시험 내용 및 출제 비중

주제별 학습 목표

Chapter 1 - Foundations Of Climate Change: What Is Climate Change?

• • Define climate change and differentiate between weather and climate.
  • Know the general trends of modern climate change, such as observed surface temperature, sea ice coverage, etc.
  • Describe the Earth's climate history, and different methods for measuring non-anthropogenic climate change.
  • Understand how the Earth's energy balance, greenhouse effect, and radiative forcing affect the climate.
  • Know the primary greenhouse gases and aerosols, their sources, and relative contribution (e.g., global warming potential, atmospheric lifetime) to climate change.
  • Explain non-human and human mechanisms that contribute to climate change.
  • Understand the distribution, frequency, and intensity of climate driven environmental impacts across geography and time.
  • Understand the distribution, frequency, and intensity of climate driven socioeconomic impacts across geography and time.
  • Explain the different approaches and key considerations of climate change adaptation, including maladaptation.
  • Understand how energy sources can contribute to or mitigate climate change. Identify and discuss mitigation opportunities, strategies, technologies, and associated challenges.
  • Understand the opportunities and drawbacks of implementing geoengineering techniques to combat climate change.
  • Explain carbon budgets and emissions trajectories to stay within mitigation targets. Know key numeric global emissions limits, commitments, and scenario paths.

Chapter 2 - Sustainability

• • Define and explain sustainability and its three different aspects.
  • Define and explain Environmental Social Governance (ESG), Corporate Responsibility, and Sustainable Development. Understand how different entities use these concepts to implement and report sustainability and climate practices.
  • Explain the relationship and intersection among sustainability, ESG, and/or climate change.
  • Describe the key features of the United Nations (UN) Sustainable Development Goals (SDGs) and Millenium Development Goals (MDGs).
  • Discuss strategies for implementing and aligning with the SDGs and how the SDGs and sustainability can be material to companies.
  • Define ecosystem services, subcomponents, and natural capital. Understand how organizations depend upon and can impact ecosystem services.
  • Trace the evolution of sustainability in governments, corporations, and financial institutions.
  • Know the different types of greenwashing. Describe how organizations can greenwash and “greenwish” sustainability claims as well as actions to counteract these practices.
  • Describe the Life-Cycle Assessment process and how organizations use this tool to advance sustainability.
  • Know the major sustainability reporting frameworks and initiatives, their objectives, and to whom they are targeted.

Chapter 3 - Climate Change Risk

• • Describe how climate risk can translate to financial risk.
  • Differentiate physical and transition risks.
  • Understand how hazards/drivers, exposure, and vulnerability interact to manifest physical and transition risks.
  • Define stranded assets and discuss how different sectors may experience stranded asset risk.
  • Define and differentiate acute and chronic hazards. Provide examples.
  • Discuss uncertainty, variability, and accuracy in hazard model predictions (e.g., frequency, timeframes).
  • Identify data challenges modeling direct physical risk.
  • Define and provide examples of indirect risks.
  • Discuss how physical and transition risks can provide opportunities for companies and sectors.
  • Identify the drivers of transition risk. Categorize transition risks (e.g. technology, market) and provide examples.
  • Discuss human capital as a stranded asset and the challenges associated with asset stranding and a just transition.
  • Understand current industry trends for transition and physical risk categories and strategies companies can take to reduce risk or manifest climate-related opportunities.

Chapter 4 - Sustainability And Climate Policy, Culture, And Governance

• • Discuss the evolution of international climate policy.
  • Understand the relative scale of emissions by country.
  • Summarize the history, outcomes, and obligations of major international climate agreements, and distinguish from the goals set in the Paris Agreement.
  • Understand characteristics of the Paris Agreement.
  • Explain the structure, benefits, and drawbacks of carbon pricing policies, including carbon taxes and emissions trading schemes.
  • Describe sector-specific climate policies, such as the transportation and power generation sectors.
  • Explain how climate policy occurs at the national and subnational levels.
  • Describe and differentiate Scope 1, 2, and 3 emissions.
  • Recognize the challenges associated with accounting for Scope 3 e missions.
  • Differentiate the types of private-sector sustainability and climate investment policies, and how public policy has been used to promote adoption of green finance.
  • Describe the function, purpose, and challenges of green taxonomies.
  • Discuss how central banks incorporate climate change into supervision practices.
  • Identify methods used to enforce sustainable investment and disclosure policies.
  • Describe the trends in private-sector climate frameworks and identify important climate groupings.
  • Understand climate-related risk and nature-related risk.
  • Explain the broader societal and cultural impacts of climate change and policies.

