- Start date: September
- Accreditation: Energy Institute & triple-accredited business school AACSB, EQUIS & AMBA
- Study mode and duration: 12 months full-time; 24 months part-time
Study with us
- develop a strong understanding of key issues in environment and energy from policy and economic perspectives
- gain practical insight from leading energy and climate change experts
- benefit from applied teaching, which focuses on the development of transferable skills and applicable knowledge
- careers opportunities can range across the huge scope of applications that energy and climate change have in business
- suitable for those with a background in a broad range of disciplines
Why this course
The MSc Economics & Policy of Energy & Climate Change aims to produce future leaders in the sectors of energy and climate change.
The course addresses the complex and increasingly more extreme challenges and uncertainties that industries, economies, governments and societies face. By the end of the programme, you'll be well equipped to understand these, and have the knowledge to adapt to this changing context.
You'll learn about the rapid changes within the global energy system and about the way in which this is impacted by climate change and by the efforts to mitigate its impacts. These changes include escalating energy demand, constraints on supplies, impacts on energy mix, introduction of smart grids, fluctuating energy prices, regulatory pressures to reduce carbon emissions and to promote sustainability, increased integration of renewable energy sources, and changing demographics and patterns of energy use and supply.
The course offers excellent opportunities to network with energy and climate change specialists from a broad range of organisations. We've designed the course to maximise the opportunities for industry engagement. You'll also have the opportunity to take part in events organised by the Scottish Energy Forum.
The course covers areas of particular strengths of the Department of Economics, with a focus on energy and climate change. Through the Fraser of Allander Institute, the department also boasts research expertise in applying economic knowledge in the policy field.
What you'll study
Core classes are designed around the latest academic research on the issues facing energy and climate change economists and policy experts today. You'll also have the opportunity to pursue your own interests through a variety of elective classes.
You'll receive comprehensive analytical training and gain in-depth real-world knowledge of energy systems and climate changes issues. Hands-on training in issues related to energy economics, energy finance, energy industries, energy technologies, energy policy, the environment, sustainability, natural resources, climate change, data analysis, economic appraisal and economic modelling will help give you an unrivalled edge in the job market.
The summer project will be an extensive and substantial piece of economic and/or policy analysis, and aims to develop those applied research skills that are so important to the energy and climate change professional. You'll work on a desk-based research project, which will be related to the rest of your studies on the course. The summer project will be supported by an academic supervisor.
The course will regularly bring leading energy and climate change experts from the industry, research, and policy fields to deliver talks as part of the core classes.
Fraser of Allander Institute
Besides teaching several classes, the institute offers opportunities for work placements each year.
Through our link with the institute, you'll have a unique opportunity to engage with staff working at the cutting edge of applied economics research, industry engagement and policymaking. Recent students have also had the opportunity to publish articles on the Fraser of Allander Institute's blog and contribute to its podcasts.
The MSc Economics & Policy of Energy & Climate Change course is currently (including academic year 2022-23) accredited by the Energy Institute, which is a professional organisation for professionals in energy related fields. As a student on the MSc, you'll enjoy free student membership from the Energy Institute during your studies. After the completion of your degree, you'll have satisfied the conditions to be registered as Chartered Energy Manager by the Energy Institute.Energy Institute
Strathclyde Business School
Strathclyde Business School was founded in 1948 and is a pioneering, internationally renowned academic organisation with a reputation for research excellence.
One of four faculties forming the University of Strathclyde, SBS is a triple-accredited business school (AACSB, EQUIS and AMBA) and was the first business school in Scotland to achieve this accolade in 2004. The Business School is home to seven subject departments and a number of specialist centres, all of which collaborate to provide a dynamic, fully-rounded and varied programme of specialist and cross-disciplinary courses.
Strathclyde Business Network
As a postgraduate student at Strathclyde Business School, you may choose to join the Strathclyde Business Network, a student-led initiative that facilitates interaction with business and industry leaders.
The Network aims to foster knowledge sharing, facilitate discussion and enable networking opportunities with the very best business professional in industry. Every year the Network organises Glasgow Business Summit, which is the first-ever student-led business conference in Scotland and brings together students with leading businesses from across the UK.
Triple-accredited business school
Economic Appraisal and Modelling
Economic appraisal and modelling lie at the heart of what most economists in business, consulting and government do on a day-to-day basis. You'll examine the key principles and techniques of economic appraisal and learn – through your own applications - how these are used in private and/or social analysis. Techniques covered will include cost-benefit analysis, cost-effectiveness analysis and multi-criteria analysis. The economic modelling component will provide you with insights into how models designed to describe the operation of any economy can be used to help inform decision making. You’ll drawing on the practical modelling expertise gained within the Fraser of Allander Institute which has – for over forty years – developed an international reputation in the development and use of economic modelling for analysing policy-relevant issues.
