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Picture of Robert Rigobon

Robert Rigobon

Course Syllabi

Applied Macro and International Economics II

The first one addresses questions of sustainability from a macroeconomic point of view. The underlying problem is how can standards of living be improved in a sustainable manner. In this context, sustainability has more than one dimension: (i) obviously sustainability from the environmental and resource use; but also from the (ii) social and political; (iii) institutions; (iv) economy and markets; (v) organizations; (vi) relations; (vii) and personal. Growth in standards of living and social wellbeing needs all dimensions to be internally consistent. The second part of the course deals with two topics. ESG measurement and Crypto Assets.

Topics on: Climate Finance, Climate Policy, Climate Sustainability

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Frederic SAMAMA

Course Syllabi

Capital Market Mobilization for Mitigating Climate Change and Biodiversity Loss

Climate change and biodiversity loss are existential threats to the planet, our own health and well-being, and the global economy. The course will identify several key players and leverage points in the capital market and elaborate on whether and how a “systems change” could be achieved to tackle these urgent challenges. In addition to governments and NGOs, the mobilization of capital markets plays a pivotal role. To mobilize capital markets, a thorough understanding of capital markets as well as the mechanisms and obstacles at work is required, as well as innovative solutions that overcome these obstacles. This course will provide a deep dive into several financial innovations that aim to overcome these obstacles and help mobilize capital markets to mitigate climate change and biodiversity loss at the system level. In this course, students will learn to think at the system-level, to understand the opportunities and challenges faced in mobilizing capital markets, and to assess concrete obstacles and whether and how financial innovations can bring scalable solutions for the benefit of society.

Topics on: Climate Finance, Corporate Sustainability Strategy, Decision, Risk, and Operations

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Gita R. Rao

Course Syllabi

Practice of Finance: Social Impact Investing

This course provides an introduction to social impact investing – an investment approach intentionally seeking to create both financial return and positive social impact that is actively measured.

We begin with the core belief that investment is the engine of growth, and hence all investing can be viewed as inherently impactful. Social impact investing seeks to create positive social or environmental value in addition to a financial return. It is an approach, not an asset class.

Topics on: Climate Finance, Climate Justice, Climate Sustainability, Corporate Sustainability Strategy

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Picture of Mark Zurack

Mark Zurack

Course Syllabi

ESG Investing in Equity Markets

Most Asset Managers are evaluating how to incorporate Environmental, Social and Governance factors into their investment process. Applying ESG considerations raises the following questions:

How specifically is a company rated on ESG guidelines? Is there subjectivity in the process because of data limitations and assumptions made in data interpretation?
Does consideration of ESG factors improve investment performance?
For investors that emphasize ESG factors for non-financial reasons, how dothey measure the positive societal impact their portfolio is having?
Does an investor add more positive impact buying “good” companies, or focusingon “bad” companies and trying to change their behavior?
How does an Asset Manager use the power of the Proxy vote and CorporateEngagement to affect change in Environmental, Social and Governance policies?In this course we focus on how Asset Managers address these questions using a combination of lectures, case students and guest speakers. This course explores ESG issues faced by the Asset Manager. It does not address how a company manages its ESG risks and opportunities.The course has three main sections:

Building Blocks
Best Practices in Asset Management
Social Activism and the Future of ESG Investing

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Pedro Matos

Course Syllabi

ESG Investing

This course explores the growth of ESG (Environmental, Social and Governance) investing with a particular focus on the role of public capital markets in helping to address sustainable development goals (https://sdgs.un.org/goals). ESG is increasingly mainstream – for example, the largest global network of investors, the UN-sponsored Principles for Responsible Investment (PRI) has now over 3,000 signatories managing with over US$100 trillion in assets (https://www.unpri.org/about-us/about-the-pri). However, there is an active debate regarding every aspect (definitions, measurement, regulation, etc.) with claims of “greenwashing” and also a backlash against ESG which strengthens the need for a critical and evidence-based exploration of the field. This course covers some of the major ESG investing approaches (screening, thematic, integration and engagement) in capital markets and takes a global perspective. It includes a special module on Climate Finance that covers the physical, transition and regulatory risks of climate change and the need to finance a shift to a net-zero carbon economy. A few guest speakers will provide additional ideas and tools to interpret the case studies and enrich the class discussion.

Course Objectives:

Explore the evolving ESG investing landscape both from the point of view of investors choosing investments and firms responding to investor activities
Understand how to incorporate ESG factors into investment decisions and analyze the different approaches across a range of asset classes.
Gain insights into climate risk and examine climate-focused investing solutions and their effectiveness in combating climate change.

