Reframing ESG for Urban Planning: A Systematic Review of Spatial Governance, Investment Geographies, and Green Gentrification

Environmental, Social, and Governance (ESG) frameworks are increasingly reshaping urban planning, real estate, and territorial governance. Originally conceived as corporate disclosure tools, ESG criteria are now influencing land use, regeneration strategies, and policy frameworks across Europe and beyond. This systematic review synthesizes 197 articles published between 2020 and 2025 to examine how ESG adoption translates into spatial, institutional, and governance outcomes. The findings show that ESG functions simultaneously as a financial instrument, a planning paradigm, and a governance mechanism. While it enables capital mobilization, climate resilience, and participatory innovation, it also risks reproducing socio- spatial inequities such as green gentrification, peripheral exclusion, and uneven infrastructure investment. Case studies from Florence, Cyprus, Russia, and broader European contexts demonstrate both methodological advances—such as spatiotemporal clustering, GIS-based analysis, and digital monitoring—and persistent gaps in regulatory frameworks, score reliability, and territorial integration. The paper contributes to planning scholarship by proposing an integrated framework that links ESG adoption to spatial justice, sustainable infrastructure, and multi-level governance. Policy implications emphasize the need to broaden ESG assessment to territorial indicators, embed safeguards against displacement, and align financial instruments with measurable social outcomes. Future research should advance geographic diversification, methodological innovation, and normative engagement with equity and resilience.