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Programme:

Green Economy and Sustainable Development (2026/2027)

Study Cycle:	Second Cycle (Postgraduate)
Faculty:	Business and Economics

Programme Code:	GES-60
Academic year:	2023 / 2024
Title:	Master of Science in Economics - Module: Green Economy and Sustainable Development
ECTS:	60 (1 year)
Decision:

The goal of the Green Economy is to create a sustainable economy that uses natural resources efficiently and has less impact on the environment, developing new, sustainable models of production and consumption to ensure prosperity and a high quality of life for future generations. Rising threats to sustainability are prompting governments and businesses to explore various elements of the green economy, including renewable energy and green technology. The transition to a green economy involves a transition to green production and consumption; reducing the depletion of natural resources and degrading ecosystems caused by economic activity and increasing the supply of "clean", low-carbon energy, contributing to the mitigation of climate change.

Energy, economy and environment as a complex concept are expressed at all political, managerial and entrepreneurial levels. This concept is related to the goals of the Green Treaty of the European Union and has a clear goal - a neutral and more resilient climate Europe by 2050. To achieve this goal, a European Climate Law has been proposed, which legally requires action by all economic sectors.

Decarbonisation of the energy sector and security
Energy efficient construction of new buildings and reconstruction of existing buildings
Innovative industry (mobilization of industry for the circular economy)
Wise transportation
Clean and non-toxic environment

The Green Agreement itself requires the direction and coherence of European policies towards sustainable development and so-called green financing. This, in our conditions, from the aspect of reducing climate change, will mean the prioritization of policies for which there are already scientific assessments that in addition to economic ones have positive effects on the environment and climate change or, in addition, have the potential to create green jobs. Through the analysis of policies and measures that lead to the reduction of carbon and climate to a more sustainable growth and sustainable development, guidance is given on the priority of future financial flows from various sources - budget, private and foreign investment, etc. The program will create staff to assist in the implementation of the Green Agenda for the Western Balkans investment framework, signed in November 2020 as part of the Berlin Process.

The program will create staff who will assist in implementing the investment agenda of the Green Agenda for the Western Balkans, signed in November 2020 as part of the Berlin Process. With the Europe 2020 Strategy as the energy and climate package 2030 and the long-term goals of climate neutrality by 2050, the European Commission has set the direction of the European Union and has emphasized smart, sustainable and inclusive growth. The overall development program is mainly based on the principles of sustainable development, namely, the green economy, which is expected to create jobs and reduce poverty through sustainable and responsible management of natural resources. Some of the set goals are: increase the percentage of renewable energy in final energy consumption by 20%, increase energy efficiency by 20%, etc. According to the European Commission, additional measures to increase the productivity of used resources by 30%, by 2030 could increase GDP by 1%, which would create 2 million additional jobs. According to this, graduates will have employment opportunities in the sectors of energy, economy and environment, relevant research institutes, public bodies and in companies and organizations involved in activities for innovation in energy, economy and environment.

Knowledge and understanding

To gain a strong foundation for the concepts, theory and practice of energy, economics and sustainable development and understand the concepts and meanings of energy, economics and sustainable development; Ability to develop and implement original and creative ideas to ensure continuous quality improvement and energy management, economy and sustainable development; Ability to apply knowledge and understanding and to demonstrate advanced skills and competencies for: energy analysis system, renewable energy technology, advanced clean technologies, sustainable production and consumption, energy management and improving efficiency energy, etc . To learn the necessary analytical and practical skills to work in the field of local, regional and national development.

Applying knowledge and understanding

Ability to critically, independently and creatively solve problems of originality in new or unfamiliar environments without previous industry experience;

Planning, management and evaluation of independent research in the field of energy, economy and sustainable development and their analysis, as well as the implementation of appropriate tools for testing, simulation and implementation;

Creativity and originality in interpreting knowledge from science to solve problems related to the goals of energy management, economy and sustainable development.

Integrate understanding of the market, the state and civil society and understand how they position themselves in the theory and practice of energy, economics and sustainable development.

Making judgement

Ability to creatively integrate and synthesize knowledge from multiple areas of energy, economics and the environment and management processes and systems, using IT tools designed and created for a specific purpose, but also to create educational processes by using computer tools and techniques;

Ability to deal with complex issues related to certain processes.