Topics on: Climate Finance, Climate Investing, ESG

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Picture of Arthur van Benthem

Arthur van Benthem

Course Syllabi

Climate and Financial Markets

Climate change might be the defining challenge of our times, with a wide range of effects on financial markets and the broader economy. At the same time, financial markets play an important role in financing the transition to a net-zero economy. This role, however, is shaped by the information that is available to market participants. In this course, we examine how climate risks—both physical and regulatory—affect firms, financial markets (including equity, bond, and carbon markets), and markets for energy and real estate.

We examine the role that firms’ disclosures and third-party information sources play. As climate change is high on the agenda of almost every company and government, this course will be valuable both for students with the ambition to pursue a career centered around sustainability and those who want to gain a better understanding of how climate issues affect more traditional roles in the financial sector, consulting, or non-profits.

Topics on: Climate Sustainability, Sustainability Reporting and Measurement

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Andrew Hoffman

Course Syllabi

Strategies for Sustainable Development I: Competitive Environmental Strategy

Over the past 50 years, the notion of corporate environmentalism (later corporate sustainability) was born, grew, and evolved. Though the history of concerns about the state of the natural environment can be traced back more than 300 years, the decade of the 1960s marks the dawn of the “modern” environmental movement. Initially focused on visible forms or air, water, solid and even thermal and aesthetic pollution, attention grew over the next 50 years to include toxic substances, stratospheric ozone, climate change, water scarcity, ecosystem destruction, and species extinction.

An even more recent evolution, triggered by the publication of the Brundtland Commission 1987 report on sustainable development, has witnessed a growing concern for income inequality, living wages, fair representation, secure retirement, transparency, and safe working conditions to round out the “triple bottom line” of the sustainability agenda: environment, equity, and economy. Today, this expanded notion of sustainability has become commonly accepted within both the academy and the corporate sector. Within the academy, what began as a modest offshoot of management science in the early 1990s has grown into a maturing area of study, one that encompasses a wide range of related disciplines. Within business practice, sustainability has entered most domains of corporate activity. Corporations print annual “Sustainability Reports,” insert the term into press releases and CEO speeches, create new positions such as the Chief Sustainability Officer, and gather for conferences on the “sustainability challenge.” A survey by Price Waterhouse Coopers found that 87% of Fortune 1000 CEOs believe sustainability is important to a company’s profits.

Topics on: Climate Sustainability, Corporate Sustainability Strategy

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Harvey Michaels

Course Syllabi

SSIM: Energy Efficiency and Smart Grid Strategies for a Sustainable Future

5.S05 explores Building Sector Energy and Climate Innovations; such as technologies and services that strategically enhance building efficiency and electrification; incorporate site solar, battery storage, and electric vehicles; and are enabled to integrate with today’s increasingly renewable electric grids. Such innovations provide a foundation for a New Era for Energy Management: technology and business innovations supported by climate-centric public policies as well as a robust Green Capital market. These enable the energy management industry (over $200 billion worldwide) to rapidly grow due to: • Strong economics: with technology and price trends which are positive and dramatic. • Needed for Climate: Large scale energy management is a substantial and essential component of world carbon balance, and with no net cost (positive NPV).

Strong Demand for energy that is Digitized, Decarbonized, and Democratized: especially when market innovations make it costless (up front), riskless, effortless, and for some, a choice as to how and where their energy is produced (Prosumers). With enabling support from the instructors, materials, and assignments, class members examine and reflect on emerging technology, analytic, business, and policy innovations that help achieve today’s imperatives for a sustainable and equitable future. We then consider together strategies that may further advance Energy Management’s impact and benefits

Topics on: Behavioral Economics, Climate Justice, Climate Sustainability, Climate Tech, Renewable Energy

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Picture of Silvia Bellezza

Silvia Bellezza

Course Syllabi

Sustainable Marketing

What is the ultimate responsibility of companies? Fifty years ago, the consensus was that the answer to this question should be maximizing profit and shareholders’ value. Today, however, the answer is more complex. Companies are increasingly being held accountable for environmental and social responsibilities, in addition to their economic performance. As a result, the traditional principles of marketing developed during the 20th century are also being challenged and revised to embrace sustainability as a core component of business.

Sustainable marketing is the process of creating and delivering value to customers in a manner that respects or enhances both the environment and society. Through lectures, case studies, interactive discussions, and guest speakers, students in this course will learn about the principles of sustainable marketing across various industries (e.g., apparel, food, automotive, technology), as well as gain a deep understanding of the sustainable consumer. By the end of the course, students will be equipped with the knowledge and skills necessary to develop effective sustainable marketing plans that can drive positive change in the business world. In line with these learning objectives, the course is divided into three main modules: (1) Defining sustainable marketing, (2) Understanding the sustainable consumer, and (3) Developing a sustainable marketing plan.

