Harsuko Riniwati

Type of the article: Research Article

Abstract
The growing attention to sustainability is driving the development of green finance studies. However, the distribution of such research remains geographically uneven, particularly in developing countries. As one of the major contributors to global emissions, Indonesia plays a critical role within the broader discourse of green finance, both as a national context and as part of cross-country analyses. Therefore, a comprehensive understanding of green finance research related to Indonesia is essential, especially given the Indonesian government’s commitment to reducing greenhouse gas emissions. This study aims to conduct a bibliometric analysis to map the development of green finance literature related to Indonesia over the period 2015–2025. Using 194 Scopus-indexed publications, the results reveal a substantial increase in research output over the last four years. Indonesia recorded the highest publication output, with authors affiliated to institutions in China and Malaysia occupying important positions within the international co-authorship network. Keyword co-occurrence analysis identified four major thematic clusters: (1) Green financial systems, (2) Economic growth and environmental sustainability, (3) Green finance in energy transition, and (4) Climate finance and environmental governance. This study provides a more accurate representation of the scientific landscape of green finance literature involving Indonesia. It highlights key research trends, identifies emerging themes, and offers insights into future research directions and policy implications, particularly in contexts where Indonesia is positioned within both national and cross-country discussions of green finance.