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 Council, 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.