Course goals
The climate crisis and biodiversity loss represent two of the biggest challenges facing the contemporary world. This comprehensive course bridges the gap between the two fields of economics and corporate sustainability, employing insights and tools from both fields to study the implications and solutions to these challenges. The course builds on key concepts from environmental and natural resource economics, along with sustainability and ESG (Environment, Social, and Corporate Governance) frameworks. The objective is to understand strategic approaches through which companies can actively participate in positively addressing these challenges.
The course is divided into two parts; the first focuses on ‘green economics’. Green economics, also known as environmental economics, is a subfield of economics focused on the relationship between the economy and the environment. Its objective is to achieve a balance between economic development and the preservation of ecosystems by integrating environmental costs and benefits into economic decision-making and policy. Green economics posits that a sustainable, environmentally-conscious economy can enhance society and human wellbeing, while reducing environmental risks. It promotes the sustainable management of resources and advocates for the valuation of natural capital and ecosystem services, recognizing the interconnectedness of the economy, society, and the environment. In essence, green economics guides us towards a future where economic progress does not come at the cost of our planet's health. Ultimately, grasping the principles of green economics lays the groundwork to understand both the present and potential future roles that corporations might play in striving for sustainability.
The second part of the course focuses on corporate sustainability and ESG frameworks, both of which are meant to encourage, and evaluate the degree to which, businesses work towards social goals beyond the traditional role of a corporation to maximise profits on behalf of its shareholders. These goals include: (i) Environmental concerns, such as climate action and environmental sustainability; Social concerns, such as diversity, human rights, consumer protection, and animal welfare; and Corporate governance concerns, such as employee relations and executive/employee compensation.
The course is discussion oriented and will require a high degree of participation by students in the classroom. Students are expected to complete the assigned readings and coursework before each session.
Course results
- To understand economic characteristics and outcomes of the climate change.
- To assess national and international climate policy design and their implementation issues.
- To understand what are the costs and benefits and how the costs and benefits of mitigation are measured .
- To learn how to plan strategic development of a company with environmentalist mindset.
- To learn make better-informed environmental policy related decision, all while distinguishing between positive analyses and normative judgements.
- To sharpen critical analysis and communication abilities, especially in the context of complex and systemic climate change issues, and apply systems thinking to real-world business problems.
- To expand general understanding of the complex decisions faced by managers in business, government, and non-profit organizations.
- To be challenged to clarify your own values and opinions on issues related to sustainability and climate change.
- To develop critical thinking and problem-solving skills.
