Green Finance
Advancing Higher Education for Sustainable Growth in Southeast Asia
2025 - 2028
Advancing Higher Education for Sustainable Growth in Southeast Asia
2025 - 2028
The Green Finance project is funded by the European Union’s Erasmus+ Programme under the call ERASMUS-EDU-2025-CBHE-STRAND-2. It supports the EU’s Green Deal, the Sustainable Development Goals, and the Paris Agreement, focusing on accelerating the green transition in ASEAN countries.
Through a consortium of leading universities from Europe (Romania, Poland, Netherlands, Italy, Belgium) and ASEAN (Philippines, Thailand, Vietnam), the project builds the capacity of higher education institutions to deliver innovative curricula, teaching methods, and micro-credentials in sustainable finance and green investments.
By training at least 400 students through new Green Finance Micro-Credential Programmes and forging partnerships with the private sector (banking, insurance, and investment firms), the project contributes to the EU’s commitment to a just and circular economy, while strengthening long-term cooperation between Europe and ASEAN.
Climate change is adversely affecting the societies and economies of ASEAN Countries (the Association of Southeast Asian Nations), in particular those of the Philippines, Thailand and Vietnam. In 2023, the EU concluded significant steps in accelerating the green transition of the 3 countries through the Global Gateway and the Team Europe Initiative. Crucial for their green transformation is the ability of the educational system to provide the necessary knowledge, skills and competences for green jobs and green society. However, the current education system of Philippines, Thailand and Vietnam is not yet able to provide the skills required for green finance and green jobs. The objective of the Green Finance project is to contribute to the modernisation of the Higher Education system in enhancing the quality, relevance and responsiveness of HE in the Philippines, Thailand and Vietnam by building and reinforcing the capacity of research and teaching staff to modernise curricula, develop new and innovative teaching to address the challenges of socio-economic recovery, growth and prosperity in line with the Green Deal, Sustainable Development Goals (SDGs) and the Paris Agreement. At this purpose, the project will create tailored capacity building opportunities in sustainable investments, green finance and micro credentials for the universities’ staff. At the end of this pathway, each ASEAN university will integrate into its training offer a Green Finance Micro-Credential Programme validated with at least 400 students. Official agreements for students’ placement will be signed with external organisations engaged in green finance. As final result, Green Finance will accelerate the transition towards a just green and circular economy, also providing a regional approach in ASEAN and will promote the collaboration between HEIs and the private sector, in particular the finance, banking and insurance companies that are the largest employers requesting green skill
The Green Finance project is implemented by a strong consortium of universities and institutions from Europe and ASEAN, combining expertise in higher education, finance, sustainability, and policy.
Universitatea Lucian Blaga din Sibiu (Romania) – Coordinator - Diana Mihaiu
Uniwersytet Opolski (Poland) – Partner
Universiteit Twente (Netherlands) – Partner - Joerg Osterrieder
Università degli Studi di Siena (Italy) – Partner
Institut de Haute Formation aux Politiques Communautaires (Belgium) – Partner
Banking University Ho Chi Minh City – Partner
Banking Academy of Vietnam – Partner
Payap University – Partner
Walailak University – Partner
West Visayas State University – Partner
Ateneo de Manila University Inc. – Partner
Climate change negatively impacts ASEAN countries, particularly the Philippines, Thailand, and Vietnam. These nations are implementing ambitious reforms to achieve Sustainable Development Goals (SDGs) and green economic transformation. The EU, with its Green Deal, serves as a model for sustainable development; it informs the Multiannual Indicative Programmes of the EU for the 3 countries from 2021 to 2027 and supports their respective national strategies for a green society and economy: >Philippines: "National Climate Change Action Plan 2011-2028" >Thailand: "20-Year National Strategy (2017-2036)," "Thailand 4.0 Strategy," and "BCG Strategy for Bio-economy, Circular Economy, and Green Economy" >Vietnam: "Socio-Economic Development Strategy 2021-2030," "National Green Growth Strategy 2021-2030". In October 2023, the EU concluded significant steps in accelerating the green transition of the 3 countries, through the Global Gateway and the Team Europe Initiative >> The EU and Philippines signed a €60 million Green Economy Programme; >> Vietnam, the EU and the European Investment Bank signed a memorandum of understanding for the Just Energy Transition Partnership (JETP) based on a credit facility worth €500 million. This facility will finance projects supporting the green transition and implement