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- Course
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
- Course
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
- Course
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
- Course
Climate change and environmental degradation pose some of the most complex challenges of our time. Building a sustainable future requires active and creative leadership by individuals, organizations, governments, and business firms. This half-credit (.5 cu) course integrates scholarship in leadership theory, environmental and climate management, public policy, and ethics to explore questions such as: What are the greatest challenges in environmental and climate leadership today?
How can a firm, nonprofit organization, or individual lead in this space? How can we integrate environmental and climate considerations into our vision of what makes an individual or an organization a leader? What can we learn about leadership from being in “the environment”? Through the partnership of the McNulty Leadership Program, students will engage in a highly experiential way both in the classroom and in the field on a uniquely customized Leadership Venture over Spring Break. This expedition-style experience with students and course instructors combines both “being in the environment” and engaging in discussions with organizations that are climate and LEGAL STUDIES AND BUSINESS ETHICS 2600, Sarah E. Light, Spring 2023 – Syllabus Page 2 environmental leaders. The transferable nature of the expedition is at the heart of the student’s learning, bringing hands-on lessons to real life.
- Topics on: Corporate Sustainability Strategy
- Course
This course will introduce students to core concepts, learnings, and frameworks in risk and environmental management, with a focus on climate change-related risks. The class will explore a variety of approaches to risk analysis, drawing from practices across financial actors and economics sectors.
The course is broadly broken into three parts, organized into: (1) risk identification; (2) communicating and framing of risk; and (3) risk management. Classes involve a combination of lecture, student participation, guest lecture, and simulation.
- Topics on: Corporate Sustainability Strategy, Operations
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The course is especially useful to those interested in using data to measure, disclose, and communicate the value created through corporate efforts focused on sustainability.
- Topics on: Climate Sustainability, Corporate Sustainability Strategy, Energy, Sustainability Reporting and Measurement
- Course
After providing background on climate change risk and how it is modeled, the course covers important risk management and financial topics, such as the appropriate discount rate for valuing expected climate damages, potential impediments to private market incentives for adaption, mitigation, insurance, and financing of innovation to reduce GHG emissions. Public policy responses are then discussed. The last third of the course will focus on the impact of climate change risk on insurance and securities markets. The course is designed for Risk Management and Insurance Majors and Finance Majors who are interested in applying risk management and financial concepts and tools to issues raised by climate change.
- Topics on: Climate Finance, Climate Investing, Climate Policy, Decision, Risk, and Operations
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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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We have 2 units out of 16 that make up the Programme of the subject. We teach international environmental cases, the evolution of legal protection from isolated species to the concept of sustainable development; the relation between environment and economy and the main international instruments that intend to protect the environment, both general and thematic.
- Topics on: Climate Sustainability
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The ascent of Impact Investing has been remarkable. From its early roots in social entrepreneurship and community finance, the sector has grown exponentially, with the Global Impact Investing Network (GIIN) reporting a market size of over $1 trillion in assets under management by 2021. This growth reflects a paradigm shift in how investors, from large institutions to individual contributors, view the role of capital in addressing critical global challenges.
In this course, we will explore the evolution of Impact Investing, its current landscape, and the challenges it faces. We will examine key concepts such as the difference between Impact Investing and other forms of responsible investing, the importance of measurability and intentionality in impact investments, and the diverse range of impact investment vehicles and strategies.
Through a combination of case studies, lectures, and guest speakers from leading practitioners, students will gain a comprehensive understanding of how Impact Investing operates across different asset classes, including private equity, venture capital, and debt. We will also discuss the role of investor intentionality, the challenges of aligning interests between asset allocators and fund managers, and the innovative financial structures emerging within this dynamic field.
In IMPACT we will focus on impact investing while in the companion course ESG Investing (ESGINV) we explore the broader landscape of Responsible and ESG Investing. We will focus on the investor’s side, while other courses such as Strategy and Sustainability (STRATS) and ESG Risk Management (ESG) take the perspective of corporate managers and focus on how to deal with these issues from the corporate side.
- Topics on: Climate Investing, Climate Sustainability
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The module Sustainable Investments explores how financial investors incorporate sustainability considerations and environmental, social and governance (ESG) criteria into their investment decisions. The module offers an introduction to the main sustainable investment strategies, the main players (governments, supranational institutions, corporations, investment funds, banks) in the sustainable investment space and the application of sustainable investment in different asset classes. A particular focus in this module is on green and climate change-related investments, but the module also explores the social and ethical dimensions of sustainable investment.
