A recent bibliometric analysis titled “What do we know about carbon disclosure?” provides a comprehensive overview of this rapidly evolving field, synthesizing two decades of research to map its intellectual structure, identify key trends, and chart a course for future inquiry. The study, conducted by Setiawan et al. (2025), meticulously examines 278 articles from the Scopus database, published between 2004 and 2024, to offer a definitive summary of the academic discourse on carbon disclosure.
The concept of carbon disclosure—the transparent reporting of greenhouse gas (GHG) emissions—is deeply intertwined with global sustainability efforts, particularly the United Nations’ Sustainable Development Goals (SDGs). SDG 13, which calls for urgent action to combat climate change, underscores the importance of corporate accountability. By disclosing their carbon footprint, companies demonstrate a commitment to environmental stewardship, which in turn enhances their credibility and supports the transition to a low-carbon economy. This practice has gained significant momentum, driven by increasing pressure from governments, regulators, and stakeholders who demand greater transparency.
The Evolution and Key Drivers of Carbon Disclosure Research
The study reveals a significant surge in academic interest in carbon disclosure, with an average annual growth rate of 22.51% in publications over the past two decades. This growth is not arbitrary; it closely follows key global milestones and regulatory shifts. The establishment of the Sustainability Accounting Standards Board (SASB) in 2011, the Paris Agreement in 2015, and the growing influence of frameworks like the Task Force on Climate-related Financial Disclosures (TCFD) have all acted as catalysts, spurring research and corporate action. These developments, combined with mounting pressure from investors and advancements in data availability, have created a fertile ground for in-depth analysis of corporate carbon practices.
The bibliometric analysis identifies the most influential contributors to the field. The Journal of Cleaner Production leads with 56 articles, followed by Business Strategy and the Environment. Geographically, China, Australia, and the USA are the most productive countries, with their scholars establishing strong collaborative networks that drive the global discourse. At the institutional level, Australian universities, particularly Macquarie University and Western Sydney University, are at the forefront. These institutions not only produce leading research but also actively practice what they preach by setting ambitious carbon neutrality targets and transparently reporting their own emissions, serving as role models for corporate carbon management.
Thematic Evolution: From Disclosure to Greenwashing
One of the study’s most compelling findings is the thematic evolution of the research. Early studies (2004-2017) focused on the fundamentals: the determinants and consequences of carbon disclosure, carbon accounting, and the link to financial performance. The conversation then shifted towards evaluating the effectiveness of these disclosures, giving rise to the theme of “carbon performance”. Researchers began to question whether reported data reflected genuine environmental improvements or was merely a public relations exercise.
This skepticism paved the way for the emergence of a crucial contemporary theme: greenwashing. Greenwashing refers to the deceptive practice of making exaggerated or misleading claims about a company’s environmental initiatives. The study highlights growing concerns that some firms use carbon disclosure as an impression management tool to gain legitimacy without making substantive changes to their operations. Recent research has started to empirically link greenwashing to negative outcomes, such as a higher risk of stock price crashes and damage to corporate reputation, although its direct impact on financial performance remains a topic of debate. The analysis also notes that strong corporate governance, including the presence of independent directors and institutional investors, can help mitigate greenwashing practices.
Intellectual Structure and Future Research Directions
The study employs co-citation analysis to map the intellectual foundation of the field, identifying four core research clusters: the beneficial effects of disclosure, voluntary disclosure and climate change, greenwashing and environmental performance, and the role of stakeholder theory. It also reveals the theoretical lenses most commonly used to analyze carbon disclosure, including institutional theory, which explains how external pressures shape corporate behavior, and legitimacy theory, which focuses on how companies seek social acceptance.
Looking ahead, the review identifies several critical areas for future investigation. While much of the existing research focuses on large manufacturing firms, the practices of the financial and banking sectors remain significantly underexplored. The analysis suggests a need to delve deeper into the role of corporate governance, particularly how CEO characteristics and board diversity influence disclosure quality. Furthermore, the study calls for more research on emerging topics such as the influence of foreign and family ownership, the impact of carbon taxes and trading, and the potential for digital transformation to enhance transparency.
A key recommendation from the study is the continued use of robust data sources. The Carbon Disclosure Project (CDP) is highlighted as the most reliable and comprehensive global system for collecting and verifying corporate environmental data. Its standardized framework ensures consistency and comparability, making it an invaluable resource for researchers aiming to produce high-quality, impactful studies.
In conclusion, Setiawan et al. (2025) provide an essential, data-driven synthesis of the carbon disclosure landscape. By mapping its history, identifying its key players, and highlighting its most pressing challenges—notably the threat of greenwashing—the study offers a clear and comprehensive roadmap for scholars, policymakers, and business leaders committed to fostering a more transparent and sustainable future.
Reference: Setiawan, D., Santoso, A., Asrihapsari, A., Brahmana, R. K., & Jaaffar, A. H. (2025). What do we know about carbon disclosure? A bibliometric analysis. Cogent Social Sciences, 11(1), 2453899. https://doi.org/10.1080/23311886.2025.2453899