Chapter 5 - Green And Sustainable Finance: Markets And Instruments

• • Understand the application of sustainable, green, and climate finance.
  • Identify trends and flows in sustainable, green, and climate finance.
  • Describe green, social, and sustainable bonds.
  • Explain the core components of the Green Bond Principles.
  • Explain green loans and their markets.
  • Define and describe sustainability-linked bonds and loans.
  • Explain the core components of the Sustainability-Linked Loan and Sustainability-Linked Bond Principles.
  • Describe sustainable funds, green funds, and other sustainable finance products.
  • Understand the integration of ESG and climate issues into investment and lending decisions.
  • Understand how shareholders impact sustainability strategy of a company.
  • Describe the existing and emerging approaches to defining sustainable and green finance.
  • Explain the trends in ESG disclosure requirements for companies.
  • Identify regulatory trends in sustainable and green finance.

Chapter 6 - Climate Risk Measurement And Management

• • Explain how climate risk manifests as financial risk through micro and macroeconomic transmission channels.
  • Describe how climate risk affects company-level risks including operational, credit, liquidity, and underwriting risks, and whether these risk types pose macro-level risks.
  • Understand the associated risk metrics for and components of each risk type.
  • Examine the effects of climate risk on micro (company level) risks such as operational, credit, liquidity, and insurance.
  • Understand transmission channels of climate risk, and how related systemic risks potentially threaten financial stability.
  • Describe CVaR and its uses.
  • Describe the data types, analytical tools, and their sources to measure transition and physical risks at the company level.
  • Understand how to measure transition and physical risks at the portfolio level.
  • Examine how climate risk drivers can be incorporated into existing ERM frameworks.
  • Discuss how ERM frameworks are used in practice using case studies and examples.

Chapter 7 - Climate Models And Scenario Analysis

• • Define climate scenario analysis and explain how organizations use scenario analysis.
  • Explain the definition and purpose of global net-zero scenarios including carbon removal processes.
  • Understand IPCC scenarios and associated representative concentration pathways (RCPs) and shared socioeconomic pathways (SSPs).
  • Describe IEA scenarios and other key global reference scenarios.
  • Understand the key choices that organizations need to consider for scenario development and analysis.
  • Describe how scenarios and models are used in scenario analysis to assess transition risk.
  • Explain how scenario analysis is used for assessing physical risk.
  • Examine how all types of corporations (financial and non-financial) use climate scenario analysis.
  • Describe how financial firms use climate scenario analysis for the investment processes and climate risk exposure management.
  • Explain different aspects of climate scenario analysis using case studies.

Chapter 8 - Net Zero

• • Explain the concept of net zero and how it relates to global climate goals.
  • Discuss the types of key alliances in the UN Race to Zero.
  • Describe the attributes of net-zero targets, and the challenges of navigating the net-zero transition.
  • Explain the key attributes of national and subnational net-zero target strategies and emissions reduction approaches.
  • Describe the factors that affect different sectors' abilities to achieve net zero.
  • Describe how organizations use transition plans to pursue net-zero carbon emissions and the tools private-sector actors can use to verify the credibility of net-zero commitments.
  • Describe how net-zero pathways and interim targets are key to achieving credible and attainable net-zero targets across sectors.
  • Identify cross-industry principles and metrics and discuss how climate-related metrics are used in reporting and project selection.
  • Understand metrics used for net-zero portfolio alignment, considering strengths and weaknesses.
  • Describe the net-zero disclosure landscape and key stakeholders.