Sustainable Finance

Green bonds and other sustainable finance products

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06/11/2023 - 01/12/2023

Registration deadline

30/10/2023

Level

Intermediate, Introductory

Approach

Qualitative

Delivery mode

Online, Self-paced

In 2007, the first issuance – by the European Investment Bank – of a bond explicitly contributing to the climate agenda (known as “Climate Awareness Bond”) marked a significant milestone for the bond market. Since then, bonds which further sustainability goals (like “green”, “sustainability-linked”, “social”, and “transition” bonds) have witnessed a considerable surge in popularity, fundamentally reshaping the current dynamics of the bond market. Issuers of these instruments have included private and public actors, like financial institutions, and companies, but also governments and multilateral development banks. Fuelled by issuance successes, companies and financial institutions have increasingly designed other types of financial products and techniques, like loans and securitisations, with the goal of advancing environmental, social and governance (ESG) objectives.

Multiple and concurrent trends have affected the development of the market for “sustainable” financial instruments. First, service providers have designed divergent methodologies to assess and certify the ‘sustainable’ component. Second, the use of digital technologies, like blockchain and AI, has facilitated the structuring and issuance of these instruments. Third, policy-makers actively engaged in establishing new standards and rules to standardise such instruments, as demonstrated by the EU through the proposed Green Bond Standard. Yet, these divergencies and parallel trends have introduced complexity and risks, including the risk of “greenwashing” and “social” washing, which risk undermining the net positive impact of these instruments.

In light of these interconnected developments, gaining a comprehensive understanding of the role of green and other “sustainable” financial instruments has become critical for financial institutions, regulatory bodies, supervisors and all market participants.

This course offers an invaluable opportunity to gain knowledge and insights to navigate this evolving landscape.

Offer an overview of the structure, key steps and standards for the issuance of green bonds
Compare the role of the various actors involved in the issuance of green and sustainable bonds, including companies, financial institutions and governments.
Offer an overview of other sustainable finance products, like green and sustainability-linked loans, and securitisations.
Familiarize participants with market practices surrounding the issuance of green bonds, like credit ratings, evaluations as well as measurement of ESG factors.
Discuss the potential of EU legislation, like the EU Green Bond Standard, to shape market practices.
Critically reflect the greenwashing risks which could stem from the issuance of sustainable finance products.
Discuss some of the most recent trends in the green and sustainable bonds market.

Course format

The course takes 10 hours to complete.

You will engage with the content through self-paced content, including video lectures, quizzes and forum assignments, and in real-time online live classes. In total, self-paced materials will account for one-third of the total content, while live classes will account for the remaining two-thirds.
Live classes will be arranged once every course week (around mid-day on Thursdays or Fridays) and will feature instructor-led sessions (lectures and discussions) alongside interactive moments for course participants (group activities and exercises).

Course modules

Module 0 (optional): Essentials of bonds

Module 1: Sustainable finance and the green bond market

Module 2: An overview of current market practices

Module 3: Other sustainable finance products

Module 4: Green bonds: key legal questions and considerations

Module 5: Green Bonds: looking back and looking beyond

Instructors

Federica Agostini

Research Associate

Robert Schuman Centre for Advanced Studies

View Federica Agostini profile
Thorsten Beck

Director

Florence School of Banking and Finance

View Thorsten Beck profile
Maria del Carmen Sandoval Velasco

Project Coordinator (CBBS)

Robert Schuman Centre for Advanced Studies

View Maria del Carmen Sandoval Velasco profile
Serena Fatica

Principal Economist

European Commission's Joint Research Centre

View Serena Fatica profile
Giorgio Falchi

Research Associate

Robert Schuman Centre for Advanced Studies

View Giorgio Falchi profile
Gábor Gyura

Assistant Part-time Professor - Florence School of Banking and Finance

United Nations Environment Programme Finance Initiative

View Gábor Gyura profile
Jan Job (JJ) de Vries Robbé

Senior Counsel Legal Affairs

FMO: Dutch Entrepreneurial Development Bank

View Jan Job (JJ) de Vries Robbé profile
Justine Leigh-Bell

Executive Director

Anthropocene Fixed Income Institute (AFII)

View Justine Leigh-Bell profile
Sebastian Mack

Senior Policy Fellow

Jacques Delors Centre, Hertie School in Berlin

View Sebastian Mack profile
David Ramos Muñoz

Professor

University Charles III of Madrid and University of Bologna

View David Ramos Muñoz profile
Pierre Schlosser

Deputy Director

Florence School of Banking and Finance

View Pierre Schlosser profile
Agnieszka Smoleńska

Senior Policy Fellow

Centre for Economic Transition Expertise (LSE)

View Agnieszka Smoleńska profile

Course coordinator

Federica Agostini

Research Associate

Robert Schuman Centre for Advanced Studies

View Federica Agostini profile

Course designer

Jan Trevisan

Online Training Officer

Robert Schuman Centre for Advanced Studies

View Jan Trevisan profile

Course facilitator

Chiara Bajet

Project Associate - Online Training

Robert Schuman Centre for Advanced Studies

View Chiara Bajet profile

€ 1150 – Private Sector
€ 1050 – Public Authorities (e.g. National Competent Authorities, Central Banks) and European Institutions
€ 850 – Full-Time Professors, PhD Students, Research Associates

Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to fbf@eui.eu before registering. FBF secretariat will provide you with a code to register. Seats for academics are limited.

Please note that the payment must be settled one week before the start of the course.

A certificate of attendance will be provided to all participants after the course.

CANCELLATION POLICY

In case you can no longer attend the course, you are required to inform the organisers by sending an email to fbf@eui.eu in order to free a seat for participants in the waiting list.
In case of frequent cancellations, FBF reserves the right not to accept further registrations from the same person.

For more details, please contact fbf@eui.eu