Adaptation to Climate Change
This course focuses on climate change adaptation, examining how communities, governments, and institutions manage climate risks and build resilience. Students will engage with key concepts such as vulnerability, resilience, adaptation effectiveness, and climate justice, using a risk reduction framework to analyze real-world challenges and responses.
Through case studies, collaborative labs, and applied assignments, students will assess adaptation strategies across sectors including food, water, health, cities, and biodiversity. The course emphasizes both global frameworks and local action, highlighting enabling conditions such as finance, governance, and information access. Students will also examine institutional dynamics and the political contexts that shape adaptation planning and implementation.
This course is designed for students from diverse academic and professional backgrounds. No technical prerequisites are required. It provides a foundation for evaluating adaptation programs, identifying feasible solutions, and developing effective climate policy.
- M 10 a.m.-11:50 a.m.
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Instructor:
Ben S Orlove
Info - 3 points
Climate Change & ESG Investing
This course explores how Environmental, Social, and Governance (ESG) and climate considerations are reshaping public market investment strategies. Students will learn how institutional investors use ESG signals and climate-related data to assess risk, identify opportunity, and support real-world outcomes—all while meeting fiduciary obligations.
The class introduces the concept of the “Double Bottom Line,” or double materiality, where financial performance and sustainability impact are jointly pursued. Students will examine active and index-based approaches to climate and ESG investing, review emerging academic research, and hear from guest speakers on the evolving landscape of sustainable finance.
A key course deliverable is a student-designed investment strategy that applies the Double Bottom Line framework to a climate or ESG theme, demonstrating how it could drive financial returns and measurable impact.
This course is intended for students planning careers in asset management, policy, sustainability, or ESG advisory roles. It focuses exclusively on public markets and complements SIPA courses covering private finance and regulatory approaches.
Students should know basic finance concepts like beta, the Capital Asset Pricing Model, equilibrium, active and passive management, and portfolio risk and return. Students should be familiar with some basic knowledge of statistics, like the concepts of statistical significance and regressions. At least one semester of statistics is required. We recommend that students have taken some previous classes in finance, management, sustainability, or quantitative analysis.
- T 8 a.m.-9:50 a.m.
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Instructor:
Andrew Ang
Info - 1.5 points
Meeting the Climate Challenge at all Lev
Climate Challenge & Govts
This course explores how subnational governments, states, cities, and local jurisdictions are shaping climate policy and leading efforts to transition toward a clean energy economy. While national governments often receive the spotlight, much of the practical, political, and technical work happens closer to the ground.
Students will examine how subnationals regulate utilities, shape building codes, implement clean energy programs, and navigate complex federal dynamics. Topics include emissions reduction, climate resilience, environmental justice, clean energy finance, and political feasibility. The course is structured around real-world case studies, guest insights, and policy exercises that prepare students to develop actionable, context-sensitive climate strategies.
The course encourages practical thinking about political trade-offs, limited resources, and institutional constraints. It is ideal for students interested in public policy, sustainability, and climate leadership at all levels of government. Familiarity with the energy sector is helpful but not required.
- W 10 a.m.-11:50 a.m.
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Instructor:
Adam Zurofsky
Info - 3 points
Fundamentals of Environmental Economics
Environmental Econ & Poli
This course examines the relationship between human well-being and the natural environment through the lens of economics and policy analysis. Students will explore the causes and consequences of environmental degradation, the behaviors that drive it, and the policy tools available to address it. The course introduces a conceptual framework grounded in economics, while drawing from environmental science, ethics, political science, law, and game theory to address questions of efficiency, equity, incidence, and institutional design. The course will include externalities, public goods, common property resources, regulatory instruments, environmental justice, climate change, biodiversity, ecosystem services, and global environmental cooperation. The course emphasizes the importance of both positive and normative economics in policy analysis and encourages critical thinking about how societies identify, assess, and pursue sustainable outcomes.
- T 1:10 p.m.-3 p.m.
- F 8:50 a.m.-9:50 a.m.
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Instructor:
Scott Barrett
Wikipedia Info - 3 points
International Energy Project Finance
Int'l Energy Project Fina
This course introduces students to the structure and strategy of international project finance in the energy sector, with emphasis on projects central to the global energy transition and LNG market expansion. Through real-world case studies and hands-on modeling exercises, students will analyze project risks, develop risk ratings, and assess cashflows to determine equity returns and lender credit metrics.
Topics include contract structuring, completion and market risk mitigation, the role of development finance institutions, renewable energy incentives, and evolving trends in merchant power and virtual PPAs. Students will examine investment drivers for energy infrastructure and gain a practical understanding of how project economics align with capital source expectations. The course concludes with student team presentations applying course concepts to real-world energy finance challenges.
