This e-learning course is developed and implemented jointly with the Frankfurt School - UNEP Collaborating Cente.
The Paris Agreement marks the beginning of a new era with the focus shifting from finding a consensus on the common goals to realising jointly agreed goals. “Making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development” (Article 2 c of the Paris Agreement) will require a significant increase in funding – with new instruments and approaches required to mobilize a broad range of investors and to achieve scalability in financing climate action. Financing the global energy transition will be one key building block.
Decreasing prices for renewables combined with increasing regulatory risk for traditional fossil fuels make Renewable Energy (RE) more competitive and attractive for commercial investors.
What Do We Offer?
|Before Jan 15, 2024
|After Jan 15, 2024
|Before Feb 15, 2024
|After Feb 15, 2024
Package (e-learning + classroom)
|Before Jan 15, 2024
|After Jan 15, 2024
Final exam fee: An additional final exam fee will be charged for the second and third final exam attempt.
Payment in instalments is unfortunately not possible.
*Subject to change
This course has a clear focus on finance and is suitable for both public and private sector practitioners, including entrepreneurs, project developers, private investors, initiator/fund houses, international development finance consultants and managers, plant operators and manufacturers, engineers and advisory professionals (e.g. law firms, business and tax consultants). Other interested parties, such as academics in relevant fields, are of course also welcome to register to the course.
The course aims to explain the specifics of climate and renewable energy finance. Pre-experience in (mainstream) banking and finance is therefore helpful but not required. Participants without basic knowledge in finance should accommodate for additional study time.
The course takes 6 months assuming 5-7 hours of self-study per week. It consists of 10 units which build upon each other. You will take the units in sequence and will need to pass an online multiple choice test before accessing the next unit.
The last unit includes a case study that has to be submitted on a fixed deadline.
You are not sure if you manage to complete the course within 6 months? No worries! You can apply for a course extension (6 more months) against an administrative fee.
|Jun. 1 - Sept. 1
|by Jul. 15
|Dec. 1 - Mar. 1
|by Jan. 15
All our courses contribute to the following SDGs
This course will enhance your knowledge in the following SDGs. The SWA offers professional and executive courses dedicated to the advancement of the UN Sustainable Development Goals (SDGs).
Climate Change is high on the agenda of governments across the world. The structural change of the global energy system is already under way with annual investment in power generation based on renewables at almost the same level as investment in power based on fossil fuels.
This course will help you understand the different perspectives on financing climate and RE projects:
The course will conclude with an excursus covering the additional perspective of financing energy efficiency projects.
Suggestions & Recommendations
This course gives you the flexibility to decide on timing and pace of your learning experience. However, we will provide you with recommendations for you to take as much as possible from this course.
Your Schedule: We will provide you a course schedule including voluntary and mandatory deadlines. The course schedule serves as guideline for your personal learning schedule and will help you to complete the programme within the given time frame.
Exercises: Even though the exercises in the script are not mandatory we strongly advise that you use them as an opportunity to check your knowledge and to prepare yourself for the final exam.
Networking opportunities: Use the forum to introduce yourself to your peer participants and start interesting discussions.
Unit 1: Introduction
Unit 1 provides an introduction to basic concepts of climate change science such as weather, climate, the greenhouse effect, main causes and elements of anthropogenic (human caused) climate change. To prevent dangerous climate change, not only individual climate protection measures are required. This unit discusses challenges and opportunities for economies due to climate change from an economic perspective and the dynamic interplay of climate politics, business and finance. Following, the state-of-the-art of climate policy and what do these goals imply for concrete acting are presented. The section concludes with a discussion about the increasing urgency to act now!
Unit 3: Basics of Finance and Investment
Unit 3 introduces the basics of finance and investment for assessing the financial viability of investments into climate or renewable energy projects. The unit informs on the basics of looking at business models, introduces key indicators such as NPV, IRR and WACC and provides the basics of capital structures including debt and equity instruments.