Economic Data Analysis
This class teaches quantitative methods with a practical emphasis. You'll gain an understanding of aspects of econometric theory and of fundamental econometrics tools that are routinely used in the analysis of economic data.
You'll apply the methods you learn about to a variety of models and data sets used in Economics and Finance.
The class will cover the following estimation techniques:
- Descriptive Statistics
- Linear Regression Models
- Unit Roots and Cointegration
Each topic will be introduced in lectures and consolidated through practical applications in lab sessions. In this way, students will gain practical experience in analysing data. On completion of the class you should be in a position to motivate and conduct your own empirical work, and you'll have the opportunity to demonstrate this in your Summer Projects.
In this class you'll explore key economic issues at the heart of topical energy questions – building on the University’s outstanding reputation as a centre of excellence in energy technology and policy.
The class covers the objectives of energy policy; private and social perspectives on energy supply and demand; the special case of regulation of energy markets; the use of economic models in energy analysis; the economics of oil and gas activity and links between energy use and the energy sector and an economy.
Natural Resources, Sustainability and Governance
This class provides you with a comprehensive overview of natural resources, sustainable consumption and the sustainable development goals (SDGs) through consideration of such topics as:
- where natural resources are located
- how they are used and what are the key challenges facing consumption
- what policies are in place to protect natural resources globally
- how environmental change and degradation may impact natural resources
- how conflicts can occur over natural resources and the steps we can take to remediate this
Energy Finance and Forecasting
This class provides students with a comprehensive and analytical overview of the energy finance system. This is done through consideration of such topics as:
- Corporate Finance
- Cost of Capital
- Energy Investment Appraisal
- Portfolio construction
- Energy Forecasting
- Energy Modelling
The class will provide the necessary foundational knowledge for studying other core classes in the course, and MSc EPECC students will get the opportunity to learn how the Finance function operates and how energy firms forecast and model energy prices.
Energy Technologies, Impacts and Implementation
This class considers the economic, societal and policy context surrounding the adoption and deployment of energy technologies. This class will cover the characteristics and impacts associated with a broad range of technologies that span the energy supply chain and demand side of the energy industry, including both fossil fuel, low carbon and supporting technologies. It also explores their fit to particular circumstances, as well as the common steps and challenges associated with implementing these energy technologies. Finally, this class also explores the innovation processes that deliver novel, commercially viable technologies, as well as how technologies influence wider energy system transitions.
A growing, and increasingly important, part of the work of many applied Economists includes the economic analysis of environmental issues. Additionally, many professionals working in the fields of energy, the natural environment, or business more generally will find that their careers require some working knowledge of economic approaches to environmental problems. The main objective of this class is to provide a thorough grounding in the economics of the environment, with a particular focus on environmental protection in an international policy context, such as climate change the loss of biological diversity.
Climate Change Economics
Climate change will be the pre-eminent global political and economic issue of the 21st century. This class is intended to provide students with an overview of the basic model underlying the economics of climate change and the economic approach to climate change policy. It then goes on to describe the complications that need to be considered beyond this basic model in order to think about climate change policy in the real world.
Energy Industries and Markets
You'll examine the structures and trends in global energy markets. Demand and supply of the various types of energy such as coal, oil, natural gas, nuclear and renewables is covered along with a discussion of electricity markets. Topics of relevance for the energy professional, such as the interaction between energy and the environment (including carbon markets) and energy futures and options markets are discussed.
Global Energy Policy and Politics
Governance of energy systems is as much a technological, financial, and economic challenge as it is a political one. This class focuses on this latter aspect of the politics and political economy of global energy policy. Its central aim is to develop a good understanding of how political systems and institutions shape energy policy and governance outcomes.
The class is grounded in political science and political economy models and equips students with analytical tools to:
- rigorously assess variation in energy policies around the world
- analyse these policies
- understand the drivers of differences in policies
- formulate actionable policy recommendations
Drawing on examples and data from the developed and developing world, the class strikes a balance between academic and policy debates and between different approaches to student learning and engagement, including, for instance, scenario analysis, group work, or role play.
Your summer project makes up 40 of the 180 credits required to receive your MSc award. While we expect that all learning throughout the degree will be helpful for the Summer Project, you can choose your topic from any area/issue in the field of Economics.
Every student will be supervised by an appropriate member of staff with expertise in the research area. This is your opportunity to develop a substantive piece of applied work on a topic that is of particular interest to you under the guidance of a supervisor.
In addition to providing a key opportunity to put into practice what you have learned during your MSc studies, this project will provide useful experience for your future careers. We're also able to supervise students who are sponsored by their employer and wish to work on a topic of interest to both them and their employer.
