Decoding the dynamics of voluntary carbon markets: a scientometric analysis of two decades of research and development

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. Despite the 73 publications uncovered, with an average citation rate of 16.84 per publication and an h-index of 19, the field still faces significant challenges. While these metrics reflect a solid citation impact and a well-connected research network, the analysis reveals a lack of real-world application in VCM studies. Although international cooperation is emphasized as crucial for the field's advancement, current research remains largely theoretical. This gap highlights the need for future studies to move beyond conceptual discussions and focus on practical, scalable solutions. For VCM to have a meaningful impact, it must integrate emerging regulations and technologies that can benefit multiple stakeholders. Research should explore applications in local microgrids and residential sectors, aligning with energy trends and meeting both consumer demand and environmental goals. Without this shift towards actionable insights, the potential of VCM to drive sustainable change will remain underutilized.