The Green Mirage: A Bibliometric Analysis of ESG Integration in Fintech Ecosystems (2015-2025)

Abstract

This study has been undertaken in the burgeoning intersection of financial technology (Fintech) and Environmental, Social, and Governance (ESG) paradigms, a domain that serves the purpose of redefining capital allocation in the 21st century. The research investigates the "Digital-Sustainability Convergence" theory, which posits that digital innovations serve the purpose of democratizing green finance and enhancing transparency. However, a critical review of the literature reveals a phenomenon termed the "Green Mirage," where the digital representation of sustainability obscures a lack of tangible ecological impact. Utilizing a bibliometric analysis based on VOS viewer logic, this paper examines a dataset of academic literature from 2015 to 2025. The findings indicate that while publication volume is on a rise, particularly in China and the United Kingdom, the intellectual structure is fragmented. The analysis identifies a significant gap between technological implementation—such as blockchain and artificial intelligence (AI)—and genuine sustainability outcomes. It is important to note that concepts like "token washing" and "digital greenwashing" have emerged as pivotal retention factors for critical scholarship, suggesting that the sector faces an important challenge in aligning "proof of stake" with "proof of impact." The study concludes that while Fintech serves the purpose of mobilizing retail capital, with 81.5% of investors considering ESG factors, the prevalence of managerial myopia and data asymmetry poses a challenge for the integrity of the ecosystem. Thus, it is important that regulators and practitioners move beyond symbolic compliance to address the structural disconnects identified.