That’s why the Financial Times added a carbon footprint rank to its MBA Ranking in 2023 to place greater scrutiny on the environmental performance of business schools and reflect widespread climate concerns.
To provide this rating, data specialists investigated business schools’ net zero targets and their teaching on environmental, social and governance issues. Extra credit was also given to schools who have an audit report on Scope 3 emissions, which are emissions that are not directly controlled by an organization but occur externally in its value chain as a result of the school’s activities.
So, if you’re an eco-conscious student looking to find a business school that’s making an impact, you may be interested to learn which are the 20 top business schools ranked by the FT.
Top business schools for eco-conscious students
=1. ASGM at UNSW Business School
Australian b-school, ASGM, ranked joint-first this year for its sustainability efforts. The school has a net zero strategy and its 2022-24 Environmental Sustainability Plan focused on climate action, living campuses, and resource efficiency.
The Sydney-based school has a variety of recycling facilities including battery and mobile phone recycling, as well as water refill stations. ASGM also has bus stops, cycling pumps and cycleways for students looking to get around campus with a lower carbon footprint, as well as charging stations for both E-bikes and electric cars.
=1.SDA Bocconi School of Management
SDA Bocconi School of Management was the other ranking leader this year for its eco-conscious efforts.
The Italian school, based in Milan, is making efforts to achieve carbon neutrality by 2025, investing in technology that allows it to produce the energy it requires from solar and geothermal sources. Bocconi is also aiming to reduce its indirect emissions by purchasing electricity exclusively from certified renewable sources, which it has been doing since 2017 to eliminate indirect Scope 2 emissions (greenhouse gases from the consumption of purchased electricity, steam, and heat).
3. IE Business School
This Madrid-based business school is operating under a 10-year challenge to work on its sustainability goals. Placing third on the FT’s list, IE University was one of the first carbon-neutral universities in Europe.
The school has reduced its Scope 1 (direct greenhouse gas emissions an organization releases from its owned or controlled sources) and Scope 2 emissions by 50% for every square meter on campus. And, as of 2023, its paper consumption has reduced by 98% and water consumption by 50%. This also translates into IE’s curriculum, dedicating 12,000 hours per year to training undergraduate and graduate students on topics relating to sustainability.
=4. Duke University’s Fuqua School of Business
One of four schools occupying joint fourth place in the ranking, Duke has been growing its campus while prioritising eco-friendly measures in new buildings and aiming to increase the efficiency of older buildings. This has allowed the school to reach its carbon neutrality goal as of 2024.
The campus has grown by over 3 million gross square feet since 2007, but since this expansion began the university still was able to reduce its energy consumption by 42%. In addition to this, Duke has replaced its steam heating with hot water and centralizing air conditioning, which has saved 10% of electrical demand.
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=4. Esade Business School
Esade has reached Scope 1 and 2 carbon neutrality, as a result of reducing emissions by 84% compared to 2019. The school has installed solar panels on its campuses and aims to use more green energy in future.
Aside from these measures, Esade has modernized its equipment to be greener, put in place measures to optimize waste management, and has also raised awareness about responsible consumption via campaigns. Furthering this, it has joined AERO (Alliance for Environmental Responsibility in Business Schools), a network formed by Vlerick Business School to promote sustainability, good practices, and decarbonization.
=4. Rotterdam School of Management, Erasmus University
By 2035, Rotterdam School of Management is aiming to achieve net zero in its Scope 1 and 2 carbon emissions, and is also aiming to become zero-waste by 2030.
Other measures the Netherlands-based school has put in place include implementing a sustainable, mostly plant-based diet into catering on its campus; promoting sustainable procurement practices; and increasing the size of its green spaces on campus, with accompanying native plants designed to achieve a nature positive campus.
=4. Frankfurt School of Finance and Management
The final school in fourth place in this ranking is Frankfurt School of Finance and Management, which provides expert courses for its students in areas such as Sustainable Finance and Climate and Renewable Energy Finance.
Similarly, it also has summer programs such as the Global Finance in Transition summer academy. In 2024, the school began a tree planting initiative which saw 300 red oak trees planted to offset 10-20kg of CO2 per year. Frankfurt also has a sustainable finance summit, discussing financial institutions in promoting sustainability.
=8. IESE Business School
First of a joint eight b-schools occupying eighth place, IESE Business School. In its goals for 2025 regarding environmental sustainability, IESE outlined five objectives: zero emissions under Scope 1 and 2, a 30% improvement in energy efficiency, reaching 80% renewable energy, a 10% reduction in water consumption, and reaching zero waste.
Describing one of its campuses, a new build in Madrid, as ‘a model of sustainability’, IESE has received LEED gold star certification for the new campus as recognition of its high environmental standards.
=8. HEC Paris
HEC Paris is investing in key issues such as the reduction of carbon emissions, energy consumption, mobility, nutrition, waste management, and the preservation of its natural park.
The leading French school also has a sustainability fund which helps to finance projects with impact and contribute to the development of a more sustainable campus, aiming to raise awareness and provide a positive impact on campus and in the community that's based on environmental and societal issues.
