Decoding the Dynamics of Voluntary Carbon Markets: A Scientometric Analysis of Two Decades of Research and Development

Abstract

This study aims to synthesize Voluntary Carbon Market (VCM) research from 2002 to 2023 using the Web of Science database and the scientometric tool, CiteSpace. The study uncovered 73 publications published between 2002 and 2023, with an average citation rate of 16.84 per publication, a testament to the sustained relevance and engagement with this study. The h-index of 19 for the publications uncovered denotes not only prolific output but also significant citation impact, demonstrating the field's scholarly influence. The analysis revealed a strong network and highlighting the breadth and intricate connections that define the collaborative nature of the research. The VCM research document analysis shows a well-organized and connected structure, as seen in the modular design and silhouette metrics provided. This study emphasises how important international cooperation is to the field's advancement and has the potential to have a significant impact on both academic discussion and real-world implementation. Looking ahead, it is imperative that research go beyond the theoretical and explore real-world applications of VCM, looking at how new laws and technology might be combined to the advantage of many stakeholders. Research of this kind may open the door to advances in Voluntary Carbon Market that may be tailored to homes and local microgrids, corresponding with current energy trends and achieving the twin goals of meeting consumer demands and protecting the environment.