• Describe and critically interpret the concepts and methods covered in the course readings that are relevant to appraising the relevance and applicability of different ESG metrics and approaches when developing and analysing sustainable and impact oriented investments.
• Apply concepts, and theories from the course to analyze how specific sustainability considerations are applied and interpreted by the financial sector.
• Critically evaluate various forms of leadership and change-management employed in the financial sector so as to adopt and design more sustainability oriented metrics, incentives and deal structures.
• Critically assess methodologies employed by financial institutions when designing specific sustainability related schemes, or factoring in sustainability considerations within the deal flow.
• Display a clear understanding of the tradeoffs (environmental, social and governance), financial organizations face when designing sustainability focused investments.

The financial world is under increasing scrutiny to “lead” in the service of sustainability. In order to respond to such a calling, financial organizations are tasked to design new and innovative financial mechanisms, that can not only withstand heavy investment and expected returns, but also ensure #thefuturewewant. 

This course is designed to immerse students into the global sustainability challenges embarked upon by institutional investors, investment firms and innovative companies, to develop strategy, management systems, metrics, and financing policies. Strongly grounded in theoretical and empirical studies from various disciplines in the field of finance, economics, development and environmental studies, this course will provide a thorough understanding of the growing field of ESG, sustainable and impact investment. Students will explore the field of sustainable asset management, and the strategies and reporting used by many of the leading organizations in the field. Participants will similarly acquire specific competencies in carbon finance, ecosystem service financing, sustainable real estate, and green bonds. Of particular note, students will learn how to finance new economic and social challenges in a sustainable manner. In addition to the faculty leading the class, leading experts in the field, have actively volunteered their time to also relate how experts in this field must be an active leader in the field of sustainable investments. Students will explore the tradeoffs between equity investing with an ownership stake vs. investing without voting power. It is worth noting that students interested in this field must understand that investing in long term value creation is just as much about innovative schemes, as the fostering and development of new indices and metrics for attributing value in their financial dealings. The topic of sustainability is not only emerging as a critical component in these metrics and indices, it is viewed more and more as a competitive advantage.

Oikonomou, I., Yin, C., & Zhao, L. (2020). Investment horizon and corporate social performance: the virtuous circle of long-term institutional ownership and responsible firm conduct. The European Journal of Finance, 26(1), 14-40.

Banerji, S., Duygun, M., Noe, T., & Shaban, M. (2020). Institutions, governance and finance in a globally connected environment. Journal of Corporate Finance.

Kawamoto, M., & Kanie, N. (2020). Engaging Business: The UN Sustainable Development Goals and Climate Change. In International Development and the Environment (pp. 47-54). Springer, Singapore.

Crifo, P., Durand, R., & Gond, J. P. (2019). Encouraging investors to enable corporate sustainability transitions: The case of responsible investment in France. Organization & Environment, 32(2), 125-144.

Chang, Y. (2019). Green Finance in Singapore: Barriers and Solutions. Handbook of Green Finance: Energy Security and Sustainable Development, 1-17.

Liu, F. H., Demeritt, D., & Tang, S. (2019). Accounting for Sustainability in Asia: Stock Market Regulation and Reporting in Hong Kong and Singapore. Economic Geography, 1-23.

Agrawal, A., & Hockerts, K. (2019). Impact Investing Strategy: Managing Conflicts between Impact Investor and Investee Social Enterprise. Sustainability, 11(15), 4117.

Porter, Michael E. and Mark Kramer, “The Big Idea: Creating Shared Value,” Harvard Business Review

Nicholls, Alex, “The Institutionalization of Social Investment: The Interplay of Investment Logics and Investor Rationalities,” Journal of Social Entrepreneurship, 1.1, pp. 70-100

Christian, Leslie, “A New Foundation for Portfolio Management,” RSF Social Finance and Portfolio 21 Investments, 2011. 

Ebrahim, Alnoor and V. Kasturi Rangan, “Acumen Fund: Measurement in Impact Investing (A) and (B),” HBS Cases, 9-310-011 and 9-106-043, 2010

Evolutions in Sustainable Investing: Strategies, Funds and Thought Leadership* Cary Krosinsky, Nick Robins, Stephen Viederman John Wiley & Sons, Inc. / Wiley Finance, 2012