Sustainability‐Related Credit Risk: A Scientometric Mapping and Research Agenda

ABSTRACT

Sustainability‐related credit‐risk research has grown rapidly as environmental, social, and governance (ESG), climate, and transition exposures increasingly affect credit pricing, default risk, and supervisory practice, positioning credit markets as key transmission channels for achieving the Sustainable Development Goals (SDGs), particularly those related to climate action, sustainable industry, and responsible production. Yet the literature remains fragmented, limiting cumulative progress and slowing the development of coherent modelling frameworks. This study provides an integrated analysis of the sustainability‐related credit‐risk domain based on 532 Web of Science publications (1991–2025), combining bibliometric techniques, science‐mapping methods, and a structured qualitative examination of the literature. The results reveal a three‐phase evolution, marked by a post‐2020 acceleration and consolidation. Four research topics structure the field: ESG‐embedded credit‐risk architecture, climate‐ and transition‐risk transmission, carbon‐risk pricing, and green‐finance intermediation. The mapping also identifies emerging hotspots around disclosure quality, climate‐policy uncertainty, Credit Default Swap (CDS) dynamics, and transition liabilities. Practically, the findings point to priorities for credit practice: integrating sustainability signals into default‐risk and credit‐spread models, strengthening climate/transition stress testing and scenario design, improving emissions and ESG data governance to reduce measurement noise, and aligning disclosure with credit‐relevant endpoints. The study develops a targeted research agenda to support sustainability‐related credit‐risk measurement, modelling, and disclosure, with implications for risk management and regulation.