From ESG to Logistics Resilience: Toward a Redefinition of Sustainable Finance in the Era of Supply Chain Disruptions

Abstract

Health, geopolitical, climate, and energy crises have profoundly transformed the business environment by increasing uncertainty, volatility, and the exposure of supply chains to multiple disruptions. In this context, environmental, social, and governance (ESG) criteria, although central to sustainable finance, appear insufficient to fully assess firms’ ability to maintain operations, manage vulnerabilities, and absorb shocks. This study therefore addresses the following research question: How can logistics resilience contribute to redefining sustainable finance beyond ESG criteria in the context of supply chain disruptions? To address this question, a systematic literature review was conducted following the PRISMA approach using the Scopus database. The initial search identified 1,111 documents, of which 25 articles were retained after the application of filtering, eligibility, and selection criteria. The thematic analysis of the final corpus shows that anticipation, absorption, adaptation, and reconfiguration capabilities contribute to risk management, operational continuity, and sustainable value creation. Based on these findings, the study proposes a conceptual model linking ESG criteria, logistics resilience, supply chain disruptions, and sustainable finance, together with research hypotheses structuring the relationships among these constructs. The proposed framework broadens sustainable finance beyond a compliance-oriented ESG perspective by incorporating firms’ effective capacity to cope with disruptions. Future empirical research will seek to validate the model in the context of the fish cold chain, which is particularly exposed to logistics risks and disruptions.

JEL Classification: G32, Q56, R40

Paper type: Theoretical research – conceptual systematic literature review following the PRISMA approach.