Green Finance Curriculum#

The GREEN FINANCE project develops a comprehensive micro-credential program in sustainable finance. The curriculum is structured into 5 modules covering the full spectrum of green finance knowledge and skills.

For the student-facing curriculum with learning pathway, see Curriculum Programme.

Curriculum Overview#

The green finance curriculum is designed to:

  • Equip students with essential competencies for the green economy
  • Bridge the gap between academic knowledge and industry practice
  • Align with European Green Deal principles and international standards
  • Address the specific needs of ASEAN financial markets

Format: Micro-credentials | Delivery: Blended learning | Assessment: Competency-based

Module 1: Green Finance: Fundamentals and Building Blocks

Developer: ULBS (Lucian Blaga University of Sibiu)

Overview: Core features of sustainable finance, ESG integration strategies, and impact investing approaches.

Topics:

  1. The ESG Framework and Sustainable Finance Principles
  2. ESG Data Providers, Ratings, and Quality Assessment
  3. ESG Integration Strategies for Investors
  4. Impact Investing and Additionality
  5. Greenwashing: Detection, Prevention, and Regulation
  6. ASEAN ESG Landscape and Emerging Market Challenges

Learning Outcomes: Explain ESG factors, compare rating providers, apply integration strategies, evaluate impact investing, identify greenwashing.

Module 2: Green Finance in Global, EU and ASEAN Contexts

Developer: IHF (Institut de Haute Formation)

Overview: Understanding the role of green finance in delivering global goals on climate change and sustainable development.

Topics:

  1. Defining Green Finance: Scope, Boundaries, and Evolution
  2. The Global Case for Green Finance
  3. International Frameworks: Paris Agreement, SDGs, and Beyond
  4. EU Green Deal and Sustainable Finance Architecture
  5. ASEAN Green Finance Landscape
  6. Stakeholder Ecosystem: Regulators, Investors, and Civil Society

Learning Outcomes: Define green finance, explain SDG relationships, compare EU/ASEAN approaches, analyze international agreements.

Module 3: Green Finance Products and Services

Developer: UO (University of Opole)

Overview: Practical tools for financing the green transition across debt, equity, and hybrid instruments.

Topics:

  1. Green Bonds: Standards, Impact, and Issuance
  2. Sustainability-Linked Finance: Loans and Bonds
  3. Transition Finance: Instruments and Frameworks
  4. Green Equity and Sustainable Investment Funds
  5. Blended Finance for Sustainable Development
  6. Carbon Markets and Emissions Trading

Learning Outcomes: Structure green bond issuances, design SL financing, evaluate green products, navigate carbon markets.

Module 4: Green Finance Risk Management

Developer: UT (University of Twente)

Overview: Climate-related financial risks and their management within financial institutions and investment portfolios, using TCFD/TNFD frameworks, NGFS scenarios, carbon metrics, and stress testing with ASEAN focus.

Topics:

  1. Climate-Related Financial Risks: Taxonomy, Transmission, and Materiality
  2. Climate and Nature Risk Frameworks: TCFD and TNFD for Risk Assessment
  3. Scenario Analysis and Climate Modeling: NGFS Pathways to IAMs
  4. Carbon Metrics and Climate Value-at-Risk: Quantifying Portfolio Exposure
  5. Climate Stress Testing: Design, Execution, and Supervisory Practice
  6. ASEAN Climate Vulnerability: Integrated Risk Assessment and Adaptation Finance

Learning Outcomes: Classify climate risks, apply TCFD/TNFD frameworks, model climate scenarios, calculate CVaR and carbon metrics, design climate stress tests, evaluate ASEAN climate vulnerability.

Module 5: Green Reporting: Transparency, Accountability and Risk Communication

Developer: TBD

Overview: Sustainability reporting frameworks and disclosure requirements for transparent communication of green finance activities and climate risks to stakeholders.

Topics:

  1. TCFD and TNFD Reporting: From Risk Assessment to Disclosure
  2. SFDR and CSRD: EU Sustainability Reporting Compliance
  3. ISSB S1/S2: Global Disclosure Standards
  4. Transparency Metrics and Key Performance Indicators
  5. Accountability Frameworks and Third-Party Assurance
  6. ASEAN Disclosure Requirements and Readiness Assessment

Learning Outcomes: Prepare TCFD/TNFD disclosures, navigate SFDR/CSRD compliance, apply ISSB standards, design transparency metrics, evaluate assurance frameworks.

Overall Learning Outcomes#

Upon completing the full curriculum, graduates will be able to:

  1. Understand the link between financial intermediation, green/sustainable approaches, and the SDGs/Paris Agreement

  2. Develop skills to evaluate the green and sustainability aspects of investments and align them with global goals

  3. Explain core green finance concepts and their relevance for stakeholders in the financial ecosystem

  4. Identify the role of regulation and self-regulation within the green finance ecosystem

  5. Describe various green finance products (bonds, equity, loans) to fund sustainable development

  6. Recognize innovative risk features within ESG and green finance frameworks

Delivery Approach#

Methodology#

The curriculum employs a competency-driven development approach:

StageFocusActivities
Stage 1Knowledge ExchangeEU-Asia collaborative training, peer learning
Stage 2ApplicationAsian partners develop local content
Stage 3ValidationIndustry testing, feedback integration

Teaching Methods#

  • Case Studies - Real-world examples from ASEAN and EU markets
  • Simulations - Trading and portfolio management exercises
  • Guest Lectures - Industry practitioners and regulators
  • Internships - Hands-on experience with green finance employers
  • Group Projects - Collaborative problem-solving

Assessment#

  • Competency-based evaluation
  • Portfolio of evidence
  • Industry validation of skills
  • Micro-credential certification

Local Adaptation#

Each partner university adapts the curriculum to their national context:

CountryFocus AreasLocal Considerations
VietnamBanking sector, JETP implementationState Bank regulations, Net Zero 2050
ThailandBCG Economy, sustainable tourismThailand 4.0, Green Bond standards
PhilippinesGreen jobs, climate resilienceNCCAP, DTI green programs

Industry Alignment#

The curriculum is developed in consultation with:

  • Banks and financial institutions
  • Insurance companies
  • Asset managers
  • Regulators and supervisory bodies
  • Industry associations
  • Policy makers

Industry Partners: Each Asian university signs minimum 5 MOUs with local financial institutions to ensure curriculum relevance and provide internship opportunities.

Resources#

Reference Materials#

  • EU Taxonomy Regulation and delegated acts
  • SFDR technical standards
  • TCFD recommendations
  • GBP/GLP principles (ICMA)
  • ASEAN Green Bond Standards

Complementary Courses#

The curriculum builds on and connects to:

(c) Joerg Osterrieder 2025

Backward Work Packages Timeline Forward
Co-funded by the European Union - Erasmus+ Programme

Erasmus+ Programme | Capacity Building in Higher Education
Project 101237817 - GREEN FINANCE
Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the European Education and Culture Executive Agency (EACEA). Neither the European Union nor EACEA can be held responsible for them.