Topics on: Climate Sustainability, Corporate Sustainability Strategy, Sustainable Marketing

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Picture of Arthur van Benthem

Arthur van Benthem

Course Syllabi

Environmental & Energy Economics and Policy

Over the last several decades, energy markets have become some of the most dynamic markets of the world economy. Traditional fossil fuel and electricity markets have seen a partial shift from heavy regulation to market-driven incentives, while rising environmental concerns have led to a wide array of new regulations and “environmental markets”. The growth of renewable energy is another source of rapid change, but brings with it a whole new set of technological and policy challenges.

This changing energy landscape requires quick adaptation from energy companies, but also offers opportunities to turn regulations into new business. The objective of this course is to provide the economist’s perspective on a broad range of topics that professionals in the energy industry will encounter. Topics include the effect of competition, market power and scarcity on energy prices, extraction and pricing of oil and gas, geopolitical uncertainty and risk in hydrocarbon investments, the environmental policies related to the energy sector and their effectiveness, cap-and-trade markets, and transportation policies. There is special emphasis on the economics and finance of renewable energy, including an introduction to energy storage.

Topics on: Climate Policy, Renewable Energy

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Picture of Omar Romero-Hernandez

Omar Romero-Hernandez

Course Syllabi

Business & Natural Resources

The course concentrates in four thematic fields: Ecosystem Services, Economic Valuation, Climate Change and Water. These topics will be assessed within a business context.

Topics on: Climate Finance, Climate Sustainability, Operations

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Picture of Bruce Usher

Bruce Usher

Course Syllabi

Impact Investing

The Impact Investing course provides students with an overview of the entire spectrum of investing approaches used by impact investors. This is done through a combination of cases and lectures by the professor, and guest presentations by leading impact investors and thought leaders. The substantive areas covered include: (1) how investors and investment managers and advisors select and structure their impact investments; (2) the differing financial return and social impact return expectations of impact investors; and (3) the challenges and methodologies for measuring impact.

This block week course is designed around the different types of impact investments from the perspective of investors, and is composed of four modules:

Responsible Investing – socially responsible investing (SRI) is designed to screen public equity investments of companies or sectors believed to be causing social harm.
Sustainable Investing – also referred to as ESG investing, is designed to select public or private equity investments using fundamental analysis that incorporates environmental, social, and governance factors.
Thematic Investing –private equity and venture capital investments designed to earn a market risk-adjusted return while also addressing a specific social or environmental problem.
Impact First Investing – private investments designed primarily to address a social or environmental problem, with no expectation of achieving market returns.

Topics on: Climate Investing, Climate Tech

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Picture of Arthur van Benthem

Arthur van Benthem

Course Syllabi

Energy Markets and Policy

Over the last several decades, energy markets have become some of the most dynamic markets of the world economy. Traditional fossil fuel and electricity markets have seen a partial shift from heavy regulation to market-driven incentives, while rising environmental concerns have led to a wide array of new regulations and “environmental markets”. The growth of renewable energy is another source of rapid change, but brings with it a whole new set of technological and policy challenges. This changing energy landscape requires quick adaptation from energy companies, but also offers opportunities to turn regulations into new business.

The objective of this course is to provide the economist’s perspective on a broad range of topics that professionals in the energy industry will encounter. Topics include the effect of competition, market power and scarcity on energy prices, extraction and pricing of oil and gas, geopolitical uncertainty and risk in hydrocarbon investments, the environmental policies related to the energy sector and their effectiveness, and cap-and-trade markets. There is special emphasis on the economics and finance of renewable energy, including an introduction to energy storage.

Topics on: Climate Finance, Climate Sustainability

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Picture of Witold Henisz

Witold Henisz

Course Syllabi

Political and Social Environment of the Multinational Firm

The financial significance of Environmental, Social and Governance (ESG) factors and stakeholder opinions of the acceptability of a firm’s operations (i.e., the social license to operate) is mounting yet the data, frameworks and tools informing investors, consultants and corporates is unreliable. The course provides students novel data, frameworks and tools than can guide the alignment of stakeholder opinions on ESG factors, valuation and strategy.

Estimates of the capital expenditures necessary to achieve a net-zero emissions and the 1.5 degrees Celsius global warming target exceed $50 Trillion over the next 30 years. Estimates of the economic damage caused by racial injustice in the United States alone surpass $16 Trillion. While such costs may seem overwhelming, $35.3 Trillion (36% of total global assets under management) actively weigh ESG issues in 2020, up from $13.3 Trillion (21% of global AUM) in 2012. During this same period, the share of executives, board members, and investment managers who consider climate risk, racial justice and other ESG issues to be material to their business decisions has doubled. If a business case for ESG issues can be demonstrated, pools of capital are poised to make an impact.