Enrollment in this course is restricted to students who have officially declared the CEE concentration, as reflected in their Stellic profile. If space allows, enrollment may be extended to additional students at a later date.
- W 5:10 p.m.-7 p.m.
- 3 points
Carbon Pricing
Carbon pricing has become a central tool in global climate policy, with over 70 jurisdictions implementing carbon taxes or emissions trading systems that now cover more than one quarter of global emissions. This course explores how carbon markets and taxes are designed, reformed, and evaluated, using real-world case studies from Europe, the Americas, Asia, and beyond.
Students will engage with a structured, step-by-step framework for designing effective carbon pricing policies across sectors, including energy, transportation, industry, and land use. The course examines market-based mechanisms such as cap-and-trade, carbon taxes, and crediting programs, along with emerging policy innovations and debates around integrity and equity.
Topics include carbon border adjustments, voluntary markets, the role of carbon pricing in trade, investment, and corporate climate strategies, and the intersection of pricing with complementary policies. Students will assess existing policies, model policy impacts, and develop informed policy proposals.
- M 5:10 p.m.-7 p.m.
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Instructor:
Ruben N Lubowski
Info - 3 points
Energy Systems Fundamentals
Existing energy sources and the infrastructures that deliver them are undergoing a period of rapid change. Limits to growth, fluctuating raw material prices, and the emergence of new technologies contribute to heightened risk and opportunity in the energy sector. This course aims to establish a core energy skill set for students and prepare them for more advanced coursework by introducing a foundational language and toolset for analyzing energy issues.
Through both theoretical and practical approaches, students will examine how energy technologies are developed, financed, and deployed. The course highlights root drivers of change in the industry, emerging technologies, and the critical factors that influence their successful commercialization. Understanding these dynamics is also essential to designing effective energy policy aligned with broader social welfare goals.
By the end of the course, students will have a working knowledge of conventional and emerging forms of energy generation and delivery. They will also develop the analytical tools to assess which technologies may succeed, which may not, and what innovations may help drive further deployment.
Enrollment in this course is restricted to students who have officially declared the CEE concentration, as reflected in their Stellic profile. If space allows, enrollment may be extended to additional students at a later date.
- M 10 a.m.-11:50 a.m.
- M 3:10 p.m.-5 p.m.
- F 1:10 p.m.-4 p.m.
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Instructor:
Travis Bradford
CULPA: 1 Wikipedia Info - 3 points
Global Energy Policy
This course examines global and national energy policies with international implications, focusing on the intersections of energy sustainability, energy security, and energy equity, commonly referred to as the "energy trilemma." Students will explore how national decisions shape global outcomes and how international frameworks influence domestic policies. Special attention is given to the political economy of the energy transition, with case studies on fossil fuels, renewables, subsidies, and critical mineral supply chains.
The first half of the course covers technical and market dimensions of high- and low-carbon energy sources, fiscal policies, and transition projections. The second half explores geopolitical drivers of energy policy, international trade and investment, and the financing of the low-carbon transition in developing economies. Students will assess real-world policy challenges through a data-driven and interdisciplinary lens, applying a political economy approach to sustainability and global energy governance.
- R 5:10 p.m.-7 p.m.
- 3 points
The Geopolitics of Oil and Natural Gas
Geopolitics-Oil & Natural
Despite growing pressure to decarbonize, oil and natural gas continue to shape global power and politics. This course examines how energy markets drive foreign policy, economic security, and international conflict. Students will explore the central role of oil and gas in geopolitical relations, from OPEC+ and the petrodollar to the wars in Ukraine and the Middle East.
The course is organized in three parts: the geopolitics of oil, the geopolitics of natural gas (with a focus on LNG), and shifting dynamics as the world transitions toward lower-carbon energy. Case studies include Russia’s energy leverage, US–Saudi relations, the rise of US LNG exports, and Venezuela’s paradox of poverty amid vast oil reserves.
Students will assess global energy trade patterns and analyze the political impact of price shifts, sanctions, and infrastructure development. Classwork emphasizes oral analysis, policy writing, and active debate.
This course is ideal for students interested in energy diplomacy, security studies, or climate and foreign policy intersections. No technical background is required.
- T 10 a.m.-11:50 a.m.
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Instructor:
Natasha Udensiva
Info - 3 points
Energy, Enterprise and Development
This course examines the relationship between energy production, human development, and sustainability. It explores how energy projects, businesses, and policies—collectively referred to as “energy enterprises”—operate in frontier markets and developing countries. Students will analyze how energy access and use intersect with critical issues such as poverty, gender, health, displacement, and environmental justice.
Course modules cover energy systems and actors, urban and agricultural applications, and thematic challenges such as energy ethics, cooking fuels, and displaced populations. Students will conduct applied research on one of five selected topics, culminating in an enterprise proposal. Assignments include issue mapping, case analysis, and basic financial feasibility assessment.
By the end of the course, students will be able to connect global sustainability frameworks to practical, locally grounded enterprise planning. The course emphasizes systems thinking, ethical analysis, and a balanced approach to energy and development goals.
- T 3:10 p.m.-5 p.m.
- 3 points
Financing the Energy Transition in Emerg
Emerging and developing economies are expected to account for the bulk of the energy demand and carbon emissions growth in the coming decades. Drastic changes are necessary to their current energy systems and future energy infrastructure so that it is in line with global climate goals—an effort that will require significant amounts of capital. This course will look at the formidable task of financing the energy transition in emerging market and developing economies (EMDEs). We will start by studying what the energy transition is, how it relates to climate goals, and what needs to be financed. The course will look at the different estimates of how much will the energy transition cost, particularly for emerging markets. The class will also survey the current financial energy landscape to assess what is working, what is missing, and the potential governance structures that are needed to mobilize the necessary financing. The existing sources of financing from the private sector, development agencies, and international financial institutions will be discussed to understand the specific challenges and opportunities of each source of financing for emerging markets. The course will look at the broad financing toolkit available, from blended finance vehicles, de-risking instruments, and the new ones that are being deployed like ESG investing and thematic bonds. Students will also be introduced to carbon markets and the role they can play in financing the energy transition in emerging markets. Lastly, the course will cover the financing of transition assets to understand how and when capital should be deployed for these assets, including the capital needed to retire or retrofit existing fossil fuel assets.
- M 10 a.m.-11:50 a.m.
- 1.5 points
Environmental Advocacy: From Interest to
What does it take to spark real environmental change? This course invites students to explore how advocacy influences environmental outcomes at the local, national, and global levels. From climate protests and community campaigns to policy negotiations and court rulings, students will examine how activists, scientists, and grassroots groups shape public discourse and government action.
Using case studies and comparative examples, including from the United States and China, the course looks at how environmental advocacy works across different political systems. Topics include environmental justice, the politics of science, institutional dynamics, and how visions for the future of nature are contested and advanced.
Ideal for students interested in sustainability, public policy, or civic engagement, the course emphasizes practical skills and critical thinking. Students will complete short writing assignments and a final project focused on a real-world advocacy effort of their choice. No prior experience with environmental policy is required--just a curiosity about how ideas become action.
- M 10 a.m.-11:50 a.m.
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Instructor:
Sara Tjossem
Info - 3 points
Sustainable Finance I: Foundations of ES
Sustainable Finance I: ES
This course explores how Environmental, Social, and Governance (ESG) objectives and data are integrated into investment decision-making. Through a combination of academic theory, real-world case studies, and hands-on exercises, students examine how ESG considerations affect risk, return, and portfolio design. Key topics include ESG portfolio theory, impact investing, fixed income and labeled bonds, engagement and proxy voting, and climate-aware investing. The course also addresses the limits and potential of ESG data, governance structures, and the role of investors in influencing corporate behavior and public outcomes. Designed for students preparing for careers in sustainable finance, the course emphasizes practical applications and critical thinking.
- R 3:10 p.m.-5 p.m.
- F 10 a.m.-11:50 a.m.
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Instructor:
Frederic A de Mariz
Info - 3 points
Impact Investing I: Foundations
Impact Investing I: Foundations introduces students to the core principles, tools, and actors shaping the field of impact investing. The course provides a foundational understanding of how capital markets can be leveraged to address global challenges such as climate change, biodiversity loss, inequality, and poverty, while also generating financial returns.
Students learn how to evaluate impact-driven transactions, assess risk and return across impact portfolios, and measure both financial and non-financial outcomes. The course includes modules on the history and evolution of the field, stakeholder roles, project evaluation using NPV and other techniques, portfolio construction, and impact measurement. The course culminates in a final team project and expert panel presentation, with a focus on real-world applications and career exploration.
- T 3:10 p.m.-5 p.m.
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Instructor:
Preeti Bhattacharji
Info - 3 points
Impact Measurement and Management
Impact Measurement & Mana
As impact investing further embeds into the mainstream, Impact Measurement and Management (IMM) is its key differentiator, helping impact investors understand a company’s intention to create positive outcomes and impacts and the evidence it uses to demonstrate whether (“if”) the impact, value, or benefit is indeed being created, and importantly, in what ways (“how”) it is improving the lives of concerned stakeholders and the environment. This course reflects decades of progress by hundreds of organizations, agencies, institutions, thought leaders, and companies in every sector across the globe leading to the convergence and harmonization of key IMM tools and frameworks. Levering SIPA’s vast network, students will hear from many of these pioneers throughout the course. Understanding how to identify what to measure and how to measure and manage impact across space and time is critical to ensuring businesses and investors achieve their goals and make decisions that address the world’s most pressing social and environmental challenges. We will approach IMM through the entrepreneur/business perspective while understanding that understanding the investor perspective is key to harness impact finance. The goal of this course is to equip students with knowledge of the most valuable and widely accepted methods, tools, and best practices in the field and through applied practice, develop these skills as IMM practitioners with a critical lens and a systems-level understanding of impact measurement for ventures seeking investment and investors seeking opportunities.
- F 1:10 p.m.-3 p.m.
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Instructor:
Courtney Sara L Minard
Info - 3 points
ESG and Fiduciary Duties
The social, environmental, and governance challenges of the 21st century represent both companies’ greatest risks and opportunities. While many investors, from retirement plans to mutual funds, have embraced the importance of ESG in the investment process, it is critical to understand the legal obligations of fiduciary duty, the role of the fiduciary, and the changing regulatory backdrop to assess the relevance and materiality of ESG. For example, the politicization of ESG in the US has created divergent support and threats. Understanding this unique and changing landscape alongside pivotal legal challenges is critical for business and investment decisions. In this course, students will learn about the legal obligations of fiduciary duty, its core principles, and whether and how ESG investing intersects with fiduciary duty. Furthermore, we will discuss the financial risks and rewards of ESG as important data points in the duty of care, as well as the role of disclosure and regulators within the US and beyond. While the course will largely be taught from the perspective of the US investment experience, we will compare trends in the global market.
- M 1:10 p.m.-3 p.m.
- 1.5 points
Sustainability Reporting
The Sustainability Reporting course explores the ever-evolving global Sustainability and ESG reporting environment and the standards and frameworks that are being used by companies to report on their sustainability related performance. Environmental, Social, and Governance Reporting (“ESG”) also referred to in parts as Corporate Responsibility /Accountability Reporting. The course explores the market drivers that generate the demand for sustainability reporting by companies, key areas of focus for investors and other capital providers, regulatory activities and the intersection of sustainability reporting with traditional corporate financial reporting.
- T 1:10 p.m.-3 p.m.
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Instructor:
Avner Bukspan
Info - 3 points
Investor & Corporate Stewardship: Influe
The course explores the relationship between policymakers and key actors in capital markets. Specifically, it examines the ways in which corporates and investors influence policymaking around climate and natural capital and identifies untapped opportunities for positive intervention by investors and corporates.
- W 3:10 p.m.-5 p.m.
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Instructor:
Tanya Khotin
Info - 3 points
SIRI Practicum
The Sustainable Investing Research Consulting Project provides an action-based learning experience to students interested in sustainable investing, covering both sustainable investing in the financial sector (impact investing and sustainable finance) and the real economy (for-profit and non-profit organizations). For example, students will learn about the opportunities, challenges, and limitations faced by sustainable and impact investors to finance a more sustainable world. Moreover, they will learn how (for-profit and non-profit) organizations develop innovative products and services that help mitigate grand challenges, such as climate change, biodiversity loss, social inequality, poverty, etc., and enable them to grow their business and sustain their competitive advantage over time.
Throughout the semester, students will work on an actual sustainable investing research consulting project for a client from across the world. They will (e-)meet with the client on a regular basis, discuss their progress, obtain feedback, and present their recommendation to the client. Furthermore, students will conduct research and interviews to learn about the broader business environment and institutional context (including cultural, political, economic, and social factors) to better understand the opportunities and challenges the clients face.
This course is ideal for students interested in pursuing careers in sustainable finance, impact investing, ESG, corporate sustainability, social entrepreneurship, and sustainable development.
The Sustainable Investing Research Consulting course offers consulting projects from around the world, covering a broad range of topics in sustainable investing. Clients include start-ups and established firms, non-profit and for-profit organizations, and clients from the finance and investing world. For more information on client projects and the student experiences, please see the SIRI website:
https://siri.sipa.columbia.edu/news
Registration in this course is instructor-managed. Students must join the course waitlist in Vergil during their registration appointment and submit the following application to be considered for enrollment:
https://forms.gle/XQNhfryMhGUszkZB6
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- R 10 a.m.-11:50 a.m.
- 3 points