Sustainable Finance

July 13-July 17, 2026 in Amsterdam

Faculty 

Remco Zwinkels is Professor of International Finance and head of the Finance Department at the Vrije Universiteit Amsterdam. His main research interest lies in the field of sustainable and behavioral finance, and expectation formation in particular

Rex Wang is an Associate Professor of Finance at Vrije Universiteit Amsterdam. His research interests include behavioral finance, corporate finance and governance, and ESG investing.

Marco Ceccarelli is a tenure-track Assistant Professor of Finance at the Vrije Universiteit (VU) Amsterdam, with specialisation in sustainable and climate finance, focusing on investments.

Meet the Lecturers

Course

In today’s rapidly changing world, the intersection of finance and sustainability has never been more important. The global challenges we face—climate change, social inequality, and resource depletion—are reshaping how businesses, governments, and investors think about long-term growth and success. The financial industry plays a key role in tackling these issues. Sustainable finance integrates financial decision-making with environmental, social, and governance (ESG) considerations to create value not just for investors, but for society and the planet as well.

Throughout this course, we will explore how finance can be leveraged to promote sustainability across various sectors. We will dive into topics such as asset pricing, responsible investing, green bonds, impact investing, and the growing role of ESG metrics in corporate and financial decision-making. You will also gain insights into the tools available to finance professionals to drive positive change while still achieving financial returns.

By the end of this course, you will have a solid understanding of the principles, strategies, and practices of sustainable finance and how to apply them in real-world situations. Whether you are an academic, investor, financial professional, or just passionate about creating a more sustainable future, this course will equip you with the knowledge and skills to navigate the evolving landscape of sustainable finance.

Let’s get started on this journey toward a more sustainable, equitable, and prosperous future!

Topics

This summer school focuses on the role of finance in addressing the global challenges we face today, with an emphasis on climate change. The main participants (asset managers, bankers, corporate decision-makers, and regulators) and the main financial assets (equities and debt) will be considered.

The course starts with a study into the asset pricing implications of sustainability. What are the main return drivers of equities, and how do sustainability factors contribute to this puzzle? The consequences of sustainability factors in terms of emission reductions will also be studied.

Then, the focus shifts toward asset managers and corporate decision-makers. How can asset managers incorporate sustainability into their portfolio optimization process? What are the tradeoffs between climate risk exposure and diversification loss? These questions build on the aforementioned asset pricing insights, but also on the ‘willingness to pay’ of investors. Then, an open question is how corporate decision-makers can or should respond to the sustainability quest. We will also discuss how shareholders’ sustainability preferences can influence firm behavior.

Finally, the summer course moves towards debt markets. Several sustainable financing options are offered, but the question is what they exactly entail for both the investor and the issuer, and what their ‘additionality’ is in terms of sustainability. In addition, here we will focus on physical climate risks, which we typically see to be most important in bond markets.

Apart from the sustainability content, participants will work on both qualitative and quantitative assignments in which they encounter the main trade-offs in the sustainable finance realm themselves. 

Schedule

Throughout the summer school, we will touch upon all major players and issues in sustainable finance:

• Day 1: Asset Pricing implications of sustainable investments (Zwinkels)
• Day 2: Corporate sustainability (Ceccarelli)
• Day 3: Delegated asset management and sustainability (Ceccarelli)
• Day 4: Fixed income markets and sustainability (Wang)
• Day 5: Fixed income markets and sustainability (Wang)

The structure of each day is the same, combining lectures with practical applications at the end of the day:

• 10:00-11:00: Lecture
• 11:00-11:15: Break
• 11:15-12:30: Lecture
• 12:30-14:00: Lunch break
• 14:00-15:15: Lecture
• 15:15-15:30: Break
• 15:30-17:00 Workgroups

Level

The Summer School welcomes advanced master's students, PhD students, postdocs, and practitioners interested in learning more about sustainable finance.

Admission requirements

A basic knowledge of finance and statistical methods is required to be able to appreciate this summer school to the fullest.