O., Dzyana, H., & Kushniriuk, V. (2021). Modeling ways of improving green
economy and environmental protection in the context of governance. Business: Theory and Practice, 22(2), 310
317. https://doi.org/10.3846/btp.2021.13336
26. Prasad, S., Rao, A. N., & Lanka, K. (2022). Analysing the Barriers for Implementation of Lean-led Sustainable
Manufacturing and Potential of Blockchain Technology to Overcome these Barriers: A Conceptual Framework.
International
Journal
of Mathematical, Engineering and Management Sciences, 7(6), 791–819.
https://doi.org/10.33889/IJMEMS.2022.7.6.051
27. Saqib, N. (2022). Green energy, non-renewable energy, financial development and economic growth with carbon
footprint: heterogeneous panel evidence from cross-country. Economic Research-Ekonomska Istrazivanja , 35(1),
6945–6964. https://doi.org/10.1080/1331677X.2022.2054454
28. Saydaliev, H. B., & Chin, L. (2022). Role of green financing and financial inclusion to develop the cleaner
environment for macroeconomic stability: Inter-temporal analysis of ASEAN economies. Economic Change and
Restructuring. https://doi.org/10.1007/s10644-022-09419-y
29. Steblyanskaya, A., Mingye, A., Bocharnikov, V., & Denisov, A. (2021). Strategies for green economy in China.
Foresight and STI Governance, 15(1), 74–85. https://doi.org/10.17323/2500-2597.2021.1.74.85
30. Triandini, E., Jayanatha, S., Indrawan, A., Werla Putra, G., & Iswara, B. (2019). Metode Systematic Literature
Review untuk Identifikasi Platform dan Metode Pengembangan Sistem Informasi di Indonesia. Indonesian Journal
of Information Systems, 1(2), 63. https://doi.org/10.24002/ijis.v1i2.1916
31. Tufail, M., Song, L., Umut, A., Ismailova, N., & Kuldasheva, Z. (2022). Does financial inclusion promote a green
economic system? Evaluating the role of energy efficiency. Economic Research-Ekonomska Istrazivanja , 35(1),
6780–6800. https://doi.org/10.1080/1331677X.2022.2053363
32. Turner, B. K., Race, J., Alabi, O., Calvillo, C., Katris, A., & Swales, K. (2022). Policy trade-offs in introducing a CO2
transport and storage industry to service the UK’s regional manufacturing clusters. Ecological Economics, 201.
https://doi.org/10.1016/j.ecolecon.2022.107547
33. Viktorovna, F. I., Yurievich, N. V, Viktorovna, P. I., & Mikhailovna, O. L. (2021). Impact of renewable energy
sources consumption on economic growth in europe and asia-pacific region. International Journal of Energy
Economics and Policy, 11(6), 270–278. https://doi.org/10.32479/ijeep.11787
34. Vishnevsky, V. P., Harkushenko, O. М., Zanizdra, M. Y., & Kniaziev, S. I. (2021). Digital and green economy:
Common grounds and contradictions . Science and Innovation, 17(3), 14–27. https://doi.org/10.15407/scine17.03.014
35. Xie, Z., Wang, J., & Zhao, G. (2022). Impact of Green Innovation on Firm Value: Evidence From Listed Companies
in China’s Heavy Pollution Industries. Frontiers in Energy Research, 9. https://doi.org/10.3389/fenrg.2021.806926
36. Yan, L., Wang, H., Athari, S. A., & Atif, F. (2022). Driving green bond market through energy prices, gold prices
and green energy stocks: evidence from a non-linear approach. Economic Research-Ekonomska Istrazivanja , 35(1),
6479–6499. https://doi.org/10.1080/1331677X.2022.2049977
37. Zhang, L., Danko, Y., Wang, J., & Chen, Z. (2021). ANOVERVIEW OF ECOTOURISM RESEARCH — ANALYSIS
BASED ON WEB OF SCIENCE. Proceedings on Engineering Sciences, 3(2), 171–180.
https://doi.org/10.24874/PES03.02.005
38. Zhou, G., Li, H., Ozturk, I., & Ullah, S. (2022). Shocks in agricultural productivity and CO2 emissions: new
environmental challenges for China in the green economy. Economic Research-Ekonomska Istrazivanja , 35(1),
5790–5806. https://doi.org/10.1080/1331677X.2022.2037447
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