Ability to identify appropriate specialized cases and ability to assess cases where complete information or data is lacking based on personal, social and ethical principles and responsibilities regarding the application of knowledge and understanding.

Communication skills

Ability to exchange conclusions and proposals with argumentation and rational support, both with experts and non-experts, clearly and unequivocally.

Taking considerable responsibility for shared results; leading and initiation of activities.

Ability to draw clearly and unequivocally conclusions, results, studies and professional knowledge with the ability to adjust the style and form of expression.

Competencies for critical, independent and creatively reasoned research, evaluation of methodologies and proposing and defending new hypotheses.

Ability to start, lead and take responsibility for individuals and groups in cases where business competencies and IT competencies are essential.

Ability to present results from various studies, to transmit business plans to working groups and stakeholders.

Learning skills

Ability to identify individual needs and guidelines for individual and autonomous further education and its implementation, independently and autonomously in the usual areas of information and quality assurance;

Ability to take responsibility for further research in specialized areas within the modern economy, such as: energy, economics and environment.

Ability to take responsibility for further professional development and training.

Semester 1

[CMBA01] [6 ECTS] Research Methodology
This course aims to equip students with a comprehensive understanding of scientific theories and research methodologies, enabling them to design, conduct, and critically evaluate academic research. The course introduces fundamental concepts, including research design, variables, hypothesis formulation (direct and indirect), validity and reliability of results, bias and ethical considerations, as well as both quantitative and qualitative methodological approaches. Through a combination of theoretical instruction and practical assignments, students will gain hands-on experience in applying research methods. Upon successful completion of the course, students will be able to: • Demonstrate a solid understanding of core scientific concepts and their role in research • Apply effective techniques for research, information retrieval, and academic literature review • Identify, define, and formulate scientifically grounded research problems • Select and justify appropriate research methodologies and approaches • Critically compare the advantages and limitations of different methods for data collection and analysis in both quantitative and qualitative research • Apply fundamental research methods to analyze and interpret data • Develop coherent theoretical frameworks to support research studies • Critically review and evaluate scientific and technical publications This course prepares students for independent research work and supports the development of analytical, critical thinking, and academic writing skills essential for higher education and professional practice.
[CMBA19] [6 ECTS] Project Management
The aim of the course is for students to be involved in the world of modern projects and to confront them with the opportunities and challenges of real economic life in creating projects suitable for real needs. The specific objectives of the course are: how to define a given project (using several phases) and emphasize the important role of the project manager (to understand the need, scope, implementation activities, complexity of modern design, etc.). Students should be trained on how to apply modern tools and techniques of modern design management when transforming a need or creative idea into a real and documented project that will make them more inventive and competitive in the competitive labor market.
[CM150] [6 ECTS] Energy Financing and Institutions
Course objectives: - Students to gain knowledge about the main sources of energy financing and energy institutions; - Students to get applied knowledge about the types of funding - from public, mixed sources, as well as other sources of funding for projects and energy projects; - Students to gain knowledge about energy financing models and energy projects; - Be able to analyze the conditions for financing, as well as the financial justification of energy projects and institutions; - Be able to design and identify alternative sources of funding for energy projects; Be able to prepare a financial risk assessment of energy projects and avoid or minimize the potential risk in financing energy projects, institutions and projects.
[CM301] [6 ECTS] Environment and Climate Action Assessment Tools
Course aims: 1. Understand the fundamental concepts of environmental and climate impact assessment. 2. Analyze the EIA process and apply methodologies for identifying environmental impacts. 3. Evaluate the use of SEA in policies, plans, and development programs. 4. Explain the role of economic tools and policy instruments in reducing climate impacts. 5. Apply climate modeling and analysis techniques for projecting climate change. 6. Develop skills in using sustainability indicators and preparing environmental and climate reports. 7. Identify climate risks and propose adaptation measures to build long-term resilience.
[6 ECTS] Elective course
- [EM654] Energy Resources in Power Systems
  Through this course, students are expected to learn the principles of operation of a wide range of renewable energy technologies, to conduct a preliminary assessment of resources for different renewable energy technologies, to analyze energy technologies from a systemic perspective , to learn how to articulate technical challenges for each of the renewable sources, to discuss and analyze the issues of economic and technical sustainability involved in the integration of renewable energy systems.