Unit 5: Business Models for Renewable Energy
There is a broad range of business models across RE technologies and across different countries. This module unit will introduce the most relevant business models for large-scale centralized such as a multi-megawatt wind park and small-scale decentralized renewable energy projects such as a community-based mini-grid PV plant. This unit will help you understand the different business model parameters according to project scale and e.g. revenue models, ownership structure and value proposition and will link to the financing perspective.
Unit 7: The Universe of Climate and RE Investors
Different investors and intermediaries have very different investment strategies, level of risk appetite, return expectations and investment horizon. Crowding in the right investor for a project is essential to ensure their long term involvement and the required scale up of investment volumes. Unit 7 will familiarize you with different types of investors and financial intermediaries and improve your understanding of their decision-making criteria and process.
Unit 9: Applying Knowledge in Practice: Financial Modelling
Building on your knowledge gained in the previous units, unit 9 will teach you how to build a simple financial model for a renewable energy project in EXCEL. With the help of our experts you will project operating and investing cash flows and derive a possible financing structure. Once we have built this model you will also learn how to calculate key ratios and how to perform a sensitivity analysis.
Unit 2: Overview on Climate Finance
The term “Climate Finance” has not been clearly defined so far and there is no common understanding about the financing flows which should be included or not. The term has been used in a narrow sense to refer to transfers of public resources from developed to developing countries, in light of their UN Climate Convention obligations to provide "new and additional financial resources," and in a wider sense to refer to all financial flows relating to climate mitigation and adaptation.
Financing renewable energy projects is a crucial but not the only element of climate finance. Unit 2 focuses on a description of financing needs in climate change in the area of mitigation and adaptation across sectors, financing sources and instruments. It shows the relevance of RE in terms of scale and contribution to climate finance and will discuss the role of climate risk assessment in the mainstream business.
Unit 4: The Role of Regulation and Support Frameworks
While levelized costs of electricity from many renewable energy technologies have decreased significantly over the past years, financial viability still requires some level of public sector intervention in many applications. Unit 4 explains why markets alone might fundamentally not be able to trigger renewable energy investment in a way necessary to mitigate climate change and which barriers can prevent renewable energy investments.
The unit will also familiarize you with typical support mechanisms available across different countries that can be used to overcome barriers the way they work and their effects on the financial viability. We will also introduce the role of donors and the instruments they can use to address (in particular financial) barriers to renewable energy investments.
Unit 6: Technical Knowledge on RE Technologies and Electricity Markets
Unit 6 introduces the physical basics of energy, some basics of the functioning of electricity markets and the basics of renewable energy based electricity generation technologies. This understanding is crucial to properly assess key technology risks that can substantially influence a renewable energy project’s financial viability.
Unit 8: Financing Structures, Financial Instruments and Donor Interventions for RE Projects
Unit 8 is about project finance structures and donor intervention for supporting renewable energy development. You will be familiarised with the private sector investors’ and commercial lenders’ perspective on the different risks and barriers a project faces and at what stage of the project these risks occur. We will also introduce you to the different financing structures and the key differences between corporate and project finance.
Unit 10: Excursus – Financing for Energy Efficiency
Energy efficiency plays a crucial role in climate change mitigation. Massive energy efficiency potential exists in the residential sector but also in the commercial/industrial sector and transportation. Often, required investments are relatively small and are paid back in relatively short timeframes. Therefore, energy efficiency projects are often characterized as the “low hanging fruits”. This Excursus will introduce existing and innovative financing structures for the dominating energy efficiency opportunities.
*Subject to change
The flexibility of our courses offers you the opportunity to follow your own schedule and to combine daily work with professional development.
The high quality offered will immediately improve your daily job performance as well as the performance of your institution.
Each unit ends with an online test comprising a set of 10 - 15 multiple choice questions. Only after having successfully completed an online test you will gain access to the next unit.
