Course Syllabus
| Semester & Location: |
Fall 2022 - DIS Copenhagen |
| Type & Credits: |
Elective Course - 3 credits |
| Mandatory Travel Component: |
London 🇬🇧 (3 days and 2 nights between 23-25 November 2022) |
| Major Disciplines: |
Social, Sustainable Finance & Social Entrepreneurship |
| Prerequisite: |
None |
| Faculty Members: |
Varan Pathmanathan - Contact via Slack Anton Tiedt - Contact via Canvas Slack |
| Program Director: |
|
| Time & Place: |
Tuesday only from 14:50 – 17:45, Classroom: F24-206 |
Description of Course
This course is an introduction to the increasingly popular movement around impact investing and how money can be used to create positive change alongside a financial return. Financing the UN Sustainable Development Goals has been estimated as a $12 trillion business opportunity and we will explore how investments can positively impact important areas such as sustainable agriculture, renewable energy, conservation, as well as affordable and accessible basic services such as housing, healthcare, and education.
Through exploration of real-life case studies and an interactive approach to learning, you will gain valuable tools that enable you to approach social and environmental challenges in a sustainable way. Guest lectures and site visits let you meet a wide range of inspiring impact investors, social entrepreneurs and political activists who work with making investing work for the greater good. The course includes a study trip to London where some of the leading actors within impact investing are situated.
Experiential learning is a key component of the course and students will be actively engaged in learning in the following ways: 1) Developing their own investment deal by identifying a real-life solution that benefit society, measuring its impact and proposing a financial instrument that can enable and scale the solution. 2) role-playing games to understand interests from the various actors in the investment landscape, site visits and guest lectures from professionals within the field 3) learning about the communicative journey to engage more new investors to the market with education-oriented stories how to make an impact with money.
Topics covered
- The role of finance in the economy: how impact investing can make a positive change in the world
- The spectrum of finance: from traditional investing through socially responsible investing to impact investing and philanthropy. How do the approaches differ and how impact investing is different from philanthropy and donations.
- Actors involved in financial markets and their roles: who owns the money, who manage the investments, who and what is money invested.
- Impact first or finance first? – different approaches to impact and financial return. Examples and case studies of impact investing e.g. Green Bonds/Climate Bonds, Social Impact Bonds/Development Impact Bonds, Microlending.
- How to measure and monetize impact – Understanding strengths and weaknesses of different methods and approaches such as United Nations Sustainable Development Goals (SDG’s), Environmental, Social and Governmental factors (ESG), Certified B Corporations
Learning Objectives
- To understand the purpose of the financial system and its influence on the economy, society and environment.
- To critically reflect on what sustainable development is and the different understandings that exists.
- To understand what impact investing means, its purpose and evaluate the potential for achieving both financial and social/environmental returns.
- To think creatively how impact investing can solve a particular social or environmental issue.
- Understand and distinguish between the various investment instruments and the actors within the field of responsible investments.
- To understand and critically reflect on measuring and monetizing impact and change.
Faculty
- 10+ Investment Banking Experience from Top tier banks in Denmark
- MSc in Information Technology, Aalborg University / University of Melbourne CEO
- Founder & CEO of MakeImpact.io
- Managing Partner of Purpose Agency
- Senior Executive ESG Management Consultant
I am a young guy studying Environmental Economics at University of Copenhagen, my interest lies within Sustainable Finance, FinTech, Capital Markets and Social Change. I am working as a Junior Consultant for Visigon, a company that specializes in IT and Capital Markets. I have also been involved in several FinTechs - both MakeImpact.io and Mattrvest in Berlin. Beyond that I have a passion for sustainability and is also an Impact Investor.
Readings/Preparation
Class 1 - (Tuesday August 30th 2022) - Introduction
Location: DIS - Vestergade 7 - 14:50 – 17:45, Classroom: F24-206
- Fulfil til video-questionary before August 26 - 2022 12:00 CET
- Visit MakeImpact.io 📲 and download the app. (we will use the app throughout the course to learn from)
- Connect with Varan and Anton on LinkedIn - If you do not have an LinkedIn 💼 account - it is a good reason to get one. It's the platform for your career after finishing studies.
