Environmental impact bonds: review, challenges, and perspectives

Environmental impact bonds (EIBs) are innovative financial models included in the toolbox of impact investing that focus on environmental challenges. Recently, they have received an increasing amount of attention, in line with the expansion of environmental finance research. However, to date, there is no complete knowledge on this topic, either in theory or in practice. This article offers a concise view of the EIB landscape, based on a literature review, through the analysis of the structure and the evolution of the research field, as well as challenges and research opportunities. The results provide a roadmap for future directions, which is useful to help academics focus their studies on underinvestigated areas within this research niche.