On the 5th of June 2019, ISET and the Caucasus Environmental NGO Network (CENN) signed a memorandum of understanding (MoU). Under the scope of this MoU, new courses will be offered as part of ISET’s Bachelors and Master’s Programs; in the former, a course in environmental economics and circular economy will be offered as an elective, while for the latter, a course in environmental economics by Prof. Hans Wiesmeth will be available. These courses will equip students with the needed skills and knowledge to analyze environmental challenges from an economic perspective and offer policy solutions.

The course at the BA level will focus on the economic theory behind environmental economics, as well as show the student’s capabilities for introducing circularity in economic activities. It will also show the students how economic theory can be used for environmental stewardship. Furthermore, it will help them understand the entrepreneurial opportunities that can arise within the different value chains of a circular economy. This is referred to as environmental entrepreneurship in modern literature.

Meanwhile, the MA course in environmental economics will enable students of the program to see how economic theory and models can be applied to environmental commodities. It will also help them understand where science stands in environmental economics. It has to be noted that environmental economics is a dynamically developing field within science, and there is increasing demand for professionals equipped with these analytical skills.

Understanding environmental challenges from an economic perspective are the skills currently lacking in both the Georgian public and private sectors, as well as among civil society organizations. Consequently, there is a substantial need for professionals in these sectors.

ISET and CENN have already cooperated on a number of occasions within the scope of the policy work of the ISET Policy Institute. This Memorandum of Understanding opens a larger area for partnership and cooperation both in the educational sphere and the policy work of our organizations.