The aim of the module is to familiarise students with the main strategies employed in sustainable investments and the role that sustainable investment can play in addressing societal challenges such as climate change. Using real-world examples and ESG data, students will learn about the key challenges and opportunities that investors incorporating ESG criteria face. Students will also be introduced to the crucial role of financial regulation and voluntary standards/principles in the sustainable investment space.
- Topics on: Climate Investing, Climate Tech
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This module provides a detailed discussion of the climate risks faced by corporations and financial institutions. Students will learn how climate data and climate models can be used to measure physical risks, that is the expected loss or damage of physical assets, such as residential and commercial properties, plants and equipment, caused by extreme weather events, for example, floods, windstorms, draughts and wildfires. The exposure of businesses to transition risks resulting from policy and legal changes as governments and societies adjust to lower carbon economies, will also be explored.
- Topics on: Climate Sustainability, Decision, Risk, and Operations
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This course is designed to provide an introduction to the relevance of systems thinking as a way for businesses to promote sustainability:
- Understand the systemic nature of sustainability and the challenges it poses for “business as usual”.
- Appreciate and empathize with the perspectives and demands of different stakeholders brought together around sustainable development issues.
- Comprehend and apply a suite of systems thinking tools that provide insight into the causes and consequences of systemic problems, among them:
- Causal loop diagrams
- Theories of change
- Simulations and experiments
- Identify leverage points for individual and organizational impact in the context of sustainability’s grand challenges.
- Recognize and hone skills that will allow you to become an effective agent for change towards sustainability in organizational settings.
- Topics on: Climate Investing, Climate Sustainability, Climate Tech
- Course
This course presents the economics of the world energy challenge { how to provide access to reliable and affordable energy while addressing adverse health, environmental, and climate impacts. Class lectures and discussions will examine the frictions among social, policy, and private objectives in energy and environmental markets. In this course, we will tackle questions such as the following: What role can businesses play in addressing climate change?
What can you do? Should governments subsidize renewable energy? If so, how should the subsidies be structured? What are the economic and policy barrier to decreasing carbon emissions and other air pollution from the transportation system, and how can they be overcome?
What are the short- and long-run impacts of Covid-19 on energy markets and the environment? How are electricity markets regulated and organized, and how do the regulatory institutions impact the transition to low-carbon electricity? Tech giants have committed nearly one billion dollars toward \permanent” carbon removal. How could we effectively spend this money?
- Topics on: Climate Tech, Energy
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This course aims to provide students with a fundamental grasp of key financial market issues concerning ESG, responsible business, and climate change. The course employs a blend of lectures, group presentations, and case studies. The curriculum is divided into two parts: Part 1 focuses on ESG, while Part 2 delves into climate change.
In Part 1, students will gain an overview of ESG, including its theories, various types of ESG risks, proposed causes and consequences of ESG/CSR, and its impact on performance. Part 2 concentrates on climate change matters, encompassing the pricing of climate change risks, the significance of carbon disclosures, and sustainable financing mechanisms like green bonds.
- Topics on: Climate Finance, Climate Investing, Climate Sustainability
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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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This course is intended for MBA students interested in the science, economics and business impact of Climate Change and the implications of Climate Change for their career. The course is designed to provide an understanding of Climate Change through the lens of both risk and opportunity and how Climate Change is affecting decision-making in business.
What are the skills that this course is intended to develop?
• Understanding and communicating the business implications of a changing climate
• Developing strategies for business sustainability in the context of a changing climate
• Understanding the actions businesses can take to improve the climate outlook
• Helping businesses prepare for the emergence of a climate-aware economy
Co-discovery
The field of Climate Change and its relevance for business strategy is a rapidly evolving domain. Each of us brings our individual knowledge, experience and perspective to the conversation. It is my hope that each of you will share your knowledge freely with the class. For that to work, it is essential that you commit to a process of co-discovery: you are asked to go the extra mile in terms of bringing value to our class. While there is no short-list of easy solutions to the matters we will cover, there is a path forward for us in making wiser, more informed climate decisions.
- Topics on: Business Analytics, Climate Investing, Climate Tech, Decarbonization, Energy
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The EDGE Seminar gives students a unique opportunity to learn about today’s most important energy and environment industry issues from senior executives. In this for-credit curricular offering, Fuqua students have a chance to engage in candid conversations in a small-group setting with influential leaders who have deep industry experience and knowledge.
Seminars cover topics ranging from global energy market economics and finance to value chain sustainability, carbon markets, and energy transition. The Fall section of this seminar focuses more on energy issues, while the Spring section focuses more on environmental sustainability and ESG topics. Climate is a prominent discussion topic in both the Fall and Spring. Students can take the EDGE Seminar twice while at Fuqua (with different speakers each time).
- Topics on: Climate Sustainability, Renewable Energy
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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
- Course
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