{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,14]],"date-time":"2026-03-14T00:22:01Z","timestamp":1773447721306,"version":"3.50.1"},"reference-count":143,"publisher":"MDPI AG","issue":"2","license":[{"start":{"date-parts":[[2026,1,15]],"date-time":"2026-01-15T00:00:00Z","timestamp":1768435200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"FCT - Funda\u00e7\u00e3o para a Ci\u00eancia e Tecnologia","award":["UID\/05422\/2025"],"award-info":[{"award-number":["UID\/05422\/2025"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Sustainability"],"abstract":"<jats:p>The main purpose of this research is to examine the significance of green bonds and green banking loans as financing tools for ecologically sustainable projects in the face of increasing worldwide environmental issues. This research seeks to uncover the determinants of both instruments\u2019 issuance and the obstacles to their acceptance. A thorough systematic literature review will be conducted to assess the efficacy of these tools in improving company financial performance and cost of debt, advancing environmental sustainability, and influencing investor behavior. This methodology guarantees a comprehensive and impartial examination of peer-reviewed publications from reputable sources such as Web of Science and Scopus. Although issues such as greenwashing, market liquidity, and regulatory discrepancies still exist, both tools are growing steadily in the sustainable financing spectrum. The results also suggest that both instruments are influenced by several factors, often overlapping due to their common focus on financing sustainable projects. The credit rating, financial health, and overall environmental performance of the issuing entity significantly influence the attractiveness and pricing of green bonds, as do the market conditions, regulatory frameworks, and certification. The environmental profile and creditworthiness of the borrower are key determinants for green banking loans. The review enhances the current body of knowledge by presenting a theoretical structure for comprehending the dynamics of green debt markets and proposing practical recommendations for policymakers and financial institutions. Furthermore, it emphasizes the deficiencies in existing research, including the need for further longitudinal investigations into green bank loans and a more thorough examination of the notion of \u2018greenium\u2019. We searched Web of Science and Scopus up to 26 April 2024. Eligibility criteria included peer-reviewed English-language studies on green bonds or green banking loans. After screening, 128 studies were found to have met the inclusion criteria.<\/jats:p>","DOI":"10.3390\/su18020898","type":"journal-article","created":{"date-parts":[[2026,1,15]],"date-time":"2026-01-15T14:35:38Z","timestamp":1768487738000},"page":"898","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["Green Bonds and Green Banking Loans: A Systematic Literature Review"],"prefix":"10.3390","volume":"18","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-1366-766X","authenticated-orcid":false,"given":"Paulo","family":"Alcarva","sequence":"first","affiliation":[{"name":"CEOS.PP, ISCAP, Polytechnic of Porto, Rua Jaime Lopes Amorim, s\/n, 4465-004 Matosinhos, Portugal"},{"name":"REMIT\u2014Research on Economics, Management and Information Technologies, Universidade Portucalense, 4200-072 Porto, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-0110-9513","authenticated-orcid":false,"given":"Jo\u00e3o","family":"Pinto","sequence":"additional","affiliation":[{"name":"Research Centre in Management and Economics, Cat\u00f3lica Porto Business School, Universidade Cat\u00f3lica Portuguesa, 4169-005 Porto, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-9066-6441","authenticated-orcid":false,"given":"Luis","family":"Pacheco","sequence":"additional","affiliation":[{"name":"REMIT\u2014Research on Economics, Management and Information Technologies, Universidade Portucalense, 4200-072 Porto, Portugal"},{"name":"Departamento de Economia e Gest\u00e3o, Universidade Portucalense, 4200-072 Porto, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-4905-2771","authenticated-orcid":false,"given":"Mara","family":"Madaleno","sequence":"additional","affiliation":[{"name":"GOVCOPP\u2014Research Unit on Governance, Competitiveness and Public Policy, DEGEIT\u2014Department of Economics, Management, Industrial Engineering and Tourism, Universidade de Aveiro, Campus Universit\u00e1rio de Santiago, 3810-193 Aveiro, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-2026-7365","authenticated-orcid":false,"given":"Teresa","family":"Barros","sequence":"additional","affiliation":[{"name":"CEOS.PP, ISCAP, Polytechnic of Porto, Rua Jaime Lopes Amorim, s\/n, 4465-004 Matosinhos, Portugal"}]}],"member":"1968","published-online":{"date-parts":[[2026,1,15]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"104629","DOI":"10.1016\/j.eneco.2019.104629","article-title":"Network connectedness of green bonds and asset classes","volume":"86","author":"Reboredo","year":"2020","journal-title":"Energy Econ."},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"120351","DOI":"10.1016\/j.techfore.2020.120351","article-title":"The influence of investor sentiment on the green bond market","volume":"162","author":"Caby","year":"2021","journal-title":"Technol. 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