Course 2022-2023 in Sustainable Finance

1114 Pages Posted: 30 Jan 2023 Last revised: 13 Apr 2023

See all articles by Thierry Roncalli

Thierry Roncalli

Amundi Asset Management; University of Evry

Date Written: January 27, 2023


These lectures notes have been written for the course in Sustainable Finance given at the University of Paris-Saclay. The slides cover the following topics: (1) Introduction, (2) ESG Investing, (3) Impact of ESG Investing on Asset Prices and Portfolio Returns, (4) Equity Portfolio Optimization with ESG Scores, (5) Sustainable Financial Products, Impact Investing & Engagement, (6) Global Warming & Climate Change, (7) Economic Modeling of Climate Change, (8) Climate Risk Measures, (9) Transition Risk Modeling, (10) Portfolio Construction with Climate Risk, (11) Equity and Bond Portfolio Optimization with Green Preferences, (12) Physical Risk Modeling, and (13) Climate Stress Testing and Risk Management.

Keywords: Sustainable finance, ESG Risk, Climate Risk

JEL Classification: G1, Q5, Q01

Suggested Citation

Roncalli, Thierry, Course 2022-2023 in Sustainable Finance (January 27, 2023). Available at SSRN: or

Thierry Roncalli (Contact Author)

Amundi Asset Management ( email )

90 Boulevard Pasteur
Paris, 75015

University of Evry ( email )

Boulevard Francois Mitterrand
F-91025 Evry Cedex

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