- Based on the the UN 17 Sustainable Development Goals 🌎, decide which SDG GOAL you care most about, and write 5 sentences on why you chose these. (please answer this question in the created "Quiz" under assignments named "SDG")
- Join our course-communication channel here on Slack - https://dis-iss.slack.com/ (This is our main communication channel throughout the course since we don't like e-mails 😀
Deadline: August 29th 23:59 CET
Class 2 (Tuesday September 06th 2022) - MakeImpact
Location: MakeImpact HQ - Birkedommervej 27 -2nd Floor - 2400 Copenhagen NV
1. Create a user on MakeImpact Club: Sign Up!
2. Go through the Impact Investing School class content (10 topics): Impact Investing School
4. Prepare 3 questions for Varan Pathmanathan @ MakeImpact (Company Visit) and enter them in Quiz section: MakeImpact Quiz
5. Do the reflection post 1 in assignments.
Deadline: Monday 5th September 12:00 CET
Class 3 (Tuesday September 20th 2022) - PS/Kammeradvokaten ft. PWC
Location: PS Kammeradvokaten - Kalvebod Brygge 32, 1560 København
1. Hand in Reflection Post # 2 via Assignments.
2. Go through this webpage and get an understanding of EU's definition of sustainable finance: EU - Overview of sustainable finance
3. Read post and see video on EU Taxonomy: LINK
3. Read post and see video on SFDR:LINK 1 LINK 2
Deadline: Monday 19th September 12:00 AM
Class 4 (Tuesday September 27th 2022) - Nordic Fintech Week
- Hand in Reflection Post 3 before deadline
- Browse: https://nfweek.com/
- Find at least 3 Startups that you would like to talk to and at least 3 talks you would like to see
- Join Varan's keynote in Breakroom 1 at 4:00 PM and register your attendance with Anton.
Tuesday 27th September - 3:00 - 6:00 PM (Nordic Fintech Week - TAP 1 - Raffinaderivej 10 - 2300 København)
Location: Find your way to the Conference on your own - Look here
You are free to already arrive to the conference from 09:00 am
Deadline: Monday 26th September 12:00 CET
Class 5 - Field Study (Wednesday September 28th 2022 - 12:30 - 17:30 ) - Nordic Fintech Week
Tuesday 28th September - 12:30 - 5:30 PM (Nordic Fintech Week - TAP 1 - Raffinaderivej 10 - 2300 København)
Location: Find your way to the Conference on your own - Look here
You are free to already arrive to the conference from 09:00 am if possible
- Register your attendance with Anton on Wednesday 13:00 at the Entrance
Class 6 (Tuesday October 4th 2022) - B Corp
1. Reading material: The ImpactAssets Handbook for Investors: Chapter 8 - The Measurement Challenge, By Sara Olson, Founding Partner, SVT Group, 2017
2. Prepare 3 questions for Steffen Kallehauge @ B Corp Europe (Company Visit) and enter them in Video-Ask here.
Deadline: Monday October 3rd 2022 12:00 CET
Class 7 (Tuesday October 18th 2022) - Nordea
Location: Nordea HQ - DR Byen - 2300 Copenhagen S
3. Read post and see video on ESG investing: LINK
4. Read post and see video on ESG measuring: LINK
4. ESG investing in Nordea's context - LINK
5. Sustainable Finance Project of UN City - LINK
6. Prepare 3 questions for Mads Skovlund Pedersen @ Nordea Denmark (Company Visit) and enter them in Video-Ask here.
Class 8 (Tuesday October 25th 2022) - ESG Data Vendors
Location: DIS Student Hub - Vestergade 23- Cinema Room
1. Explore Nasdaq ESG Footprint - LINK
2. Explore Matter ESG Framework - LINK
3. Explore Sustainalytics ESG Rating Framework - LINK
4. Reading materail: Impact Management Project - A Guide to Classifying the Impact of an Investment
5. Prepare 2 questions for each
- Sylvester Andersen @ Nasdaq
- Niels Fibæk Jensen @Matter
- Vasileia Stavrakaki / Clara Bendix @Sustainalytics
ESG Data summit and enter them in Assignments.
