How HSG students are rethinking financial markets

“Financial markets have enormous leverage to drive the sustainable transformation of the economy,” says Rieke Gonsowski, president of the Sustainable Investment Club (SIC), one of around 140 HSG student clubs. The aim of the SIC is to spread knowledge among students about investments that create not only financial but also social and environmental value. “Our understanding of sustainability reveals systemic limitations and the dependence of society and the economy on nature,” writes the SIC on its website. “At the same time, we want to show that sustainability and profitability are not mutually exclusive,” says Gonsowski.  

The association helps students build a network of companies and NGOs that are active in the field of “positive impact investing,” as Gonsowski calls it. This happens through workshops, panel discussions, and company visits, among other things. SIC designs university course on sustainable finance with HSG students, who network with an industry that is rapidly gaining importance: As the organization Swiss Sustainable Finance writes in a report, the total volume of sustainability-related investments in Switzerland increased by 13 percent in 2024 compared to the previous year.

SIC supports course on sustainable finance

Even though political developments – such as Donald Trump's re-election – caused uncertainty worldwide, the long-term trend remains clear, says Martin Nerlinger, assistant professor of climate and sustainable finance at the HSG: “The demand for sustainable investments with a measurable impact is growing globally.” In the fall semester of 2025, Nerlinger will lead the “Sustainable Investment Challenge” together with the SIC, a practical master's course at HSG in which students work in teams to develop their own financial products. The requirement: be profitable and create a sustainable, measurable impact.

One team, for example, developed a fund to finance solar modules in Ukraine, a financial derivative to support the sanitation industry in India, and another invested in the development of sustainable cement solutions. “Teaching a course together with students is a lot of fun for me – and thanks to this collaboration, I also gain a better understanding of the students' needs,” says Nerlinger.  

Students take part in international investment challenge 

The students are supported in the course by partners from the business world, such as Blue Earth Capital, the private bank Julius Bär, and WWF Switzerland – all brought in through the SIC network. “These partnerships make the course extremely practical,” says Nerlinger. Students receive in-depth feedback on the sustainability, attractiveness, and profitability of their concepts – both from finance and sustainability professionals and from potential investors.

At the end of the course, they present their projects to a jury of academics, practitioners, and SIC members. Particularly impressive groups are encouraged to apply for the prestigious Kellogg-Morgan Stanley Sustainable Investing Challenge, an international competition with participants from over 50 countries. HSG has been represented by five finalists in the past five years.

“In the course and in the association, students gain expertise in a rapidly growing field,” says Nerlinger. “I am convinced that in the future, every financial product will create sustainable value – and we need bright minds to be able to evaluate it.”