CLIMATE JUSTICE, ESG & SUSTAINABLE INVESTING
Obiettivi formativi
Provide students with knowledge of the legal strategies adopted by environmental advocates and governments to achieve the purpose of environmental protection and climate change mitigation/adaptation from an equity and social justice perspective. Provide students with an extended knowledge of the rationale, technicalities and products for reaching a virtuous sustainability path, both from the perspective of the corporates, individuals and investors/financial institutions.
Risultati di apprendimento attesi
Understanding and evaluating the main sustainability risks and opportunities for corporates and financial institutions. appreciating the strategic value of a bold ESG strategy.
Understanding and evaluating the political and legal challenges related to climate justice legislation, policy and litigation.
Contenuti Del Corso
overview of the main sustainbility challenges and geo political implications. understanding of the mitigation and adaptation strategies. understanding of the role of the Financial institutions and investors. analysis of the various reporting documents and how to read them from a strategic angle.
Testi Di Riferimento
M. Berners-Lee - there is no planet B - updated versions McKinsey - Nature Finance and Biodiversity credits: a private sector roadmap to finance and act on nature S. Thompson - green and sustainable finance: principles and practice in banking. N. Bocken, R. Mugge, C. A. Bom, HJ. Lemstra - Pay per use business models as a driver for sustainable consumption: evidence from the case of Homie A.C: Logue - Harry Markovitz and modern portfolio theory BNP Paribas SA - Universal Registration document 2024 (chapter 7 only)
Metodologie Didattiche
Teaching based on the overview of international ESG related topics and main challenges and opportunities. Analysis of a CSRD report and use cases of branded companies sustainbility path. Simulation of an investment portfolio with different risk/remuneration profile.
Modalità di verifica dell'apprendimento
Class exercises : 1. group work on ESG + 1 Moot Court Written essay (take home, 2.000 words, to be submitted before the end of the course)
Criteri per l’assegnazione dell’elaborato finale
Selection of a list of topics after detecting main areas of interest and link with use cases. max 1500 words, with an anlytical content and identification of solution(s).
Settimana 1
Climate related displacement and existing legal remedies
Tentative readings: Report of the Special Rapporteur on contemporary forms of racism, racial discrimination, xenophobia and related intolerance on ecological crisis climate justice and racial justice. Pages: 10-20. Katrina Wyman, Responses to Climate Migration, Harvard Environmental law review, vol 37 (2013) Pages: 170-185 & 203-216.
Kahl, Verena: Rising Before Sinking: The UN Human Rights Committee’s landmark decision in Daniel Billy et al. v. Australia, VerfBlog, 2022/10/03, https://verfassungsblog.de/risingbefore-sinking/. • Case law: Human Rights Committee, Ioane Teitiota Views adopted by the Committee under article 5 (4) of the Optional Protocol, concerning communication No. 2728/2016, available here: https://documents-ddsny.un.org/doc/UNDOC/GEN/G20/237/12/PDF/G2023712.pdf?OpenElement;
Settimana 2
Climate litigation Maria Antonia Tigre, M. Murcott and N. Zimmerman, Transnational Insights for Climate Litigation at the European Court of Human Rights: A South-North Perspective in Pursuit of Climate Justice, 56 VRÜ | WCL 299 (2023) (link) LIN JP JACQUELINE, LITIGATING CLIMATE CHANGE IN THE GLOBAL SOUTH (OXFORD UNIV PRESS 2024) (chapter TBD) Christina Voigt, State Responsibility for Damages Associated with Climate Change, in RESEARCH HANDBOOK ON CLIMATE CHANGE LAW AND LOSS & DAMAGE (Meinhard Doelle & Sara L. Seck eds., 2021), https://china.elgaronline.com/view/edcoll/9781788974011/9781788974011.00016.xml (last visited Sep 10, 2023). Stefan Theil, Cautious Scrutiny: The Federal Climate Change Act Case in the German Constitutional Court, 86 MODERN LAW REVIEW 263 (2023).
Settimana 3
Climate Litigation_2
Settimana 4
Climate Justice in cities Required readings: Cathrin Zengerling, Deborah Sotto & Oliver Fuo, Cities and climate change mitigation law from a polycentric and comparative perspective, in Research Handbook On Climate Change Litigation Law 393 (Reins, Lonie andVerschuuren Jonathan ed. 2022); Paroma Wagle & Kavita Philip, Climate justice is social justice: articulating people’s rights to the city in Mumbai, 34 Environment And Urbanization 331 (2022). David Samuel Williams et al., A policy content analysis for evaluating urban adaptation justice in İstanbul, 136 Environmental Science & Policy 476 (2022). Johl, Alyssa. The wave of climate lawsuits against Big Oil is growing – here’s what it means for your city. Available here: https://www.c40knowledgehub.org/s/article/The-wave-of-climatelawsuitsagainst-Big-Oil-is-growing?language=en_US.
Settimana 5
Moot Court Tentative case: Carême v France, App no. 7189/21 (ECtHR, 9 April 2024).
Settimana 6
Setting scenes and roles: - Climate and nature challenges - impacts on the economy (no black swans) - actors and roles - the era of company purpose - business strategy vs. compliance attitude. - the role of the chief sustainability officer
Settimana 7
The role of finance: - Efficient allocation of (financial) resources - Norms and reporting (CSRD, CSDDD, Omnibus Decree) - Double Materiality martix - Case studies
Settimana 8
- Voluntary commitments and road to net zero. - ESG rating and ,main funding instruments (green bonds, SLL) - Case studies - Key risks and management
Settimana 9
- value chain and scope 3 emissions. - Financial Benefits (WACC, Rating, Risk profile, Attractiveness) - financial products for the value chain - just transition
Settimana 10
Changes in personal habits and new ways of producing and selling: - Main ESG topics: decarbonization, circular economy, Real Estate, Smart cities, Biodiversity, Oceans - New consumption habits (MaaS, share economy, silver economy, pay-per-use)
Settimana 11
The investors' view: - investors' view - investees' view - impact investing - long vs. short term attitude - stewardship - thematic funds - the Markovitz model
Settimana 12
Risks beyond Reputation: - Greenwashing and more - operational, legal and reputational risks - litigations and remedies