Vietnam’s “Net Zero” strategy 2050. In the Philippines the first priority of the Team Europe Initiative is “Green, Resilient Economy and Green Jobs”. For Vietnam the Team Europe Initiative places as first priority the “Climate-responsive digital circular economy”. No Team Europe Initiative is yet defined for Thailand, nonetheless the Green Deal remain the anchor for any EU intervention. Within this framework, the Higher education must equip learners with "green skills for green jobs," as defined by Cedefop and the ILO, ensuring employment that benefits both people and the environment. Green jobs will drive economic development, with ASEAN projected to gain 15.3 million jobs and 6% GDP growth annually (2019-2045). A core element of the green transition in any country and context is the ability of the financial system to adequately serve the demand for financial services and products. This whole system goes under the term of “GREEN FINANCE” that is defined by the UN Environment Programme: Green financing is to increase level of financial flows (from banking, micro-credit, insurance and investment) from the public, private and not-for-profit sectors to sustainable development priorities. A key part of this is to better manage environmental and social risks, take up opportunities that bring both a decent rate of return and environmental benefit and deliver greater accountability. In the EU, Green Finance is also referred to as “sustainable finance” in support of “economic growth while reducing pressures on the environment to help reach the climate- and environmental objectives of the European Green Deal, taking into account social and governance aspects” Green finance plays a key role in driving the green transition, spanning all aspects of economic and social life, from household microfinance to corporate lending and public investments. It enables consumers to make responsible purchases, such as green mortgages for eco-friendly home retrofits, and helps households invest in better living conditions, like water and sanitation. Companies can adopt greener practices through loans for energy-efficient equipment, while governments can finance infrastructure that protects the environment and generates clean energy. Ultimately, finance is now a tool to support citizens, businesses, and the public sector in achieving sustainability. PROJECT RATIONALE Higher education in the Philippines, Thailand, and Vietnam lacks the capacity to provide green finance skills crucial for the green transition. The Green Finance Project aims to modernize HE by developing innovative curricula, adopting practice-based teaching methods aligned with European Green Deal principles, and equipping graduates with essential competencies for a net-zero economy. The project directly aligns with the Call Priorities, particularly in advancing the Green Deal. By fostering green finance education, it supports green transition, green jobs, and climate-neutral investments across all sectors. Furthermore, it strengthens regional cooperation in ASEAN and enhances public-private partnerships with finance, banking, and insurance sectors—the key employers requiring green skills. RELEVANCE TO THE CALL The Green Finance Project aligns with the Call's objectives by: >Improving HE quality and labour market relevance by equipping students with green finance knowledge critical for emerging job markets. >Enhancing skills and employability by addressing the green finance expertise gap in ASEAN HEIs. >Advancing teaching innovation through practice-based methodologies and interdisciplinary approaches. >Promoting HEI internationalization, fostering EU-ASEAN academic collaboration. >Strengthening institutional cooperation and transnational capacity building in green finance education. The project embeds EU values, fostering sustainability, human rights, and inclusive development. Its objectives are SMART, ensuring measurable outcomes aligned with Erasmus+ priorities. EU Values: Green Finance will uphold EU values through its implementation, ensuring respect for human dignity, freedom, democracy, equality, rule of law, and human rights while combating discrimination. It will act as an “operational ambassador” of EU values and promote the “European way of life” in Asia.
Raluca Sava – Project Manager; Associate Professor, expertise in project management and curriculum development.
Diana Marieta Mihaiu – Expert; Assoc. Prof., Head of Finance & Accounting, ESG investing and sustainable finance.
Alin Opreana – Expert; Assoc. Prof., sustainable finance, digital transformation, EU projects.
Liliana Bunescu – Expert; Assoc. Prof., public finance, taxation, environmental policy.
Marta Maciejasz – Senior Expert; Prof., finance and behavioral economics.
Bartosz Fortunski – Senior Expert; Asst. Prof., sustainable development, EU energy policy.
Robert Poskart – Senior Expert; Vice-Director, financial markets, cryptocurrency.
Joerg Osterrieder – Project Manager; Prof., sustainable finance, AI in finance, former COST Action Chair. Coordinator MSCA Digital Finance
Maurizio Pompella – Teaching Staff; Prof., banking, insurance, fintech, ESG.
