Environment, social and governance research of infrastructure investment: A literature review

The level of infrastructure is a crucial factor affecting national future economic growth, as well as playing a significant role in shaping both the present and future society and environment. The environment, society and governance (ESG) principles originated from the Principles for Responsible Investment. The ESG is highly effective at evaluating the sustainability of infrastructure and promoting sustainable infrastructure investments. The wide implications of ESG in this research filed also prove that it will not only enhance economic competitiveness and social welfare, as well as address the impacts of climate change, but also improve the risk-return profile of investments. The paper examines the literature on infrastructure investment and its links to environmental sustainability, social impact, and governance. 274 articles from 2007 to 2022 are used to map the intellectual landscape of infrastructure investment research and identify key themes and trends. The results of the cluster analysis illustrate that previous studies mainly focus on "social responsibility", "governance", "investment and financing" and "strategic planning", which can assist scholars in gaining a well-rounded comprehension of contemporary research progress in this area. By conducting a comparative analysis of various standards, we identify the challenges that ESG may encounter. We summarize the recommendations for future research from three aspects: research on project field, research on evaluation system, research on the promotion and application. The results provide assistance for researchers and professionals who are concerned about this field and contribute to research on sustainable infrastructure investments.