Deadline: Monday October 24th 2022 12:00 CET
Class 9 (Tuesday November 1st 2022)
Location: DIS - Vestergade 23 - 14:50 – 17:45, Classroom: F24-206
1. Reading Material: Routledge Handbook of Social and Sustainable Finance: Chapter 2 - Sustainable Finance, Scott Fullwiler (extract)
2. Know the difference between the different ways of looking at Impact Investments: https://www.triodos-im.com/knowledge-centre/sustainable-investing-strategies
3. Reflection Post on ESG Data Vendors meet-up (See assignments)
4. Start on Mid-Term Assignment - Deadline: November 21st 2022 23:59 CET.
Class 10 (Tuesday November 15th 2022) - TopDanmark
Location: DIS - Vestergade 23 - 14:50 – 17:45, Classroom: F24-206
1. Read the SPOTLIGHT (page 15-17) about The Operating Principles For Impact Management: IFC - Growing Impact, 2020
2. Prepare 3 questions for Andreas Stang @ TopDanmark (Company Visit) and enter them into the Assignments.
Class 11 (Tuesday November 22th 2022) - London Prep
Location: Boulebar - Nørregade 18, 1165 København
We will meet at BouleBar for Social gathering, playing Petanque and have a drink, before our study tour.
We will meet latest at the Boulebar at 15:15 - get a drink and we will start playing petanque at 15:45 - 17:15 and hereafter we will say goodbye around 17:30.
Petanque Groups:
Class 12 (Tuesday November 29th 2022) - Group Assignment
Location: DIS Room
Class 13 - (Tuesday December 06th 2022) - Group Exercise - 2:50PM - 5:45
Location: DIS Classroom
1. Working on group project:
Class 14 - (Wednesday December 07th 2022 08:30 - 12:30 CET) - Danske Bank
Location; Danske Bank, Lyngby -
1. Visit Danske Bank ESG website - LINK
2. Prepare 3 questions for Mads Steinmüller @ Danske Bank (Company Visit) and enter them in Video-Ask here.
Class 15 - (Tuesday December 13th 2022) - Group Exercise
1. Presentations of group projects.
Further readings:
Chapters from textbooks
Reports
GIIN - Annual Impact Investor Survey, 2020
GIIN - Roadmap for the Future of Impact Investing, 2018
GSG - Investing for A Better World, 2018
Pre-requisites
There are no pre-requisites for this course. No prior knowledge of finance is needed.
Field Studies
Field studies form an integral part of the course to support our understanding of how investing for impact and change is done in practice. During the semester, we will meet several actors that are working with the topic on different levels. The aim is to understand the complexity of impact investing through different perspectives. The field studies this semester will be Nordic Fintech Week (September 28th 2022 ) and visit Danske Bank's HQ and understand their Sustainability ESG approach (December 7th 2022)
Approach to Teaching
The class will meet once a week during the semester. Assigned readings, company visits and student presentations will act as background for class discussion. This course relies heavily on reading in order to gain a deeper understanding of varying case studies we will discuss. Assigned texts must be read before class.
Organisations in and around Copenhagen will serve as case studies to illustrate the potential of investing for impact and change. Moreover, group work is essential following real life working scenarios.
Expectations of the Students
This course is not a traditional lecture class, but relies heavily on class discussion and group work, informed by an in-depth, critical reading of the assigned texts. The readings for each class have purposely been kept to reasonable amount and it is expected that all students have read, seen, or played the material prior to the lectures.
We expect you to fully engage in the lectures, participate actively in discussions, and be open minded about your fellow students' points of view. Your overall grade will be depending on an engaged, informed, and highly active participation in class discussion.
Evaluation
| Grading element | Available points |
| Class participation | 20 points |
| Mid term quiz | 20 points |
| Individual learning journal | 30 points |
| Impact investing deal group project | 30 points |
| Maximum points available: | 100 points |
Class participation
Participation will be evaluated by the extent to which students attend classes, actively engage in class discussions, contribute to workshops, and critically reflect on the assigned readings. You are expected to bring your reading notes as well as questions to class. The reading required is the one going beyond finding information, or identifying main ideas. It will ask you to dig deep to identify meaning, relationships between ideas, and to challenge yourself finding your own response to these ideas, and its impact to the world around. Such response involves analysis, synthesis and creativity. You are encouraged to bring your own experiences into the discussions.
Individual learnings and reflections
During the semester you will take in a great deal of information, and in order to comprehend and reflect further on this information, you will reflect on your learnings each week. The format of the reflection will differ from week to week. Your reflections will be evaluated by the end of the semester.
Mid term quiz
Multiple choice with questions from the topics covered in the course.
'Impact investment' group project
In the end of the semester you will develop an impact investment project with your group. To develop this project you will use the knowledge gained during the course and present the project to the class who will assess your presentation and ask critical questions. More information on the project will follow.
Academic Regulations
Please make sure to read the Academic Regulations on the DIS website. There you will find regulations on:
DIS - Study Abroad in Scandinavia - www.DISabroad.org
Course Summary:
| Date | Details | Due |
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