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<p>Sustainable finance has become a dominant tool for decarbonizing the world, driven by the rapid growth of the green bond market. However, there is no consolidated evidence on the effectiveness of green bonds in minimizing carbon emissions. This paper identifies the relationship between green bonds and decarbonization, based on a Systematic Literature Review and Meta-Analysis (SRMA) of publications between 2015 and 2025. Following the PRISMA 2020 recommendations, 101 studies were screened, and 43 empirical studies whose effect sizes could be transformed were incorporated in the meta-analysis. A random-effects model and Fisher z transformation of the data suggest that the correlation between decarbonization and green bond issuance is statistically significant (Fisher z = 0.25; <i>p</i> = 0.00). Subgroup analysis reveals that technological development strengthens the relationship, though the country’s environment is also a major factor in the mitigation process, with acute reductions in emissions in developed economies. Both the leave-one-out sensitivity analysis and outlier elimination help to ensure the robustness of the findings. In a nutshell, the findings indicate that green bonds can reduce emissions, but their effectiveness is contingent on supportive institutional quality and technological advancement.</p>

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The relationship between green bonds and decarbonization a systematic review and meta analysis

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年7月3日

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  • Hesan Zahid,
  • Mojmír Sabolovič,
  • Hammna Jillani

摘要

Sustainable finance has become a dominant tool for decarbonizing the world, driven by the rapid growth of the green bond market. However, there is no consolidated evidence on the effectiveness of green bonds in minimizing carbon emissions. This paper identifies the relationship between green bonds and decarbonization, based on a Systematic Literature Review and Meta-Analysis (SRMA) of publications between 2015 and 2025. Following the PRISMA 2020 recommendations, 101 studies were screened, and 43 empirical studies whose effect sizes could be transformed were incorporated in the meta-analysis. A random-effects model and Fisher z transformation of the data suggest that the correlation between decarbonization and green bond issuance is statistically significant (Fisher z = 0.25; p = 0.00). Subgroup analysis reveals that technological development strengthens the relationship, though the country’s environment is also a major factor in the mitigation process, with acute reductions in emissions in developed economies. Both the leave-one-out sensitivity analysis and outlier elimination help to ensure the robustness of the findings. In a nutshell, the findings indicate that green bonds can reduce emissions, but their effectiveness is contingent on supportive institutional quality and technological advancement.