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Regular version of the site
Master 2022/2023

Sustainable Finance

Type: Elective course (Finance)
Area of studies: Finance and Credit
Delivered by: Department of Finance
When: 1 year, 4 module
Mode of studies: offline
Open to: students of one campus
Instructors: Olga Makarova
Master’s programme: Finance
Language: English
ECTS credits: 3
Contact hours: 32

Course Syllabus

Abstract

Existing economic models were developed in the age of resources abundance, when natural resources were plenty and carbon emissions were limited. As per social and human problems, they were mainly addressed to the state institutions. New age readdresses environmental and social challenges back to business community that need to take responsibility not just for capital increase, but for the long-term business resilience where the value created considered to be a value for society a s a whole, including non-financial stakeholders. Financial theory does not account impact in firm valuation and mainly focuses on cash flows. These models are still widely used, but no longer tenable. Sustainable development is an integrated concept with three aspects in focus: environmental, social and governance. Sustainable finance looks at how finance (investing and lending) interacts with economic, social, and environmental issues. This course is aimed on learning the principles of Sustainable finance based on ESG agenda and their application in taking financial decisions at different levels – from corporate to individual decision-makers. It is a blended course based on Rotterdam Management School MOOC (https://www.coursera.org/learn/sustainable-finance) and on the real-life assignments that the students are proposed to fulfill.
Learning Objectives

Learning Objectives

  • To understand sustainability challenges in a global economy
  • To learn the linkage between finance and sustainability challenge
  • To understand how companies and financial institutions can agjust their strategies and business models to a more sustainable business environment and economic policies
Expected Learning Outcomes

Expected Learning Outcomes

  • Analyze how finance plays a role in the sustainability transition
  • Define integrated reporting
  • Distinguish between different ethical theories of companies' purpose
  • Explain how companies can create long term value
  • Explain how finance can steer the sustainability transition
  • Know mechanisms of integration of social and environmental factors
  • Recall the most important obstacles in sustainable banking
  • Recognize the relationship between sustainability and corporate strategy
  • Select the most crucial steps that firms have to take to create positive impact
  • Understand the engagement obstacles in bonds
  • Understanding the reasons to integrate social and environmental factors in the economic system
Course Contents

Course Contents

  • The sustainability challenge
  • Dealing with Sustainability and Climate Challenges
  • Companies purposes
  • Sustainable Business Models
  • Climate risk & insurance
  • Sustainable Asset Management
  • Sustainable banking & funding
  • Steering the transition
Assessment Elements

Assessment Elements

  • non-blocking In-class work
  • non-blocking Group project
  • non-blocking Exam
Interim Assessment

Interim Assessment

  • 2022/2023 4th module
    0.3 * In-class work + 0.3 * Group project + 0.4 * Exam
Bibliography

Bibliography

Recommended Core Bibliography

  • Dirk Schoenmaker, & Willem Schramade. (2019). Principles of Sustainable Finance: Vol. First edition. OUP Oxford.

Recommended Additional Bibliography

  • Ataur Belal, & Stuart Cooper. (2018). Sustainability Accounting : Education, Regulation, Reporting and Stakeholders: Vol. First edition. Emerald Publishing Limited.
  • Garrido Azevedo, S., & Matias, J. C. O. (2017). Corporate Sustainability : The New Pillar of the Circular Economy. Nova Science Publishers, Inc.
  • Lee, J., & Kwon, H.-B. (2019). The synergistic effect of environmental sustainability and corporate reputation on market value added (MVA) in manufacturing firms. International Journal of Production Research, 57(22), 7123–7141. https://doi.org/10.1080/00207543.2019.1578430
  • Schönborn, G., Berlin, C. 1981, Pinzone, M., Hanisch, C., Georgoulias, K., & Lanz, M. (2019). Why social sustainability counts: The impact of corporate social sustainability culture on financial success. Sustainable Production and Consumption, 17, 1–10. https://doi.org/10.1016/j.spc.2018.08.008