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Climate change will have a profound impact on countries and economies. Businesses, small and large, are affected; investors face increased risks, something also observed by the insurance industry.

Governments are required to respond too, and do so in different ways: they provide adaptation planning and some (often public) infrastructure, but they also play a key role in providing a policy environment that facilitates the response measures by all stakeholders in the economy. Essential for this course is that most of these response measures – adaptation measures - require investment. There is a tremendous spectrum from small enterprises to corporates up to larger private or public infrastructure projects seeking climate adaptation finance.

What Do We Offer?

  • An interactive e-learning course including video lectures, PDF scripts, practical exercises, online tests and case studies.
  • A discussion forum for course related issues as well as for exchange of opinions and experiences with your classmates and tutors.
  • Personalized support from your FSDF e-Campus Team.
  • The possibility to achieve a Frankfurt School certificate after passing the final exam or a confirmation of course completion after completing the course.
  • An international network of institutions hosting our final exam all over the world.

Tuition Fees

Registration Date Fee
Before January 15, 2018 EUR 1,100
After January 15, 2018 EUR 1,300

Final exam fee: 50 EUR (to be paid directly to the final exam host).


  • 10% group discount (for 5 or more participants working for the same instutiton)
  • 10% for FS Alumni
Payment Options
  • Bank Transfer (bank fees to be coverend by the participants)
  • Credit Card
  • PayPal

Payment in instalments is unfortunately not possible.

Travel related costs for taking the final exam have to be covered by the participants individually.

Target Audience

This course 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 many facets of, and perspectives on, climate adaptation finance. Pre-experience in (mainstream) banking and finance is therefore helpful but not required.


The course takes 6 months assuming 5-7 hours of self-study per week. It consists of 11 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

If you wish to be certified by Frankfurt School, you have to take the final examination at the end of the course.


The next course intake will start in March 2018. Registration will open in December 2017. Please subscribe to our mailing list for updates on opening of registration and other news.

Course Details

Course Objectives

This course will help you to understand the many facets of, and perspectives on, climate adaptation finance – which is not and shall not be limited to grant funding. An overview of how financing typically takes place in different adaptation related projects will form the basis for discussions about why finance is flowing towards adaptation projects in some cases whereas in other situations commercial adaptation investment is inhibited. The different perspectives of businesses, investors and policy makers on adaptation will be given. This will support the participants to reflect on appropriate policy interventions to facilitate adaptation and to identify funds from various sources available to implement required measures globally.

At the end of the course, the knowledge gained will be applied to a number of real world examples of adaptation projects.

Suggestions & Recommendations

This course is designed so that you have the flexibility to decide on the timing and pace of your learning experience. However we will provide you with recommendations for your 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 a guideline for your personal learning schedule and will help you 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 for the final exam.

Networking Opportunities: Use the forum to introduce yourself to your peer participants and to start interest discussions.

Unit 1: Introduction

In this unit you will receive an introduction to climate change and its physical impact. It will also provide an overview of typical adaptation activities, measures and approaches.

Unit 3: Adaptation: A Stakeholder Overview

This unit introduces the main stakeholders, how they are differently affected by climate change and the role they might play in the adaptation process. The main stakeholders are governments & policy makers, corporates as well as insurance and investors, e.g. banks.

Unit 5: Fundamentals and Sources of Finance

This unit introduce participants to the basics of project finance. It also provides a broader overview of which sources of financing that can be used for climate adaptation projects.

Unit 7: The Business Perspective of Adaptation Finance

Businesses will have to make their decisions against the background of a changing climate. They have to form expectations about their future business environment and at the same time have to account for uncertainty related to climate change. This will feed into their cost-benefit considerations.

Unit 9: The Insurance Perspective on Adaptation Finance

The insurance industry plays different roles in climate adaptation. Demand for new / climate related risk insurance may increase. At the same time appropriate pricing of those insurances within a changing climate is a challenge. The second role of the insurance industry is the one of an investor in the capital markets, were the financial characteristics of a portfolio of adaptation investments are relevant.

