CODE 118547 ACADEMIC YEAR 2026/2027 CREDITS 3 cfu anno 1 MANAGEMENT FOR ENERGY AND ENVIRONMENTAL TRANSITION (MEET) 11939 (LM-77 R) - GENOVA SCIENTIFIC DISCIPLINARY SECTOR ECON-09/A LANGUAGE English TEACHING LOCATION GENOVA SEMESTER 2° Semester MODULES Questo insegnamento è un modulo di: CORPORATE FINANCE AND FINANCIAL MARKET FOR MEET TEACHING MATERIALS AULAWEB AIMS AND CONTENT LEARNING OUTCOMES Sustainable Finance aims to investigate the role that the financial system can play in steering economic systems towards a higher degree of climate and broader sustainability. Using theoretical models and case studies, the course combines traditional corporate finance, financial markets and banking topics with the themes and tools of sustainable finance. More specifically, starting from the normative framework developed by the EU Sustainable Finance Action Plan, the course addresses the methods and instruments used to guide capital flows towards sustainable investments; the metrics and processes required to integrate sustainability factors into risk management; and the policies designed to enhance sustainability transparency, including the EU Taxonomy, and to redirect corporate governance towards stakeholder-capitalism systems. AIMS AND LEARNING OUTCOMES Understand the evolution, scope and main debates of sustainable finance and ESG investing. • Interpret ESG ratings, ESG indexes and sustainability-related financial products, including their limits and risks of greenwashing. • Assess the interaction between sustainability, risk, return and cost of capital in corporate finance and asset markets. • Discuss the regulatory framework for sustainable finance, with a focus on Europe and selected international cases. • Apply practical tools and data sources for ESG profile analysis, including market data platforms and sustainability information providers. • Analyze climate finance, climate-related financial risk and nature-related finance risk. TEACHING METHODS The course is treated as a single 6-CFU teaching unit combining Sustainable Finance 1 and Sustainable Finance 2. It is delivered in English and combines online learning materials, lectures, case-based discussion and practical applications. Please note that this course is delivered online (9 hours online videos + 6 hours in person) via the Learn platform. To request access, students must contact the Settore metodi e contenuti at edunext@aulaweb.unige.it. Teaching materials are made available through AulaWeb / Learn. Students are expected to use the online materials and participate in the scheduled in-person activities and any practical sessions indicated by the lecturer. Exam accommodations for students with disabilities, SLD or SEN Students with a valid disability certificate or a diagnosis of Specific Learning Disabilities (SLD) under Italian Law 104/1992, or Special Educational Needs (SEN), who are registered with the University's Inclusion Services, can request compensatory tools and/or dispensatory measures for exams. Students with disabilities, SLD or SEN are reminded that, to request exam accommodations, they must first upload their certification to the University website at servizionline.unige.it, in the "Students" section. The documentation will be checked by the University's Services for the Inclusion of Students with Disabilities and with SLD. At the beginning of the course, students are advised to contact the lecturer to agree on exam arrangements which, while respecting the learning objectives of the course, take individual learning needs into account. To request compensatory tools or dispensatory measures, students with disabilities or SLD must fill in the dedicated Webform available at https://unige.it/disabilita-dsa, at least 7 working days before the exam. Students with SEN may instead send their request by e-mail to the lecturer, copying the Department Representative, Prof. Elena Lagomarsino, at inclusione.economia@unige.it, and the Inclusion Office inclusione.studenti@info.unige.it. SYLLABUS/CONTENT Syllabus / Programme The programme below consolidates Sustainable Finance 1 and Sustainable Finance 2 into a single 6-CFU course. Lesson Topic 1 Sustainable finance: trend and evolution. 2 Defining Sustainability in financial markets 3 Defining sustainability in financial markets 2 4 Measuring sustainability in financial markets, ESG rating and its problems. 5 Measuring sustainability in financial markets, ESG rating and its problems 2 6 Measuring sustainability in financial markets, ESG rating and its problems 3 7 ESG rating and financial performances 8 ESG rating and financial performances 2 9 ESG rating and financial performances 3 10 ESG rating and financial performances 4 11 ESG efficient frontier 12 A Sustainable Capital Asset Pricing Model 13 Insurance industry and sustainability 14 Insurance industry and sustainability 2 15 Sustainability regulation world-wide: The European case 16 Sustainability regulation world-wide: The European case 2 17 EU Omnibus proposal: simplification or retreatment? 18 Sustainability regulation world-wide: The Indian and Chinese case. 19 Sustainability regulation world-wide: other cases and financial consequences. 20 Social Impact Bond and Green Bond. 21 Social Impact Bond and Green Bond 2. 22 Social Impact Bond and Green Bond: how they work 3. 23 Social Impact bond cases 24 Social Impact bond cases 2 25 Green bond cases 26 Green bond cases 2 27 ESG index and ESG funds 28 ESG index and ESG funds 2 29 ESG index and ESG funds 3 30 ESG and the asset market: sustainability or greenwashing? 31 The greenwashing issue 32 The greenwashing issue 2 33 ESG in private equity 34 ESG in private equity 2 35 ESG in private equity 3 36 Climate finance: state of the art and recent development. 37 Climate finance: state of the art and recent development 2. 38 Climate finance: state of the art and recent development 2. 39 The 2015 Paris Agreement 40 Banking through climate change risk 41 Measuring climate risk 42 Sustainable finance and Energy sector 43 A focus on natural gas commodity and sustainability 44 Practical tools to ESG profile analysis by using Yahoo finance and Morningstar data. 45 Practical tools to ESG analysis by using Refinitiv’ LSEG 46 ESG is dead, long live ESG 47 ESG is dead, long live ESG 2 48 From ESG to biodiversity loss 49 From ESG to biodiversity loss 2 50 The nature finance risk 51 The nature finance risk 2 52 The Dasgupta review 53 The Dasgupta review 2 54 Open issues and the future of sustainable finance TEACHERS AND EXAM BOARD STEFANO PISERA' LESSONS LESSONS START Official UniGe pages indicate the course as scheduled in the second semester of academic year 2025/2026. Further timetable details are available through the EasyAcademy timetable portal. For the 2026/2027 delivery, online lectures are scheduled to begin on March 8, 2027 (second semester). The 6 hours of in-person lectures will take place from May 3 to May 28, 2027 (second semester). Further details about the lecture timetable will be announced at a later date. Class schedule The timetable for this course is available here: Portale EasyAcademy EXAMS EXAM DESCRIPTION The official UniGe pages list the following exam dates for the 2025/2026 academic year. Dates for later academic years should be checked on the official UniGe course page and timetable services ASSESSMENT METHODS The assessment follows the exam procedures indicated for the course on the UniGe platform. Detailed assessment arrangements, including any updates for the unified 6-CFU course, will be communicated by the lecturer and through the official course channels.