Topics on: Climate Policy, Corporate Sustainability Strategy

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Lucas Davis

Course Syllabi

Energy & Environmental Markets

This course is about the economics of energy and environmental markets. Topics include the drivers of supply and demand, organized spot and futures markets, market power and regulation, energy transportation and storage, environmental policy, climate change, innovation, and the energy transition.

Topics on: Climate Finance, Climate Sustainability, Renewable Energy

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Vicky Yang

Course Syllabi

Introduction to System Dynamics (System Dynamics I)

15.871 and 873 introduce you to system dynamics modeling for the analysis of business, strategy, and public policy problems. You will learn to visualize a business organization or environmental system in terms of the structures and policies that create dynamics and determine performance.

System dynamics allows us to create ‘microworlds,’ management flight simulators where space and time can be compressed, slowed, and stopped so we can experience the long-term side effects of decisions, systematically explore new strategies, and develop our understanding of complex systems. We will use simulation models, case studies, and management flight simulators to develop principles of policy design for successful management of complex strategies. Case studies of successful strategy design and implementation using system dynamics will be stressed. We consider the use of systems thinking to promote effective organizational learning and policy design.

Topics on: Climate Finance, Climate Policy, Climate Sustainability, Corporate Sustainability Strategy

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Jason Jay

Course Syllabi

Business Strategies for a Sustainable Future

The purpose of this course is to help you think critically and move productively toward business strategies for a sustainable future. It is essential preparation for corporate sustainability leadership – in line/executive management, sustainability staff, or professional services and technology/tool development to enable corporate action. The course also supports aspiring regulators, advocates, and investors in understanding the firm-level perspective on sustainability. Business Strategies for a Sustainable Future (BSSF) has four learning goals that correspond to the PROMISE framework above, going from macro to micro. The backbone is a robust four-lens understanding of materiality. We explore the pressing environmental and societal issues facing business and society, their systemic causes, and ground you in a science-based lens on materiality and corporate sustainability. Key concepts: planetary boundaries, human rights and social foundations, limits to growth, race to the bottom, climate physical risk, life cycle impact and greenhouse gas accounting, context-based goal setting. Students learn how institutions (e.g. government policy) and markets (e.g. customers, investors, prospective employees) bring these issues to the doorstep of organizations – a stakeholder influence lens. Key concepts: collective action; governing the commons; single, double, and dynamic materiality; ESG data and aggregate confusion; stakeholder analysis; climate transition risk.

Students learn to assess strategies and solutions that aim to create value for organizations and society – the business value lens. We showcase the cutting edge of practice and where there is further opportunity for innovation.

Key concepts: enterprise carbon management; circular economy; servicizing; integrated design process; sustainability-oriented innovation; high performance work systems.
• Students clarify their personal purpose and sharpen relational skills to be an effective agent of change for sustainability. This is the basis of a purpose-based lens on materiality and corporate sustainability. Key concepts: sustainable leadership capabilities; authentic conversation; making/translating the business case.

Topics on: Climate Justice, Climate Policy, Climate Sustainability, Corporate Sustainability Strategy, Social Impact and Sustainability

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Picture of Anna Stansbury

Anna Stansbury

Course Syllabi

Urban Labor Markets and Employment Policy

In this course, we examine how labor markets work and how they are evolving over time, and analyze public policy interventions in labor markets. We focus primarily on contemporary urban labor markets in the US, but will also consider evidence from other contexts, time periods, and countries. We start by examining some of the most important trends in the US labor market over recent decades, including rising income inequality, falling employment and unemployment, technological change and changing skill demand, globalization, falling worker power, the fissuring workplace and the rise of the gig economy. We bring to bear core frameworks from labor economics to analyze these trends.

The primary focus of the course is public policy approaches to improve wages and increase employment. We start with education and training, critically analyzing evidence on the returns to
college and postgraduate education, and investigating ways the workforce development and on-the job training systems could be improved. We next move to policies which affect pay and its distribution across occupation, race, and gender lines, including minimum wages, work subsidies, unions, family leave, and anti-discrimination policies. Third, we consider employment, analyzing the design and effects of unemployment insurance, active labor market policies, and policies to tackle persistent non-employment. Finally, we cover the labor market effects of immigration and the determinants of pay for top earners (and other topics of interest to students, if desired).

Topics on: Climate Finance, Climate Justice, Climate Policy, Climate Sustainability

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