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This study aims to explore the development and significance of sustainable finance instruments, mainly sustainable bonds. The purpose is to provide policymakers, regulators and researchers with insights into the current state of sustainable finance research and also provide future research directions.

This study used Scientific Procedures and Rationales for Systematic Literature Reviews as a review protocol and addressed four research questions concerning publication and citation trends, major themes and future research directions in sustainable bonds.

This study indicated growing attention in sustainable bond research, with increasing publication and citation trends. Along with identifying research themes, the findings include future direction on pricing and risk assessment, market dynamics and growth potential, policy and regulatory environments and global perspectives with local context.

Although this study provides a robust analysis of the current literature, it relies on existing publications and may not capture the latest developments in sustainable bond research. However, policymakers can benefit from insights into the growth and dynamics of sustainable bonds, enabling them to implement effective policies and regulations. Investors and businesses can use this research to inform their environmental, social and governance investment strategies and decision-making processes.

This paper suggests a comprehensive overview of the state of research in sustainable bonds, highlighting the emerging trends and research priorities. It also underlines the significance of sustainable finance in achieving sustainability goals and provides a roadmap for future research.