Module 2: Green Finance in Global, EU and ASEAN Contexts
IHF IHF asbl, a Belgian non-profit association
What is published today
The module description, the six topics and the learning outcomes below. The teaching material, slides, companion readers and worked examples, is written by IHF asbl, a Belgian non-profit association under Work Package 3 and is not published yet. Module 4 shows what a finished module carries, free to use under CC BY 4.0, and the curriculum index holds all five.
Module Overview
This module situates green finance within the global, European, and ASEAN policy architectures that define its scope and boundaries. Students trace the evolution of sustainable finance from early environmental economics to today’s binding EU regulatory frameworks, and examine how international climate agreements translate into financial sector obligations. The module maps the full stakeholder ecosystem across regulators, investors, civil society, and industry, with particular focus on how this landscape differs across Vietnam, Thailand, and the Philippines.
Learning Outcomes
Upon completing this module, students will be able to:
- Define green finance scope, boundaries, and historical evolution
- Articulate the global case for green finance using environmental and economic arguments
- Compare international frameworks including the Paris Agreement, SDGs, and related accords
- Explain the EU Green Deal and Sustainable Finance Architecture (Taxonomy, SFDR, CSRD)
- Map the ASEAN green finance landscape across Vietnam, Thailand, and the Philippines
- Identify key stakeholders in the green finance ecosystem and their roles
Topics Covered
1. Defining Green Finance: Scope, Boundaries, and Evolution
Pedagogical arc: “Before we can finance the green transition, we must define what ‘green’ means, and that definition has evolved significantly.”
The Foundation, Intermediate, PhD Research and Quantitative Lab tiers, the ASEAN case study and the reading list for this topic are to be supplied by IHF during WP3.
2. The Global Case for Green Finance
Pedagogical arc: “The economic case for green finance is no longer a hypothesis: it is backed by decades of empirical evidence.”
The Foundation, Intermediate, PhD Research and Quantitative Lab tiers, the ASEAN case study and the reading list for this topic are to be supplied by IHF during WP3.
3. International Frameworks: Paris Agreement, SDGs, and Beyond
Pedagogical arc: “Climate diplomacy creates the architecture within which green finance operates: understanding it is non-negotiable.”
The Foundation, Intermediate, PhD Research and Quantitative Lab tiers, the ASEAN case study and the reading list for this topic are to be supplied by IHF during WP3.
4. EU Green Deal and Sustainable Finance Architecture
Pedagogical arc: “The EU has built the world’s most comprehensive sustainable finance regulatory system, and it is reshaping global standards.”
The Foundation, Intermediate, PhD Research and Quantitative Lab tiers, the ASEAN case study and the reading list for this topic are to be supplied by IHF during WP3.
5. ASEAN Green Finance Landscape
Pedagogical arc: “ASEAN’s green finance markets are growing rapidly, but regulatory fragmentation and data gaps remain significant barriers.”
The Foundation, Intermediate, PhD Research and Quantitative Lab tiers, the ASEAN case study and the reading list for this topic are to be supplied by IHF during WP3.
6. Stakeholder Ecosystem: Regulators, Investors, and Civil Society
Pedagogical arc: “Green finance is a multi-stakeholder system: no single actor drives the transition alone.”
The Foundation, Intermediate, PhD Research and Quantitative Lab tiers, the ASEAN case study and the reading list for this topic are to be supplied by IHF during WP3.
Teaching Methods
| Method | Description | Hours |
|---|---|---|
| Lectures | Policy frameworks, regulatory architecture, and historical evolution | 6-8 |
| Workshops | Stakeholder mapping exercises and framework comparison | 4-5 |
| Data Lab | ASEAN green finance market data analysis | 4-5 |
| Simulation | SDG alignment assessment and EU Taxonomy application | 3-4 |
| Self-Study | Policy document analysis and literature review | 3-4 |
Assessment
| Component | Weight | Format |
|---|---|---|
| Framework Comparison Report | 30% | Compare Paris Agreement NDC commitments of Vietnam, Thailand, and the Philippines |
| EU Taxonomy Application | 40% | Assess the EU Taxonomy-eligibility of three ASEAN financial products |
| Stakeholder Ecosystem Map | 30% | Map the green finance stakeholder ecosystem for a selected ASEAN country |
Key References
Required Reading
- European Commission (2021). EU Taxonomy for Sustainable Activities: Technical Screening Criteria.
- UNFCCC (2015). Paris Agreement.
- ASEAN (2023). ASEAN Taxonomy for Sustainable Finance Version 2.
Recommended Reading
- Dikau, S. & Volz, U. (2021). Central bank mandates, sustainability objectives and the promotion of green finance. Ecological Economics, 184, 107022.
- Climate Bonds Initiative (2024). Sustainable Debt Global State of the Market 2023.
- ADB (2023). Green Finance Strategies for Post-COVID-19 Economic Recovery in Southeast Asia.
How this connects to the other modules
| Related Module | Connection |
|---|---|
| Module 1: Fundamentals | Builds on ESG and sustainability foundations |
| Module 3: Green Finance Products | Policy frameworks shape product markets |
| Module 4: Risk Management | International agreements create risk scenarios |
| Module 5: Green Reporting | EU and international frameworks define reporting obligations |
What changes for ASEAN
Local Customization Required
Each ASEAN partner should supplement core content with:
- National green finance roadmaps and regulatory timelines
- Country-specific NDC commitments and implementation status
- Local central bank sustainable finance frameworks (SBV, BOT, BSP)
- Regional taxonomy developments and comparisons with the EU Taxonomy
(c) GREEN FINANCE Consortium 2026