Mapping the Global Landscape of Sustainable Venture Capital: A Bibliometric Analysis of Research Evolution  and Collaboration Networks

Introduction

Sustainability has become a key focus in global investment, including venture capital (VC), driven by climate concerns, technological progress, and social pressure. VC offers advantages such as flexibility, access to technology, and strategic support, making it important for funding sustainability-oriented startups (Kato & Chiloane-Tsoka, 2024). As a result, VC investors increasingly adopt ESG principles, directing capital toward renewable energy and socially responsible ventures (Liu et al., 2024), which can improve both financial performance and long-term stakeholder value (Egurla et al., 2022).

This trend is also evident in Corporate Venture Capital (CVC), where many firms use CVC to support sustainability initiatives, leading to improved environmental and social performance (Battisti et al., 2022). Beyond large firms, VC also strengthens SME sustainability by promoting growth, innovation, and resilience. Empirical studies show that VC funding enhances ESG performance and ratings, particularly for firms already engaged in sustainable practices (Kato, 2024) Empirical studies show that VC funding enhances ESG performance and ratings, particularly for firms already engaged in sustainable practices (Cao et al., 2024; Drobetz et al., 2024). However, challenges persist due to the lack of standardized frameworks and limited resources for implementation (Lange & Banadaki, 2024).

The growing role of VC in supporting sustainability-oriented enterprises contributes directly to achieving the Sustainable Development Goals (SDGs), particularly those related to inclusive and sustainable economic growth (Gucciardi, 2024). Despite this progress, the literature on VC and sustainability remains fragmented across multiple disciplines such as business, management, development economics, and environmental studies (Cumming et al., 2023). This fragmentation hinders a comprehensive understanding of the strategic role of VC in advancing global sustainability. Therefore, a systematic analytical approach is needed to map research development, identify publication trends, and reveal conceptual linkages between VC and sustainability.

A bibliometric approach is particularly relevant in this context, as it offers a quantitative and systematic overview of the research field (Sachan et al., 2025; Ellili, 2024). Bibliometric analysis allows the identification of key topics, publication trends, citation structures, productive contributors, and international collaborations (Ali et al., 2025). It provides a robust foundation for scholars and practitioners to gain a more objective and comprehensive understanding of research dynamics and investment directions aligned with sustainability goals (Kumar et al., 2024).

Previous bibliometric studies on VC have mainly focused on general or thematic aspects—such as government VC (Ariffin & Muhammad, 2023), private equity (Cumming et al., 2023), green innovation, and ESG issues (De Silva et al., 2024)—without addressing sustainability as a comprehensive construct. In contrast, VC and sustainability represent a broader and more strategic intersection that integrates the three ESG pillars. VC functions not only as a financing mechanism for green innovation but also as a catalyst for systemic transformation encompassing business ethics, social inclusion, and corporate accountability (Gucciardi, 2024).

Based on these considerations, this study aims to map the development of venture capital literature in the context of sustainability using a bibliometric approach. The analysis identifies publication trends, collaboration networks, key research themes, and research gaps. Specifically, this study addresses the following research questions:

The remainder of this paper is structured as follows. Section 2 presents the research methods. Section 3 discusses the bibliometric results and analysis, including publication trends, collaboration networks, and thematic evolution. Section 4 concludes the paper by summarizing key findings and providing recommendations for future research and policy development.

Research methods

The study employs a mixed-methods bibliometric analysis, a hybrid research methodology that combines quantitative and qualitative techniques to provide an in-depth perspective on the research landscape for any given topic (Donthu et al., 2021). Software such as VOSviewer and RStudio has been used during this research to emphasize certain trends. The information for the current report was collected through using the Scopus database from January 1, 2002, until May 4, 2025. Scopus was selected because it is the largest abstract and indexing citation database, offering broader global and regional coverage. The quality of the data is ensured through careful content selection, regular review by an independent board, and an ongoing system for quality assurance (Baas et al., 2020).

The main keywords in this research are “Venture Capital” and “Sustainability”. The selection of the keyword “Venture Capital” refers to the study by Bosio et al. (2024); Cumming et al. (2023) to ensure the suitability and relevance of the topic, which was then combined with the keyword “Sustainability” as recommended by De Silva et al. (2024). Article searches were conducted using the “Scientific Procedures and Rationales for Systematic Literature Reviews” (SPAR-4-SLR) approach adopted from Paul et al. (2021). SPAR-4-SLR offers rigorous and comprehensive systematic guidance in literature review, covering the “what,” “why,” “when,” “where,” “who,” and “how” aspects, and aids structured and accountable decision making with generally higher compliance rates compared to the PRISMA approach (Innocenti et al., 2022; Paul et al., 2021).

