Exploring the Role of Venture Capital in Advancing Green Innovation

for companies focused on green innovation (GI), enabling them to
scale their solutions and strengthen their competitiveness. Despite
growing interest in this domain, knowledge remains fragmented. This
study employs an integrated methodological approach, combining
bibliometric analysis and a systematic literature review of Web of
Science and Scopus data to identify key trends in GI financing
through VC and uncover research gaps for future exploration. Of the
147 identified studies, 49 publications from 2006 to 2025 were
included in the final analysis. The findings emphasize the need for
further research to reconcile VCs' short-term financial objectives
with their investments' long-term environmental impacts. Future
studies should also examine the distinct approaches of various VC
types—independent venture capital (IVC), corporate venture capital
(CVC), and government venture capital (GVC)—toward GI,
alongside geographical and cultural factors that influence investment
outcomes. Additionally, the cleantech sector and potential synergies
between public and private stakeholders warrant greater attention.
This study contributes to the Resource-Based View (RBV) and
Natural Resource-Based View (NRBV) theories by demonstrating
how VC financing is a strategic tool for enhancing firms' competitive
advantage and environmental sustainability. It offers valuable
theoretical and practical insights for firms, investors, and
policymakers. However, potential limitations include reliance on
Web of Science and Scopus databases and a focus on Englishlanguage publications, which may have excluded relevant studies.