1. Methods and Data Sources

2.1 Methods

Bibliometrics has gained widespread application in various disciplines. Its methods primarily serve two purposes: performance analysis and scientific mapping (Cobo et al., 2011). Performance analysis aims to evaluate the research and publication performance of individuals and institutions, while scientific mapping aims to reveal the structure and dynamics of scientific fields (Zupic and Cater, 2015).

Commonly used software for bibliometric analysis includes R studio (Gyimah et al., 2023), Vosviewer (van Eck and Waltman, 2010), Citespace (Z. Liu et al., 2015), Gephi (Donthu et al., 2020), BibExcel (Tian et al., 2018), and Histcite (Linnenluecke et al., 2020). However, Histcite is not applicable due to its limitations in understanding Scopus data, as our data is derived from the Scopus database (Fahimnia et al., 2015). BibExcel requires professional knowledge and experience to perform basic analysis in a complex operating environment (Ampah et al., 2021). Additionally, Citespace is used to convert the Scopus database to the WoS format for better merging of data and eliminating data duplication (Ye et al., 2020). Therefore, in this study, Citespace and Vosviewer are employed for bibliometric analysis in the field of carbon finance and carbon markets.

1.2 Data Sources

This study utilizes the Web of Science and Scopus databases, which are widely recognized citation indexes for bibliometrics and systematic literature evaluation. Due to the technical challenges involved in merging different databases, researchers often opt to use only one database. Gavel and Iselid (2008) confirmed that there is only a 50% overlap between the Scopus and WoS databases. Hence, to minimize the exclusion of high-quality relevant articles, both databases are employed in this study.

To conduct the searches, we utilized the Web of Science Core Collection SSCI and SCI-E, as well as the Scopus database. The search terms "carbon finan*," "carbon market*," "carbon trad*," "carbon pric*," "carbon asset*," and "carbon tax*" were used as title keywords. We limited the document types to articles and reviews, and the time span from 1992 to 2022. The search results were imported into Citespace for merging, and duplicate results were eliminated. In total, 5689 articles were obtained. The results were further analyzed using Vosviewer.

2 Basic Statistical Analysis

2.1 Publication Quantity

Figure 1 illustrates the trend in the number of articles related to carbon finance and carbon markets identified by the WoS and Scopus databases over the past 30 years. Since the enforcement of the Kyoto Protocol in 2005, there has been a steady increase in publications due to the growing awareness of environmental issues and sustainability. It is noteworthy that, contrary to the slow and steady growth trend observed before 2015, the number of publications has exponentially increased since 2015. Furthermore, in 2020, China introduced the "dual carbon" goal, leading to a 37% annual increase in the number of articles in this field. Increasing evidence suggests a significant rise in academic interest in carbon finance and carbon markets

请以学术风格对下列语句进行润色要求没有语法错误并且符合学术规范 2 Methods and Data Sources21 MethodsCurrently bibliometrics has been widely applied in various disciplines Bibliometric methods serve two main purposes performance anal

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