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Climate Economics and Finance
Last Updated: 2026-06-03 00:14:32
Abstract
This course introduces students to both conceptual foundations and empirical evidence on the economics of climate change, climate policy design, and financial market responses thereto. It seeks to address questions such as: What are the costs and benefits of competing responses to the climate challenge? What roles can/do financial markets play in facing climate risks?
Objective
After taking this course, students should: - Understand integrated assessment modelling/thinking about the climate, energy markets, and the macroeconomy and be able to run simplified versions of such models in Excel - Know benchmark estimates of the economic impacts of climate change - Understand the trade-offs between different policy and societal responses both conceptually and empirically based on policy practice - Understand how financial markets should be vs. are empirically responding to climate and policy risks
Content
This course teaches both the core analytic tools and surveys new empirical evidence on the economics of climate change, climate policy, and financial market responses thereto. The first half of the course presents an integrated assessment of the climate, energy markets, and the economy. We build a framework for analyzing the economic impacts of both climate change and climate policy. We then review empirical evidence on both climate change impacts and policy practice. The second part of the course focuses on financial markets. We review relevant core concepts in finance with a focus on asset pricing and use this framework as a basis for thinking about how markets should be responding to climatic and policy risks. We then review empirical evidence on how financial markets appear to be responding in reality with examples such as from housing, equity, and bond markets. At the end of the course, students should have stronger foundations in economics and finance and broad knowledge of the economic and financial risks and opportunities posed by climate change. Course evaluation: at the end of the course, there will be a written exam covering the topics of the course.
Resources
Lecture Notes
Lecture slides will be available on the site of the lecture
General Information
- Language
- English
- Levels
- DS , MSC
- Frequency
- Yearly recurring
Examination
- Type
- graded semester performance
Course Components
| Type | Title | Time & Place | Hours |
|---|---|---|---|
| lecture with exercise |
Climate Economics and Finance
The lecture takes place in presence and will be recorded.
|
No time listed | 2 h weekly |
Offered In
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Science in Perspective (In “Science in Perspective”-courses students learn to reflect on ETH’s STEM subjects from the perspective of humanities, political and social sciences. Only the courses listed below will be recognized as "Science in Perspective" courses.)
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Type A: Enhancement of Reflection Competence (SiP courses are recommended for bachelor students after their first-year examination and for all master- or doctoral students. All SiP courses are listed in Type A. Courses listed under Type B are only recommendations for enrollment for specific departments.)
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