=8. UCLA Anderson School of Management
UCLA Anderson’s Center for Impact has developed the Open For Good platform, which offers comprehensive assessments of corporate transparency across ESG Categories. It aims to ‘inspire, educate and challenge the next generation of leaders and changemakers for positive social impact’, also providing events and conferences related to environmental and social issues, as well as student clubs: Net Impact and the Energy & Cleantech Association.
UCLA Anderson also hosts climate seminars and sustainability research, noting areas such as corporate sustainability, climate and energy, and social responsibility.
READ: Sustainable Habits Every B-School Student Can Adopt
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=8. University of Florida: Warrington
The University of Florida has a widespread goal of reaching carbon neutrality by 2025. Beginning in 2024, construction started on a new Central Energy Plant, which is projected to reduce the university’s carbon footprint by 25% by shifting electricity generation to occur on site. Despite using natural gas for this, which is cleaner than coal, it still emits some methane and greenhouses gases.
Both students and faculty at UF are pushing for transparency in the institution's carbon footprint, and for aggressive action moving forward.
=8. University of California at Irvine: Merage
Focusing on achieving stated goals of climate neutrality by 2025 in Scope 1 and 2 emissions, UC Irvine has also pledged to include Scope 3 sources of carbon emissions in its neutrality pledge by 2050.
The university also spends almost 31% of all of its food and beverage spending on sustainable options, with 27% of food and beverage purchases also being plant-based. The school has 41 LEED certified projects, 22 of which are rated platinum, followed by 13 gold rated.
=8. University of Southern California: Marshall
The Hayes Barnard Sustainability Fellowship, offered by USC Marshall, is a two-year program launched in 2024 that aims to prepare students for sustainability roles in their chosen professional fields. This in turn encourages more widespread responsible practices.
The school has also launched the BET (Business of Energy Transition) Initiative, which aims to propel the creation and adoption of sustainable energy globally.
=8. Arizona State University: WP Carey
At the end of 2024, an initiative was announced by ASU to reduce manufacturing CO2 emissions by up to 60 million metric tons over the next 15 years. The US Department of Energy is funding the project, but ASU is central to it, as EPIXC (Electrified Processes for Industry Without Carbon) is led by the university.
Integrating sustainability into the curriculum is also important at ASU, with mandatory sustainability courses starting in Fall 2024 that address climate challenges. The school also holds an annual Carbon Summit as well as other events.
READ: Demand For Sustainability Skills To Double Among Employers By 2050
=8. WHU – Otto Beisheim School of Management
Last to occupy joint eighth place in this list is WHU Otto Beisheim School of Management, which offers several curriculum options relating to sustainability, such as the WHU Responsible Leader Scholarship for its Master in Management students. This covers 75% of tuition fees for students who have demonstrated a commitment to positive change for the economy and society.
Alongside this, WHU is looking at ways to create more efficient and environmentally friendly energy in its heating, air circulation, lighting, and cooling systems.
16. Nanyang Business School, NTU Singapore
Taking 16th place in this ranking of the best business schools for eco-conscious students is Nanyang in Singapore. By 2035 NTU is aiming to reach carbon neutrality, as well as reduce its gross carbon emissions from a 2019 baseline by 50%.
In its 2023 report, NTU had more than 25,000 photovoltaic (PV) solar panels across its Yunnan campus, which is the largest PV deployment under a single entity in Singapore and also makes up about 1.5% of the total PV deployments in Singapore.
In its curriculum, NTU offers more than 200 sustainability related courses for students of all levels and backgrounds.
=17. INSEAD
Ranked at number 17 in this list is one of the world's top business schools, INSEAD, which has announced plans to reduce its Greenhouse gas emissions by 67% by 2035. INSEAD has also advanced on its Scope 1 and 2 emissions reduction pledge, whilst revenues, number of students, and facilities footprints are planned to increase in the same period.
The school, which has campuses in France and Singapore, is maintaining consultations with stakeholders to evolve with Scope 3 emissions accounting. In 2024 it also launched a new MBA Sustainability course and it has also launched the INSEAD Business Sustainability Programme.
=17. MIT: Sloan
As part of MIT Sloan’s sustainability initiative, the prestigious US-based school has over 60 sustainability courses which count towards its Sustainability Certificate elective requirements. These range from Postapocalyptic Science and Technology studies to Sustainable Supply Chain Management.
The initiative also involves creating an Impact report, looking into education, merging finance and systems innovation for decarbonization, and being a net positive force in the world. That’s alongside using its alumni ‘ecosystem’ to discuss new sustainability solutions on campus, and in the wider world.
19. The Lisbon MBA Catolica | Nova
Through its Center for Responsible Business and Leadership, Catolica Lisbon has organized sessions such as Let’s Talk About Sustainability, which lets students discuss a range of impact topics with professors in an informal and interactive way.
The school also has an alumni club which organizes talks on sustainability with a range of Portuguese companies.
20. University of Michigan: Ross
In 20th place and earning a spot among the top business schools for eco-conscious students, Michigan Ross has several initiatives supporting sustainability and green practices. The university hosts a climate week, in which there are sessions on a variety of sustainable business practices aiming to involve students in conversations about climate and sustainability.
Michigan Ross is planning to be climate neutral by 2040 when it comes to Scope 1 emissions. It also aims to reduce Scope 2 emissions by 2025, and establish goals for reducing Scope 3 emissions in the same period.