Unit 2: Defining Adaptation: The many Faces of Climate Adaptation

Adapting economies and societies across the globe to the changing climate essentially means a broad structural change. This unit will discuss different definitions of adaptation and adaptation projects. It will also provide options to characterize adaptation projects.

Unit 4: International Climate Politics

Unit 4 will provide a broad understanding of the main milestones in international climate change policy up to now, including both mitigation and adaptation policies.

Unit 6: Overcoming Barriers to Adaptation Finance

This unit examines barriers to financing adaptation projects, reasons that inhibit financial flows to adaptation. The results are used for identifying public support instruments which policy makers and public finance institutions can use to try to overcome these barriers.

Unit 8: The Investors' Perspective on Adaptation Finance

The consequences of climate change for existing businesses or new business models will naturally translate into the investors’ perspective. Risk may have to be reconsidered. New risks will be identified and integrated into risk management procedures. In this context the unit also covers aspects such as carbon stress-testing, reporting and divestment.

Unit 10: The Role of Adaptation in the Overall Policy Mix

Based on what has been developed up to this point in the course, this unit will describe main building blocks of adaptation related policies and develop guidelines for designing such policies. Two prominent political policy goals in the adaptation context are:

  1. Compensation of those who are negatively affected
  2. Facilitating an efficient structural change

The unit discusses approaches to integrate both concerns into the policy mix.

Unit 11: Real-World Case Analysis

The last learning unit use the project perspectives to connect the knowledge accumulated in the course to real world case studies.  Detailed information about real adaptation projects, their problems and solutions, supported by step by step instructions from the trainers, will guide the participants and anchor the new theoretical framework for climate adaptation finance in actual results.

Course Lecturers

Silvia Kreibiehl

Silvia Kreibiehl is Head of the Frankfurt School - UNEP Collaborating Centre for Climate & Sustainable Energy Finance (the Centre) at Frankfurt School of Finance & Management.

Mehr Weniger

In her role as Head of the Centre Ms. Kreibiehl has overall responsibility for all international Frankfurt School consultancy projects in the area of climate and sustainable energy finance. Ms. Kreibiehl is in charge of project acquisition and management, in particular quality management. She is also directly involved in selected projects. Ms. Kreibiehl led the team which developed the concept for the REPP (Renewable Energy Performance Platform) project on behalf of EIB focusing on financing gap assessments as well as the design of new and the modification of existing guarantee instruments.

She is also leading applied research efforts particularly with regard to the role of local investors in climate finance. Ms. Kreibiehl is a contributing author of the Fifth Assessment Report (AR5) which was published by the Intergovernmental Panel on Climate Change (IPCC) in 2014.

Before joining the Centre Ms. Kreibiehl worked for Deutsche Bank (DB) for 17 years, with 10 years in corporate finance (Equity Capital Markets and Mergers&Acquisitions), in particular in the RE sector. She also worked for 4 years on double bottom line investment opportunities and respective transaction structures in developing countries. She was the lead analyst at Deutsche Bank for the GET FiT concept and was responsible for DB’s shareholding in the Desertec Industrial initiative.

Prof. Dr. Ulf Moslener

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.

Mehr Weniger

He represented Germany in the UN Standing Committee on Climate Finance for 2,5 years. In the past, he was Deputy Head of the Department of „Environmental and Resource Economics and Environmental Management“ at the Centre for European Economic Research (ZEW) in Mannheim, Germany. His main research areas were international climate policy, the analysis of carbon regulation, carbon emissions trading, and policy instruments to promote renewable energy. He led a number of research projects, e.g. on behalf of German Federal Ministries or the European Commission. Thereafter he joined KfW Development Bank, where he was dealing with the practice of financing renewable energy and energy efficiency in developing and newly industrialised countries within the German development co-operation. Ulf Moslener holds a Diploma in Physics and a PhD in Economics from the University of Heidelberg.

The FS-UNEP Centre

The content of this course was developed by the Frankfurt School - UNEP Collaborating Centre for Climate & Sustainable Energy Finance ( 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.

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