You can choose two from the list below. These classes are offered by the Department of Economics.
Games of Strategy
In this class you will study decision making in strategic scenarios where the outcome of a decision depends not only on your decision but also the decisions made by others. This is a key class for those considering careers in industry where competition is crucial and effective market strategies are vital to the success of the business. You will learn how to make effective decisions in such environments and to gain an advantage over your competitors.
Fundamentals of Microeconomics
This class will introduce you to some key concepts and principles of economics, focusing particularly on consumer theory and the theory of the firm. You’ll be shown how these concepts and theories are applied to the analysis of a range of contemporary real world issues.
Fundamentals of Macroeconomics
You’ll learn about key macroeconomic variables and how changes in GDP, unemployment and inflation can impact on day-to-day policy and business decisions. You'll also study objectives and challenges in the design of macroeconomic policies by central banks and government’s finance departments and gain an understanding of how policies impact on the macroeconomic environment.
Topics in Public Economics
This class builds on the knowledge acquired in Foundations of Business Economics to explore the role of government and public policy in the economy. You'll learn about why governments often intervene in the economy when markets do not operate as planned, and gain an understanding of the trade-offs faced when intervening. You'll also learn about how public utilities operate and why and how they are regulated.
This course will enable you to understand global trends and to study the key drivers of international economics, including how exchange rates move; what determines flows of international investment; and why some countries grow more quickly than others. With the global economy becoming ever more integrated, understanding of these issues is important for the applied Economist working within business, consulting and policy.
This class will introduce policy relevant issues and knowledge in the economics of development. Lectures will combine insights from theoretical economic models with policy-relevant empirical evidence on in low-income countries. Moreover, through the thorough analysis of empirical research, the class will assist students in developing skills required to make an effective contribution working as an applied economist.
Health Economic Policy
This class provides you with an introduction to health economic policy, a key area for their potential future careers. The purpose of this course is to develop your ability to use economic concepts and theories to analyse existing issues in the health care market and to inform decision making and policy development. The class will provide you with an overview of policy issues from both an academic and practitioner perspective. The class will also focus both on technical skills that are needed to do research in the area of health economics, as well as on policy implications and discussions. Due to its focus on policy evaluation, the course will provide a supporting function for you to proceed to the Summer Project study.
Economics of Inequality and Inclusive Growth
Understanding what drives inequalities in economic outcomes is a key aspect of modern economic thinking. Many of the drivers of such inequalities are cross-cutting, covering a range of economic issues from changes in economic policy through to the overall macroeconomic environment and the changing nature of our modern labour market. This class is designed to
- raise the awareness of the different roles for economic analysis in the formulation of effective policies aimed at tackling inequality and reducing poverty
- develop policy-relevant understanding of current issues inclusive growth enabling students to effectively contribute as an applied economist
Regional Development Policy
This class will give you an understanding of regional policy issues from an academic and practitioner perspective. It's designed to give you awareness of technical and practical issues in regional policy development in Europe and to develop the skills required to work in the development, implementation and evaluation of regional policies.
You can also choose elective classes from a wide range of options offered by:
- Strathclyde Business School
- Faculty of Engineering
- Faculty of Humanities & Social Sciences
- Faculty of Science
Learning & teaching
Core and elective classes will be taught across two semesters running from September to December, and January to March. Classes will be taught through a combination of lectures, tutorials, interactive project presentation sessions (group and individual ones) and seminar talks by external speakers. The summer projects are undertaken between May and August.
Classes will be assessed during semester 1 and 2 using combinations of class tests, written assignments, presentations and participation in class activities. Exams will take place at the end of each semester in December and April/May.
What our students think
One aspect of the course I really enjoyed was the fact it’s designed so students can tailor elective classes to their personal interests. Alongside a range of compulsory classes, students can choose classes across all schools of Strathclyde, really broadening their skill set and making each student’s experience that bit different.
The course has equipped me with the many invaluable skills that will help me solve complex and emerging issues in the energy sector. I have also been able to acquire analytical skills and learnt more about the techniques that will make me become a competent and effective problem solver than I was before joining the program.
The breadth of information you learn from this course stands students in good stead for their future in the energy industry. Also, as there were students from such a mix of backgrounds (from engineering to international business), you were able to learn and appreciate alternative viewpoints.
Chat to a student ambassador
Want to know more about what it’s like to be a Strathclyde Business School student at the University of Strathclyde? A selection of our current students are here to help!
Our Unibuddy ambassadors can answer all the questions you may have about their course experiences and studying at Strathclyde, along with offering insight into life in Glasgow and Scotland.Chat now!
Minimum second-class honours degree or overseas equivalent in any subject (view the entry requirements for your country).