The initial screening process yielded 176 documents. Subsequently, the dataset was refined based on subject areas, including Business, Management and Accounting; Economics, Econometrics and Finance; Social Sciences; Environmental Science; Engineering; Computer Science; and Energy, resulting in 162 documents. Further selection based on document type, focusing on articles and conference papers, reduced the sample to 113 documents. After limiting the language to English, 110 papers remained. Finally, restricting the dataset to publications in journals and conference proceedings resulted in a final sample of 105 documents. This screening and selection procedure adopts the SPAR-4 SLR framework and utilizes Scopus raw data as outlined in (Kurniawati et al., 2026).

Results and discussion

Growth in number of publications and citations

As part of the bibliometric analysis, annual publication trends were analyzed to see the development of academic interest in the topics of VC and Sustainability. Figure 1 displays the dynamics of publications on these topics during 2002–2025. Generally, the publication trend has shown a consistent increase, particularly over the last five years. Although the number of articles was still minimal at the beginning of the decade, with some years having no publications at all, the trend shifted dramatically after 2020. A significant spike occurred in 2023 with 15 publications, and peaked in 2024 with 23 articles published, reflecting the increasing academic attention to the role of VCs in the global sustainability agenda.

Figure 1. Growth trends in the number of publications and citations.

The data indicate that publication productivity is increasing sharply, but citation trends reveal a different and reversed pattern. Early articles, such as those published in 2002 and 2004, recorded high average citations per year (24 and 22 citations), indicating a strong influence on the development of the literature. In contrast, more recent publications tend to be less cited, with an average of only 2 to 3 citations per year in 2023 and 2024. This is to be expected, given the relatively short time required for citation accumulation. This finding confirms that, despite growing interest in research, accumulating citations for new publications takes time and prior study to achieve the same scientific impact as previous works.

Collaboration of countries analysis

Cross-country collaboration plays a crucial role in advancing sustainable innovation in the VC sector, as illustrated in Table 4 and Figure 2. China and the United States emerge as the most active collaborators, followed by the United Kingdom, highlighting their strategic positions in global research networks on sustainable VC. These countries engage in extensive partnerships with both developed and developing nations, reflecting efforts to integrate sustainability principles into venture investment practices. Other countries, including France, India, Australia, and Germany, also contribute through regional and international collaborations, expanding the diversity of research perspectives.

Table 4. Country collaborations.

No	From	To	N
1	China	United Kingdom (4); Japan (2); Colombia, Australia, Canada, Cyprus, Hong Kong, Korea, United States (1)	12
2	United States	Canada, France, India (2); Chile, Germany, Hong Kong, Malaysia, Sri Lanka (1)	11
3	United Kingdom	Canada, Nigeria (2); France, India, Ireland, Italy, Sri Lanka, United States (1)	10
4	France	Korea, Malaysia, Portugal, Saudi Arabia (1)	4
5	India	Bangladesh, Denmark, Sri Lanka (1)	3
6	Australia	Cyprus, Japan (1)	2
7	Germany	Canada, Switzerland (1)	2
8	Belgium	Norway	1
9	Chile	Colombia	1
10	Greece	Austria	1
11	Japan	Cyprus	1
12	Netherlands	Argentina	1
13	Portugal	Saudi Arabia	1
14	South Africa	Uganda	1
15	Spain	Ecuador	1
	Total		52

Figure 2. Country collaboration.

Although some collaborations are smaller in scale, they remain important in broadening geographical representation and knowledge exchange. Empirical evidence shows that international collaboration enhances research quality and citation impact by combining diverse expertise and perspectives Duarte et al., 2025; Wang et al., 2024); Thelwall et al., 2024; Alamah et al., 2023). In the VC context, such collaborations strengthen global knowledge networks and support the development of more innovative, inclusive, and sustainable investment practices.

Keyword co-occurrences análisis

The research landscape on VC and sustainability has undergone a significant transformation, along with the increasing global need for technological innovation and sustainable development. Through keyword co-occurrence-based bibliometric analysis using VOSviewer (Donthu et al., 2021). Figure 3 reports the identification of three main clusters that map the evolutionary trajectory of academic discourse in this field. These clusters reflect a significant shift in the global financial landscape from traditional funding approaches toward the adoption of disruptive technologies and sustainable finance principles as integral components of investment decision-making.

Figure 3. Keyword co-occurrences.

