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Master's programs

Energy & Finance Certificate

Energy & Finance Certificate

The Energy and Finance Certificate is designed for students who have a strong interest in the economics of energy, energy-related financial issues, and climate change or who are willing to move to these sectors for a career.

Created in 2005 under the sponsorship of Deloitte, the Energy & Finance Chair is a cooperation between Deloitte and Société Générale Investment and Corporate Banking which started in 2010 on the HEC campus and today offers training and research programmes to over 300 students from all around the world every year.

The Energy sector plays a major role in today's world economy.

For over 50 years now, the global primary energy demand structure has been based on fossil fuels for more than 80%. In 25 years, the global energy needs will have gone up by more than 40% and will still be covered by an energy mix based on fossil energy for more than 70%. Over this period of time, the economics of energy are likely to change radically. The geological constraints on the extraction of hydrocarbons  will grow as the conventional resource base gets depleted and more unconventional sources of energy have to be developed. At the same time,  the global park of electricity generation plants will undergo a dramatic change as new capacities will have to be created to meet the emerging powers insatiable energy demand whilst a vast number of ageing power facilities will have to be retired and replaced in the old OECD world.

The cumulative needs for new energy supply infrastructure is mind-blowing and represents an investment of up to US$ 38 trillion over the next 25 years which will be required to ensure a secure, more efficient, and hopefully greener, energy supply to the world. The financing of this global investment will be an unprecedented challenge for producers, consumers, banks, governments, regulators and capital markets. 

This huge expenditure will take place in a context of record uncertainty: energy markets have been fully deregulated in the mature economies; the implementation of climate change response policies and the emerging of a carbon price in a growing number of large countries are adding a new layer of volatility into already volatile energy prices; and geopolitical tensions are exacerbated as the whole world moves West to East.

Our energy future is staring us all in the face: the environment will be filthy, energy will be costly and geopolitical tensions between producers and consumers will be strong.

In the face of these developments, corporations will have to review their strategy and business models going forward, individuals will have to change their behavior, and governments to adopt visionary policies.

The Energy & Finance certificate at HEC Paris is a formidable opportunity for participants to confront the above issues, and acquire the knowledge and analytical skills that will help them make informed decisions as important contributors to the current industrial revolution.

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  • Fundamentals of Oil, Gas, Coal & Power
  • Physical & Technological Constraints of Energy

  • Financing of Energy Infrastructures
  • Energy Contracts
  • Energy Trading: financial commodity markets
  • Carbon Finance: physical and financial carbon markets

Climate Change Issues & Greentechs Development
  • The evidence of climate change
  • Climate policies
  • Greentechs development and strategies

Energy Strategies
  • Corporate Strategy in Energy and in Energy Sensitive Industries
  • Energy Regional Issues and Government Policies
  • IOCs, NOCs, Power Companies, Utilities, Equipments Suppliers

Energy Strategy issues are covered by evening conferences delivered by senior executives or prominent personalities in the world of energy.

  • Jean-Michel Gauthier, Affiliate Professor of Energy Economics & Finance, HEC Paris and Deloitte Corporate Finance's Global Partner responsible for Energy & Resources
  • Geoffroy Dallemagne, Associate Director, Société Générale Consulting
  • Jean Pierre Favennec, Professor, Institut Français du Pétrole (IFP)
  • Emmanuel Fages, Head of Business Development, Orbeo
  • Emilie Alberola, Research Project Manager, CDC Climat