We live in an era known as the Anthropocene, implying that humankind has become the dominant factor on biological, geological and atmospherical processes on earth. One of the most well-known challenges resulting from this is climate change. Our current global economic system and its provision of goods and services is strongly connected to the use of natural resources, which comes along with a range of environmental as well as social impacts. Based on the principles of Ecological Economics, this specialisation provides students with a holistic view on current environmental challenges, with an explicit linkage of climate change and natural resource use issues. Focusing on this interlinkage is key, as the way we extract and process raw materials (in agriculture, forestry, mining, industry, construction) is a large source for greenhouse gas emissions, while the transition towards renewable energy systems will significantly increase the demand for raw materials.This specialisation will equip students with an understanding of the socio-economic drivers of key environmental problems and hot-spot economic sectors, such as energy, mobility, food and housing. Students will acquire knowledge to formulate strategies of business and policy makers to address the challenges and to seize opportunities from a transformation towards a climate-friendly and resource-efficient economy. Further, students will get to know concrete tools and methods to measure the economy’s contribution to environmental problems and evaluate options to change business practices towards a more sustainable future.

• This specialization will help students better understand the relationship between the environment and the economy, the social causes and impacts of climate change, excessive resource consumption, as well as other environmental issues and their interconnections.

• Students will be equipped with the knowledge to: 1) contribute to the necessary socio-ecological transformation toward a sustainable socio-economic system, and 2) develop strategies to address these significant societal challenges from both business and political perspectives.

• Students will be empowered to make future-oriented decisions that align with international requirements, such as the European Green Deal, the UN Sustainable Development Goals, and the Paris Agreement on climate.

Sequencing

Please note that successfully completing Course I is a prerequisite for enrolling in all other courses within the specialization. Course I is offered in the first half of the semester, and all other courses start afterward. Also, please be aware that Course I and II are typically offered only in the winter semester, while Course III and IV are typically offered only in the summer semester.

Course contents

• Course I: Principles of Ecological Economics

This course presents current environmental challenges from an environmental and climate science perspective and relate them to socio-economic drivers. It will provide students with a systemic understanding of the interlinkages between natural and socio-economic systems, which is required to identify solutions for the most pressing environmental problems, most notably climate change. Students will learn basic concepts such as planetary boundaries, natural resource use for production and consumption, climate emission hot-spot sectors, well-being and environmental justice, the role of human needs and human behavior, and different approaches to regulate the market.

• Course II: Economics of Climate Action

Climate change is an existential threat to human wellbeing and health of the planet. The challenge for all economic actors is to move to a climate neutral economy within a few decades. This requires a change in human behaviour and economic structures, but also in the way how the environment is depicted in economic models. Course II will discuss opportunities and limitations for technological solutions to combat climate change, mitigation and adaptational strategies, the challenges related to the renewable energy transition, climate inequality and climate justice and as well as various policy options to achieve climate stability.

• Course III: Natural Resource Use and Circular Economy

Course III will deepen the understanding of the importance of natural resources, such as raw materials, energy, water or land, for economic development. Students will get to know methods and empirical approaches how to measure resource use on the macroeconomic, sector and product level. Hot-spot areas of unsustainable production and consumption patterns will be discussed, including food, housing, textiles, electronics and mobility. The course will also provide an overview on concepts to achieve more sustainable levels of resource use, such as resource efficiency and circular economy. Further, the course will have a dedicated international component, discussing the implications of international trade and globalisation processes for achieving sustainable development and critically
reflect on current policy initiatives on the European and international levels to move towards more sustainable economic relations between different world regions.

• Course IV: Towards a climate-neutral and resource efficient economy

Course IV of this specialisation builds on the knowledge gathered in Courses I-III and links this knowledge to real-world applications through applied research. In small group works, students will develop e.g. a concept for a sustainable product or a sustainability-oriented development strategy for a city quarter. Students will also interact with actors from business, policy, NGOs and international organisations through visits / excursions and guest lectures.

Requirement for registration for specializations in Wirtschaft – Umwelt – Politik are at least 20 ECTS from the CBK including the courses „Jahresabschluss und Unternehmensberichte“, „Mathematik“ and „Statistik“

Specializations are chosen by registering via LPIS for the course "Access to Specializations: Ecological Economics". After you have been assessed with "successfully participated" during the introduction to the specialization, you can select the respective specialization in LPIS and register for the courses.

You can find more information at:

https://www.wu.ac.at/studierende/mein-studium/bachelorguide/sbwl-2-1-1/

Placement ("successfully participated") is done on a first-come-first-in basis and will be at the same time for all specializations. Registrations for more than one specialization are possible. Therefore, it is important to register first for your top choice. If you register for further specializations as second or third choices, it may happen that places in these specializations are first allocated to those who have chosen them as their first choice. You indicate your preferences through the order of registration.