Sustainable Investing at TUM Campus Heilbronn

Art des Abschlusses: 
2 blocks of 2 days each + introduction
berufsbegleitendes Studium
Akademische Weiterbildungsangebote ohne formalen Abschluss
Allgemeine Zugangsvoraussetzungen: 
Keine Zugangsvoraussetzungen
Prof. Dr. Gunther Friedl

For investors looking ahead

Sustainable investing is one of the strongest trends in finance for both institutional and private investors. Sustainable investments concern both equity instruments like shares and debt instruments as well as green bonds or incentive loans. In addition, the management of investment and credit risks that are related to ESG criteria is playing an increasing role for financial institutions. This trend is not only driven by social developments, but is also strengthened by political measures at European and national level. Parts of this are anchored in the European Green Deal for example, which aims to create a climate-neutral Europe by 2050. Other factors, particularly relevant for the financial sector, relate to measures and targets of the EU Action Plan 2018.

In addition to ecological aspects of sustainability, social and governance-related aspects are currently coming into focus for investors. Various reputational and financial scandals have also made investors aware of the importance of correctly assessing and implementing corporate sustainability. In addition to an understanding of the assessment of operational sustainability structures in the company, the examination of governance structures is therefore of central importance.

The certificate program Sustainable Investing therefore presents the special features, opportunities and risks of sustainable investments in a detailed and practice-oriented manner at a scientific level. In a well-rounded program, strategic and product-specific as well as regulatory aspects of sustainable investing are explained in a way that participants can easily understand. 

On a basis of a comprehensive understanding of corporate sustainability, participants gain knowledge about creating investment strategies tailored to sustainability, meeting reporting obligations in the area of ​​sustainability, managing sustainability risks and advising clients on the sustainability characteristics of their investments.



Why this program?

The program comprehensively conveys the special features, opportunities and risks of sustainable investments. Through the cooperation with the DVFA, participants are not only taught the scientific background, but also the practice-oriented methods for the evaluation and analysis of investments. Participants learn to create investment strategies tailored to sustainability, to comply with reporting obligations in the area of ​​sustainability, to manage sustainability risks and to be able to advise clients on the sustainability characteristics of their investments.




Introduction to Sustainable Development and Sustainable Investing
Explanation of the concept of sustainability and its historical development, presentation and significance of the UN-SDGs as well as other current political initiatives and strategies.


Sustainable strategy and reporting
Presentation of different models of sustainable corporate management (stakeholder value approach; consideration of materiality aspects (“materiality”)), as well as explanation of the framework conditions of sustainability reporting; regulatory aspects arising from the Taxonomy Regulation and the Non-Financial Reporting Regulation are also considered.


Sustainable governance
Consideration of the relevant governance elements to ensure sustainability strategies. International comparison of governance systems. Consideration of the relationship between governance and sustainability effectiveness, including presentation of the DVFA governance scorecard.


Sustainability Ratings and Labels
Overview of existing ESG ratings and labels and their relevance. The focus is on a comparison of the different ratings, especially against the background of the materiality of sustainability in different industries and for different classes of companies (eg size, legal form, etc.).


Sustainable financial products
Presentation of various asset classes and sustainable financial products (equity and debt) in a market overview. The focus is on green bonds, social bonds and incentive loans, among others.


Regulatory Framework for Sustainable Investments
Presentation of the relevant national and international regulatory framework based on the EU Action Plan 2018, Taxonomy Regulation, Shareholder Rights Directive, etc.


Investment strategies for sustainable investments
Presentation of the various investment strategies with regard to sustainable investments: exclusion, screening, ESG integration, impact investing, etc. Also presentation of the DVFA stewardship guidelines and comparison with international guidelines.


ESG performance and risks
Addressing the management of risks arising from environmental, social and governance factors. Different methods of risk measurement and management (e.g. scenario analysis, sensitivity analysis, simulations, etc.) are presented.


Investors' sustainability preferences
This module explains the importance investors place on sustainability. This includes: Relationship between fund volume/growth and sustainability and causal evidence; trade-off between returns and sustainability from an investor's perspective, impact of sustainability on flow performance relationship, importance of certain sustainability criteria, separation between institutional and retail investor preferences.


Benötigte Vorkenntnisse: 




The program is designed primarily for financial, investment and retail advisors, analysts, credit, corporate and risk management advisors, corporate finance, treasury, investor relations and foundation staff, and executives.