1. Introduction – Business opportunities with social responsibility
2. Introduction to environmental and social risks
3. ‘Green’ banking
4. ‘Green’ investments/projects
5. Corporate social responsibility
6. Pollution markets
7. ‘Green’ financial investments

This course

• introduces environmental and social risks for firms and banks and highlights the difficulty of their measurement
• studies the use of existing –as well as the creation of new— financial markets and products with the aim to efficiently address environmental and social problems
• describes the risks for banks that do not take sufficiently into account the environmental and social record of the firms they fianance,
• analyzes topics like ‘green’ banking, project finance, ‘green’ investments, corporate social responsibility and pollution markets,
• explores how banks, and the financial system in general, can contribute towards addressing environmental and social problems,
• analyses the economics of pollution markets,
• uses current economic and financial developments, both domestic and international, and case studies from leading international business schools to tie the course to the real world.

After completing the course the students are expected to understand

• ‘green’ financial products and their potential contribution towards improving the ESG (Environment, Social, Governance) performance of firms and banks, and related risks and opportunities for banks,
• the role and incentives of major players, such as, financial institutions, institutional investors, NGOs and governments,
• the risks of banks that provide financial services to firms with weak ESG credentials,
• the difficulties of measuring ESG performance and the accounting standards under development,
• the carbon footprint of corporations and institutions, and ways to reduce it,
• carbon credits –creation and usage– and related investment opportunities,
• pollution markets.

• Retrieve, analyse and synthesize data – economic and financial
• Decision-making
• Independent work
• Work in an international environment
• Development of free, creative and inductive reasoning
• Work in an interdisciplinary environment

• Case studies – Written analyses
• Class discussions
• Term project

– Recommended Bibliography: Academic articles, analyses from international organizations, selected chapters from books, case studies.

– Related scientific journals: