Review of Corporate Finance > Vol 4 > Issue 1–2

Sustainable and Climate Finance: An Integrative Framework from Corporates to Markets and Society

Monica Billio, Ca’ Foscari University of Venice, Italy, , Maurizio Murgia, Free University of Bozen, Italy, , Silvio Vismara, University of Bergamo, Italy,
Suggested Citation
Monica Billio, Maurizio Murgia and Silvio Vismara (2024), "Sustainable and Climate Finance: An Integrative Framework from Corporates to Markets and Society", Review of Corporate Finance: Vol. 4: No. 1–2, pp 1-16.

Publication Date: 18 Apr 2024
© 2024 M. Billio, M. Murgia and S. Vismara
Corporate finance,  Financial markets,  Climate change
JEL Codes: G30, Q54, Q56
Climate financesustainable financegreen financeESGSRICSRSDGsustainabilityenvironmentgovernancereportingratings


Open Access

This is published under the terms of CC BY-NC.

In this article:
The State-of-the-Art 
Contemporary Research on Climate and Sustainable Finance 
An Integrative Framework on Sustainable and Climate Finance 


This paper revisits the study of climate and sustainable finance. We conduct a systematic review of existing research and develop an integrative conceptual framework that starts with a corporate finance perspective to (1) encompass the perspective “inside the firm”, to then (2) broaden from corporate finance to capital markets, and finally (3) from capital markets to an ecosystemic perspective. Within each of these three classes, we discern pivotal concepts in the domains of (A) climate finance, (B) sustainable finance, and (C) financial reporting and rating. We conclude by identifying promising avenues for policy and research that, in our perspective, merit increased consideration by researchers and regulators when designing future studies or policy interventions.



Review of Corporate Finance, Volume 4, Issue 1–2 Special Issue on Sustainable and Climate Finance: Articles Overiew
See the other articles that are part of this special issue.