Climate Strategies in BRICS

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A New Project Laboratory of Climate Finance within the Master of Business Analytics Programme Started Functioning at School of Finance

Practice-oriented master’s programmes available at School of Finance now offer a new unique field of study that opens up promising career paths for graduates: Climate Finance.

The Climate Finance course is taught starting from the third module of the master's programme in Corporate Finance. Aleksei Bogomolov – an external expert, Director for Development of Partnership Programs of the Institutional, Corporate and Important Private Client Department at RSHB Asset Management LLC, who participates in the work of the BRICS Business Council – made an invaluable contribution to the development of the course and engaging professional specialists from this emerging field.

Aleksei Bogomolov also lent his assistance in launching the Climate Finance Project Laboratory which started operating on 16 February 2026 as a part of the Master of Business Analytics programme. Project laboratories offered by this programme are unique in themselves as they bring together professional business experts and 1^st and 2^nd year students studying the programme to work on focused practical topics for several months. Now a new laboratory has been added to them which studies a unique topic necessary in Russia: the way the future financial experts should address climate risks and develop new classes of decisions in corporate finance policies.

Applied research is focused on practical classes (laboratory practicals, workshops, master classes) dedicated to corporate climate finance, obtaining skills in this area and achieving leadership in the study of the specifics of financial and investment processes in the circumstances of climate change, adaptation and containment of global warming, financing and investment in the growth capital markets, primarily in BRICS, SCO, EAEU and ASEAN countries. The science and educational component of the laboratory established by Aleksei Bogomolov consists in availability of climate finance experts with recognized international experience. We consider the new laboratory as a platform that enables students to systematize and analyze the best practices of BRICS and to train the project processing skills. The results will be used in master’s theses as well as lay the excellent groundwork for a collection of case studies on climate finance implementation cases and for papers on this topic for the electronic academic Journal of Corporate Finance Research issued by HSE. After the launch of the course and laboratory Aleksei Bogomolov’s enthusiasm and extensive professional contacts enable School of Finance and graduates to create new partnerships promising for career-building in the sphere of climate finance. The laboratory is focused on developing international ties with HSE University faculties, university centers and laboratories which study corporate climate finance solutions; development of negotiation skills on the climate agenda and climate finance and participation in the BRICS Business Council, business forums and UN conferences on climate change, desertification and biodiversity.

The Climate Finance course and the Climate Finance laboratory continue educational and scientific-and-research developments of HSE University on the climate agenda.

School of Finance Launches a New Course of Climate Finance for Students of the Corporate Finance Master's Program

On 23 January 2026 School of Finance of the Faculty of Economic Sciences at HSE University in Moscow was the first to start in Russia, CIS countries, Eastern Europe and BRICS a new course named Climate Finance for 2^nd year students of the Corporate Finance master’s programme. The course was launched by I. Ivashkovskaya, Doctor of Sciences in Finance, Tenured Professor, Head of School of Finance and Head of Corporate Finance Center at HSE University; M. Yulkin, founder and CEO of CarbonLab LLC; A. Bogomolov, Head of the Responsible Financing and Investment Products Workshop in School of Finance at HSE University and an expert of the BRICS Business Council; and P. Nosko, Candidate of Sciences, Associate Professor of School of Finance, an expert of the Laboratory for Climate Change Economics at the Institute for Economics of Natural Resources and Climate Change, Faculty of World Economy and International Affairs.

In the past decade climate finance has become a leading area in finance and investment. The reason is the need for urgent action and funding for the projects aimed at adaptation and mitigation of the negative consequences of climate change and global warming caused by scientifically grounded (Roshydromet, IGCE, IPCC) anthropogenic greenhouse gas emissions. In case of Russia this is related to implementation of the Climate Doctrine and transforming the economy into a low-carbon one, joint actions and harmonization of approaches to the climate agenda in BRICS, SCO, EAEU, ASEAN and G20, as well as the Russian Federation obligations under international treaties including the Kyoto Protocol and Paris Agreement, training of climate finance specialists.

The Climate Finance course was commenced (early 2024) and formalized (December 2025) by A. Bogomolov, Head of the Climate Finance Workshop in School of Finance. He possesses extensive and deep cross disciplinary knowledge in the natural and financial-economic sciences, teaching experience in leading financial and economic universities, research establishments and scientific technical establishments in Russia, developing and implementing new responsible financing products and investing in complex climate change adaptation projects jointly with international organizations, more than 30 years of experience in leading positions in large Russian and international banks and non-bank financial institutions. Aleksei Bogomolov was the first to offer and launch in Russia ESG exchange-traded funds based on Russian Union of Industrialists and Entrepreneurs-MOEX indices in 2020-2021. As an expert in the area of ESG/climate agenda, he continues to develop innovative investment products targeted at mitigation and adaptation to the negative consequences of climate change at RSHB Asset Management, Working Group on Financial Services of the BRICS Business Counsil, the Russia-ASEAN Business Council and the SCO Business Council. Aleksei is an active expert of the CSR and SD Committee of the Russian Union of Industrialists and Entrepreneurs, the ESG-Banking Project Group of the Association of Banks of Russia, and the Russia − United Nations Development Program partnership.

The course is aimed at advance in new cross disciplinary knowledge and training of top requested specialists:

in climate finance − for companies and financial institutions which develop decarbonization business strategies and innovative financial and investment instruments;
in climate financial engineering consulting of organizations and companies on sources and types of financial and investment products in order to implement projects for climate change containment and adaptation;
for organizations and agencies which develop cooperation with partners in Russia and in BRICS, SCO, EAEU and ASEAN;
international negotiators for conferences of the parties related to climate change, biodiversity etc.

The academic staff comprises leading specialists from regulatory bodies and agencies which represent the Russian Federation at international forums dedicated to combating climate change and global warming, practicing experts from leading Russian companies and financial institutions and teaching staff from School of Finance at HSE University. In 2026 lectures on the Climate Finance will be delivered by invited specialists from CarbonLab, RSHB Asset Management LLC, Working Group on Financial Services of the BRICS Business Council, Carbon Zero LLC, FBK Group and KEPT Group. Laboratory classes will be given by specialists from Polyus, Severstal, PhosAgro, Moscow Credit Bank, Ecopolis etc.

The Climate Finance course continues educational and scientific-and-research developments of HSE University on the climate agenda.