Innovations such as decentralized finance (DeFi) and machine learning are transforming the financial sector by improving transparency, reducing costs, and enhancing risk assessment, fraud detection, and decision-making. At the same time, the rise of sustainable finance encourages the integration of ESG considerations into investment decisions, aligning financial goals with social and environmental impact and supporting the transition toward a more sustainable future.

The second cluster highlights the role of structural foundations—such as risk assessment, capital flows, and human capital—in supporting sustainable development, particularly in emerging economies like China. It emphasizes that effective risk management, capital mobilization, and human capital quality are crucial for achieving inclusive and resilient green growth, alongside a strong focus on alternative energy and low-carbon transitions (Bartenev & Mendagaziev, 2024; Rashid et al., 2024; Li et al., 2024; Du et al., 2024a; Du et al., 2024b; Lin & Xie, 2024). The third cluster focuses on the role of venture capital in promoting green entrepreneurship and sustainable innovation, particularly through investments in clean-tech startups and CVC initiatives. These investments accelerate energy transitions and expand the adoption of sustainability-driven solutions, positioning VC as a key instrument in building a resilient and sustainable economy (Wang et al., 2024; Hegeman & Sørheim, 2021).

Overlay visualization analysis

The overlay visualization in Figure 4 shows the evolution of VC and sustainability research over time. Early studies (dark blue) focus on foundational concepts such as VC, investment, and sustainability, highlighting the role of VC in driving innovation and sustainable firm performance (Liu et al., 2022). In the intermediate phase (green), the focus shifts to contextual issues such as startups, China, alternative energy, and human capital, emphasizing the importance of policy supSport, market dynamics, and ecosystem development in fostering green innovation (Yang, 2022; (Ren et al., 2020).

Figure 4. Overlay visualization.

In more recent research (yellow), attention turns to technological and forward-looking themes, including machine learning, decentralized finance (DeFi), green innovation, and sustainable finance. These developments enhance investment decision-making, improve transparency, and support the transition toward a green economy (Zhang et al., 2025) Lei et al., 2025; Dong et al., 2024; Chang & Wang, 2023; Macchiavello, 2022; (Ross et al., 2021). VC is evolving from a traditional funding mechanism into a data-driven and strategic driver of sustainable innovation.

Conclusions

This study offers new insights into how venture capital contributes to sustainable finance transitions by providing a comprehensive mapping of the global research landscape through a mixed-methods bibliometric approach. The findings reveal that international collaboration particularly among China, the United States, and the United Kingdom acts as a crucial driver of sustainable innovation and knowledge diffusion within the venture capital ecosystem. Three main thematic clusters were identified, reflecting the intellectual evolution of this field: the theoretical development of venture capital and investment behavior, the formulation of long-term economic and policy frameworks that support sustainable finance, and the role of venture capital in advancing green entrepreneurship and sustainable technological innovation. Collectively, these clusters demonstrate how venture capital aligns financial objectives with environmental and social goals, contributing to the broader sustainability transition.

The results have important implications for both policy and practice. Policymakers are encouraged to integrate the findings into global sustainability frameworks, such as the UN Sustainable Development Goals and the European Green Deal, by designing fiscal and regulatory instruments that foster ESG-oriented venture financing and cross-border green innovation. Venture capital firms should adopt transparent sustainability metrics and data-driven evaluation systems to improve accountability and investment impact. Investors may leverage insights from bibliometric trends to identify emerging markets and technologies with strong sustainability potential. Research institutions, in turn, can promote interdisciplinary collaboration between finance, environmental science, and digital technologies to support innovation-based sustainable growth.

Although this study focuses exclusively on Scopus-indexed publications, this controlled scope ensures data consistency, comparability, and analytical reliability across countries. The mixed-methods bibliometric approach combining quantitative mapping with qualitative thematic interpretation offers both breadth and depth of analysis, yet it is inherently limited by its reliance on secondary data and bibliographic metadata. While such parameters may not fully capture contextual or institutional nuances, they enhance methodological transparency, replicability, and cross-disciplinary relevance, providing a robust foundation for future empirical validation.

Future research could build on these findings by incorporating advanced analytical methods such as text mining, machine learning, or semantic network analysis to capture deeper thematic dynamics within the intersection of venture capital and sustainability. Further investigation of links between sustainable venture capital and emerging domains such as decentralized finance, artificial intelligence, impact measurement, and digital risk assessment would generate richer insights into innovation-driven sustainability. Comparative regional studies and longitudinal analyses may also illuminate how institutional frameworks and technological ecosystems influence sustainable venture capital practices. Such extensions would strengthen the integration of digital transformation and sustainable finance research, contributing to a more resilient, inclusive, and sustainability-oriented global economic system.