Applications are welcome from candidates with significant high-calibre industry or government experience.
|English language requirements|
Students whose first language is not English must have a minimum of 6.5 IELTS score, with no individual score lower than 5.5. Get more information about the English language requirements for studying at Strathclyde.
Fees & funding
All fees quoted are for full-time courses and per academic year unless stated otherwise.
Fees may be subject to updates to maintain accuracy. Tuition fees will be notified in your offer letter.
All fees are in £ sterling, unless otherwise stated, and may be subject to revision.
Annual revision of fees
Students on programmes of study of more than one year should be aware that tuition fees are revised annually and may increase in subsequent years of study. Annual increases will generally reflect UK inflation rates and increases to programme delivery costs.
|England, Wales & Northern Ireland|
International students may have associated visa and immigration costs. Please see student visa guidance for more information.
Class materials comprise textbooks and course handbooks. All of the compulsory handbooks are available to students free on MyPlace, our Virtual Learning Environment. Some classes may have a recommended core textbook which you may wish to purchase but copies will be available in the library.
Placements & field trips
Expenses related to field trips will be covered by the department i.e. transport and entry to sites. Students will be required to cover any travel costs associated with their summer project.
Graduation gown hire.
Take a look at our scholarships search for funding opportunities.
Please note: the fees shown are annual and may be subject to an increase each year. Find out more about fees.
How can I fund my course?
Scottish postgraduate students
Scottish postgraduate students may be able to apply for support from the Student Awards Agency Scotland (SAAS). The support is in the form of a tuition fee loan and for eligible students, a living cost loan. Find out more about the support and how to apply.
Don’t forget to check our scholarship search for more help with fees and funding.
Students coming from England
Students ordinarily resident in England may be to apply for postgraduate support from Student Finance England. The support is a loan of up to £10,280 which can be used for both tuition fees and living costs. Find out more about the support and how to apply.
Students coming from Wales
Students ordinarily resident in Wales may be to apply for postgraduate support from Student Finance Wales. The support is a loan of up to £10,280 which can be used for both tuition fees and living costs. Find out more about the support and how to apply.
Students coming from Northern Ireland
Postgraduate students who are ordinarily resident in Northern Ireland may be able to apply for support from Student Finance Northern Ireland. The support is a tuition fee loan of up to £5,500. Find out more about the support and how to apply.
We've a large range of scholarships available to help you fund your studies. Check our scholarship search for more help with fees and funding.
Glasgow is Scotland's biggest & most cosmopolitan city
Our campus is based right in the very heart of Glasgow. We're in the city centre, next to the Merchant City, both of which are great locations for sightseeing, shopping and socialising alongside your studies.Life in Glasgow
Energy is the largest and most critical industry in the global economy today, and climate change is a significant driver of change in the energy sector. Employers are seeking out skilled graduates to work in the energy industry and in the fields of climate change, environment and sustainability. As a graduate of the MSc Economics & Policy of Energy & Climate Change, you'll be well placed to manage the complex challenges facing the energy and the environmental sectors in the 21st century.
Some of the recent graduates of MSc Global Energy Management (which is being replaced by MSc Economics & Policy of Energy & Climate Change) have been employed in the following roles:
- Senior Engineer | Scottish Power
- Energy Consultant | Schneider Electric
- Energy Economics Consultant | ARUP
- Senior Economist | OFGEM
- Project Manager | Energy and Environment, United Nations Development Programme
- Business Analyst | Sgurr Energy
- Energy Analyst | Atlantic Super Connection
- Intraday Power Trader | Centrica
- Energy Markets Analyst | Wood Mackenzie
- Energy Portfolio Management | Mytilineos S.A.
- Research Associate in Marine Energy | Edinburgh City Council
- Senior Consultant | ERM (Environmental Resources Management)
- Senior Analyst | EDF Energy
- Project Leader | Nigerian National Petroleum Corporation
- Chief Executive Officer | Georgian International Energy Corporation
- Asset Management and Trading | Iberdrola
- Wealth Management Associate | Morgan Stanley
- Assistant Solar Project Engineer | Solsist Energia, Brazil
For information and guidance on the application process, take a look at our How to Apply web page.
Start date: Sep 2023
Economics and Policy of Energy and Climate Change
Start date: Sep 2023
Economics and Policy of Energy and Climate Change
I wanted to work in the core energy and sustainability sector by focusing on energy management, which drove me to pursue a Masters in the UK. Furthermore, I wanted to focus on the economic and policy aspect of energy and Strathclyde had the course structured exactly to cater for my career goals.
I would definitely recommend this course if you have an interest in the ongoing of the world today and would like a career in a climate-change-associated role. I believe that after studying this course you would have the business acumen to work in a modern, mission-led organisation tackling climate change, having the ability to make a real impact on the world through your job.