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Linking Climate Risk, Green Finance, and Corporate Low-Carbon Transformation: A Bibliometric and Topic Modeling Analysis

Lei, Xue, Xu, Jian, Yue, Shanshan, Zhao, Yihang·2026·Journal of Risk and Financial Management
DOI 10.3390/jrfm19110911
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Abstract

Climate change is reshaping the risks firms face and the terms on which they raise capital, making the links among climate risk, green finance, and corporate low-carbon transformation increasingly important. Existing reviews mostly focus on one of these themes, leaving open how often studies connect them. Drawing on 1369 Web of Science articles published from 2015 to 2025, this review combines bibliometric mapping with topic modeling to trace how the field has evolved and how closely the three themes connect. The literature has grown quickly since 2021, much of it from China. It builds on research into how markets price climate information and how regulation and green credit relate to corporate innovation, with green bond studies bridging the two, and attention has shifted toward firm-level evaluations of green finance policies and environmental, social, and governance (ESG) performance. About half of the articles link green finance with corporate transformation, whereas only about one in twenty connects climate risk with green finance. These findings highlight the feedback from corporate transformation to risk exposure and financing costs as a promising direction, and suggest that considering risk, finance, and transformation together can help green finance better support an orderly low-carbon transition.

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Metadata

Authors
Lei, X., Xu, J., Yue, S., & Zhao, Y.
Venue
Journal of Risk and Financial Management
Publisher
MDPI AG
Published
2026-11-11
Volume
19
Issue
11
Pages
911
ISSN
1911-8074
DOI
10.3390/jrfm19110911
Cited by
0
References
1
Language
en
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CoChat. (2026). Citation check: Linking Climate Risk, Green Finance, and Corporate Low-Carbon Transformation: A Bibliometric and Topic Modeling Analysis. https://app.cochat.ai/papers/10.3390/jrfm19110911
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Lei, X., Xu, J., Yue, S., & Zhao, Y. (2026). Linking Climate Risk, Green Finance, and Corporate Low-Carbon Transformation: A Bibliometric and Topic Modeling Analysis. Journal of Risk and Financial Management. https://doi.org/10.3390/jrfm19110911

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.