Author(s)

Aysha Rashed Al Hamrani¹, Noorah Rashed Al Hamrani²

¹Ajman Tourism Development Department, Ajman, United Arab Emirates.
²Al Etihad WE Company, Ajman, United Arab Emirates.

The adoption of the Paris Agreement in December 2015 led to a notable increase in the number of academic publications related to green financial instruments, climate change, and sustainable development. Green bonds are considered investment instruments that are issued by corporations, governments, and financial institutions to finance green sustainable initiatives that consist of low-carbon activities, renewable energy, etc. This paper conducts a bibliometric analysis and a systematic literature review of studies that focus on the various determinants that affect green bond issuance to provide a comprehensive framework for the green bond market. This review examines the studies on green bond issuance between the period 2007-2023. The results identified the key determinants of green bond issuance that are presented comprehensively in the article. The study also provides some opportunities for future research on the green bond market which can benefit researchers for further studies.

Green Bond Issuance, Conceptual Framework, Systematic Review, Literature Review, Green Finance

Hamrani, A. and Hamrani, N. (2025) The Main Determinants of Green Bond Issuance: A Systematic Review. Open Journal of Accounting, 14, 67-93. doi: 10.4236/ojacct.2025.141004.