A PDF script is for most of our courses the main studying material. This reading material provides basic concepts and principles applicable to the subject of each unit.
The key to successful learning is the immediate use of newly acquired knowledge and the transfer of theory into practice. Our online courses are therefore supplemented by mandatory assignments.
A course discussion forum enables the interaction between participants and trainers and facilitates the exchange of experiences as well as possibilities to ask questions or get clarifications.
Passing a final examination is a requirement for obtaining your certificate.
If you do not wish to take the final exam, you will receive a confirmation of course participation after completing the course.
The e-learning course units are complemented by two elective classroom training days at Frankfurt School in Frankfurt, Germany. These days provide the opportunity for participants and trainers to meet in real life for reflection, discussions and deep dives into current trends as well as tailored training sessions.
The next classroom training will take place on the 27th and 28th of June 2024 at Frankfurt School Campus (Frankfurt, Germany). Teaching language will be English, depending of the composition of the participants. Concrete dates will be set in due course.
Below you find the tentative agenda of the 2-day-training. All sessions take place at Frankfurt School's new Campus, Adickesallee 32-34, Frankfurt am Main, Germany.
* Subject to change.
Dr. Christine Grüning is an economist with focus on climate policy instruments and international relations. Between 1999 and 2004 she studied International Business Administration at the European University Viadrina Frankfurt (Oder).
She received a Bachelor in Financial Studies from Manchester Metropolitan University (UK) in 2002 and a Maestria de Dirección de Empresas (MBA) from the Universidad Católica de Códoba (Argentina) in 2004.
Prof. Dr. Ulf Moslener is professor for Sustainable Energy Finance at the faculty of Frankfurt School. As Head of Research at the Centre his current fields of research are the economics of climate change, financing sustainable energy systems and climate finance. He represented Germany in the UN Standing Committee on Climate Finance.
He is a board member of the newly founded Green and Sustainable Finance Cluster Germany, which support the process of transformation to a green and sustainable economy through innovative and scalable support from the financial industry.
Ulf Moslener holds a Diploma in Physics and a PhD in Economics from the University of Heidelberg. After working at the Centre for European Economic Research (ZEW) in Mannheim, he joined KfW Development Bank in Frankfurt.
Since 1999 Jan G. Andreas is working in the banking sector and gained vast experience in various financial institutions where he specialized in financing of renewable energy projects. He is teaching at the Frankfurt School of Finance & Management and at the University of Applied Sciences Frankfurt.
During his assignment for the– Collaborating Centre for Sustainable Energy & Climate Finance between 2009 and 2013, he was heading the Competence Centre Sustainable Energy Finance and was co-responsible for the establishment of the Frankfurt School – UNEP Centre.
Since 2013 he was working as Vice President in the commercial division of KfW Bankengruppe (KfW-IPEX Bank) where he was responsible for acquiring and structuring renewable energy projects globally with a focus on the MENA region.
The content of this course was developed by the Frankfurt School - UNEP Collaborating Centre for Climate & Sustainable Energy Finance (http://fs-unep-centre.org/). The Centre is a strategic cooperation between Frankfurt School and the UN Environment programme. Its vision is to advance transformation to resilient low-carbon and resource-efficient economies by attracting new types of investors, in particular catalysing the financing of clean energy by the private sector. The Centre is UNEP’s major knowledge hub for climate finance related aspects.
Master of Leadership in Sustainable Finance
The Certified Expert in Climate & Renewable Energy Finance is an Elective Module of the Master of Leadership in Sustainable Finance. Join our Master programme after completing the CECRF course and waive one elective module. Also, the amount you paid for the course will be deducted from the final tuition fee of the Master programme.
Diploma in Green Finance
The Certified Expert in Climate & Renewable Energy Finance is part of the curriculum of our Diploma in Green Finance. Enroll in our Diploma after completing the CECRF course and waive one module. Also, the amount you paid for the course will be deducted from the final tuition fee of the Diploma.