- [EM655] Decarbonization
  At the end of this course, the student will be able to: - understand the possibilities for the distribution of renewable sources and alternative energy; - understand and evaluate the basis of renewable energy sources; - describe the basic principles for improving the efficiency and design of energy distribution, and how to recognize the possibilities of renewable energy; - know how to promote the reduction of energy consumption and sustainability; - assess the basic dimensions of the economy, government policy and social capital of alternative energy options.
- [EM656] Financial Data Analysis
  This course provides a basis for analyzing financial data used in business and FinTech applications. The aim of this course is for students to gain experience in analyzing financial data using modern machine learning techniques, statistical methods and forecasting models. Students will develop computer skills to perform data analysis using a modern statistical programming environment and apply these skills to solve a range of problems faced by business firms, including those in the FinTech industry. Topics discussed include R language presentation, financial data visualization, cluster analysis, simple and multiple linear regressions, classification models, high dimensional data analysis using Lasso, and cross-sectoral evaluation and selection of the validity of the models. Students will have practical experience in developing data analytics applications to analyze real-world financial problems.
- [EM657] Climate Change
  Course objectives: - Students to gain knowledge about the basic concepts of climate change; - To explore the impact of climate change on the environment; - To gain knowledge about the link between sustainable development and the green economy; - To identify the main factors influencing climate change; - To gain knowledge on climate change modeling; - To conduct cost-benefit analysis regarding climate change; - To provide solutions and conclusions on climate change.
- [EM658] Sustainable Business and Finances
  Course objectives: - Developing awareness of the ecological challenges faced by businesses; - Acknowledgement with the role of business in the transition to a sustainable future; - Examining the leaders and challenges of sustainability initiatives in organizations; - Enable to search databases from the library to obtain information on aspects of sustainability of the functioning of organizations; - Developing of growing academic theories on sustainable finance and investment, including topics such as active ownership, climate finance, conservation finance, discovery, relocation, engagement, green links, green indexes, investment impact, public-private partnership and assessment of threats or "blocked" funds; - Enable for systematic synthesis of information from different sources and efficient communication of analysis results.
- [EM659] Smart Buildings and Building Components
  The aims of the course syllabus are to advance the knowledge of the link between spatial planning and the environment and climate change, as well as the link between the building sector ("smart" buildings) and greenhouse gas emissions and other local pollutants. Knowledge will be advanced in the following areas: - Efficient use of energy, water and other resources; - Use of renewable energy, such as solar energy; - Measures for pollution and waste reduction and enabling for reuse and recycling; - Good air quality in the indoor environment; - Use of non-toxic, ethical and durable materials; - Taking into account the living environment in design, construction and operation; - Taking into account the quality of life of residents in the design and construction phase.
- [EM660] Environmental Health
  Course objectives: - Students to gain knowledge of key sources and types of environmental agents. - Students to gain knowledge of the steps in the regulatory process - in terms of risk assessment and risk management and to identify current legislation and regulations related to environmental issues. - To fill in the gaps in the current knowledge base regarding the health effects of environmental agents and to be prepared to identify areas of uncertainty in the risk assessment process. - To gain knowledge about identifying and defining steps in the risk assessment and management process.

Semester 2

[BE-MA-THESIS] [30 ECTS] Master Thesis
Master’s thesis aims to: • Develop research skills: It shows that the student can formulate a research problem, design a methodology, collect and analyze data, and interpret results. • Contribute to knowledge: It should provide new insights, findings, or a deeper understanding of a topic within the chosen field. • Apply theoretical knowledge: It connects academic theories and concepts learned during the study program with real or theoretical research problems. • Demonstrate critical thinking: The student must critically evaluate literature, methods, and findings rather than only describing them. • Prepare for professional or academic careers: It builds competencies useful for further research (PhD studies) or advanced professional practice. In short, a master’s thesis is both a learning process and a scientific output that proves the student’s readiness to work independently at an advanced academic level. Furthermore, the activity seeks to improve research techniques and the writing style of the master’s thesis, while strictly respecting the principles of academic integrity and avoiding the use of unauthorized means, such as plagiarism and copyright infringement, which are prohibited by the SEEU Statute.