Tiziana Gatti – Project Manager; EU Programmes Officer, Erasmus+ and mobility projects.
Ronald Weerdmeester – Teaching Staff; Founder, 30+ yrs EU project management, innovation.
Lorenzo Costantino – Project Manager; 25+ yrs international experience, SME development, ESG, fintech.
Nguyen Duc Trung – Project Manager; Acting Rector, banking & finance, research leadership.
Hoang Thi Thanh Hang – Senior Expert; Assoc. Prof., financial regulation, governance, microfinance.
Luong Thi Thu Thuy – Senior Expert; Dean, financial services, competitiveness, capital flows.
Toan Huu Bui – Project Manager; Assoc. Prof., economic law, banking markets.
Dung Viet Tran – Senior Expert; Assoc. Prof., corporate finance, Director of Banking Research Institute.
Hung Manh Pham – Senior Expert; Deputy Director, financial institutions, fintech, international teaching.
Michael Meallem – Manager/Staff; Co-founder of Center for Social Impact, sustainable business.
Waruth Kaosol – Manager/Staff; Director, Assets Management Office, finance and academia.
Vanlapa Wongchan – Senior Staff; Lecturer and Vice President for Planning & Finance, financial management.
Jintanee Ru-Zhue – Project Manager; PhD Economics, curriculum development, ESG management.
Neeranat Kaewprasert Rakangthong – Senior Expert; Dean, economics and sustainability.
Chawapong Nuisuk – Senior Expert; Lecturer, economic modeling, project feasibility.
Joselito F. Villaruz – Project Manager; University President, PhD in Educational Management.
Maria Corazon M. Samorin – Senior Expert; Dean, business management, cooperatives, community development.
Jasmin L. Vargas – Financial Manager; CPA, financial planning and compliance.
David Edward Jimenez – Project Manager; MBA, faculty in Operations Management, program director.
Raquel Olpoc – Senior Expert; Faculty member, finance and business education (details).
Module 1 Green Finance in Global, EU and ASEAN Contexts
The role of Green Finance in delivering global goals on climate change and sustainable development. > Green Finance: definitions, taxonomy and key features > Financing International Strategic Compacts on Climate and Sustainability
Module 2 Green Finance: Fundamentals and Building Blocs
Core features of Green Finance, its evolution and how “finance” is poised for Greater Public Goods > Green Finance Case in Point: A Global Case for Action, > Actors, players and participants in the Green Finance domain (intermediaries, banks, regulators, NBFIs) > The Green in the ESG “equation”: Environmental, Social and Governance (ESG) Risk Management > Does “green” mean more reporting?
Module 3: Green Finance: a New Regulatory Frontier?
Innovative regulatory and self-regulatory landscapes for Green Finance > The Policy and Regulatory Underpinnings of Green Finance > Responsible / Sustainable / Accountable: innovative boundaries for financial services
Module 4: Green Finance Products and Services
The Green Revolution in Green Financial Services and Products > The Five Pillars of Green Finance (Bonds, Loans, Equity)
Module 5: Green Risks
Risks in Green Finance: redefining the stage? > New boundaries of liability in green finance Green finance learning outcomes >Understand the link between financial intermediation, green/sustainable approaches, and the SDGs/Paris Agreement >Develop skills to evaluate the green and sustainability aspects of investments and align them with SDGs and the Paris Agreement >Explain core green finance concepts and their relevance for stakeholders in the financial ecosystem (e.g., intermediaries, regulators, clients) >Identify the role of regulation and self-regulation within the green finance ecosystem >Describe various green finance products (e.g., bonds, equity, loans) to fund SDGs and Paris Agreement > Recognize innovative risk features within the ESG/green finance
• 2 teams developing the training • 2 one-week training sessions (month 11) • 1 trainer from EU partners • 4 academic staff per Asian HEI trained • 1 micro-credential program per Asian HEI • 1 operational mission per Asian country with at least 1 EU expert per team • Strong collaboration between teams • Effectiveness of EU trainers, measured by participant feedback • Increased capacity of Asian HEIs, demonstrated by active participation of trained staff • Relevance and rigor of the micro-credential program, ensuring alignment with industry needs and EU recommendations