01 — Quiz Bank (All Modules)

ESRS Masterclass E1 – Climate Change

Format: 10 questions per module + 10 Final Exam Bank questions = 120 total Question type: Multiple Choice (single correct answer) Pass mark: 80% (module quizzes: 8/10; final exam: 32/40)

Module 1 — Transition Plan for Climate Change Mitigation (E1-1)

Q1.1 What is the primary purpose of a climate transition plan under ESRS E1-1?

A) To report historical GHG emissions data
B) To outline how the company will align its business model with a 1.5°C decarbonisation pathway ✓
C) To calculate the company's internal carbon price
D) To comply with national energy efficiency regulations

Explanation: E1-1 requires companies to disclose a transition plan that explains how the undertaking's strategy and business model are compatible with the transition to a sustainable economy, specifically aligned with limiting global warming to 1.5°C.

Q1.2 Under the July 2025 ESRS framework, if a company's transition plan is NOT aligned with a 1.5°C pathway, what must they disclose?

A) Nothing — alignment is optional
B) A commitment to achieve alignment within 3 years
C) The reasons for non-alignment and the implications for the business ✓
D) An alternative alignment to a 2°C pathway

Explanation: The updated ESRS E1 requires that if a transition plan is not aligned with 1.5°C-compatible decarbonisation pathways, the company must explain the reasons and describe the implications.

Q1.3 Which of the following must be included in an E1-1 transition plan?

A) A full life-cycle assessment of all products
B) GHG emission reduction targets with defined milestones and base year ✓
C) A list of all suppliers and their emission data
D) Board member personal carbon footprints

Explanation: A transition plan must include time-bound targets with milestones, a defined base year, and actions the company will take to achieve its decarbonisation objectives.

Q1.4 A transition plan under E1-1 should cover which time horizon(s)?

A) Short-term only (1–2 years)
B) Medium-term only (3–5 years)
C) Short-, medium-, and long-term horizons aligned with target years ✓
D) Only the period until the next reporting cycle

Explanation: Transition plans must span multiple time horizons — typically short-term (1–3 years), medium-term (3–5 years), and long-term (beyond 5 years) — aligned with the company's emission reduction targets.

Q1.5 What role does CapEx and OpEx allocation play in an E1-1 transition plan?

A) It is not required under E1-1
B) It demonstrates the financial resources committed to achieving climate targets ✓
C) It replaces the need for emission reduction targets
D) It is only relevant for financial institutions

Explanation: E1-1 requires companies to disclose the resources allocated (CapEx and OpEx) to implement the transition plan, demonstrating that climate targets are backed by real investment.

Q1.6 How should a company disclose locked-in GHG emissions in its transition plan?

A) They should be excluded from all reporting
B) They should be disclosed as emissions from existing assets and infrastructure that are difficult to abate in the short term ✓
C) They should be reported only under Scope 3
D) They only apply to companies in the fossil fuel sector

Explanation: Locked-in emissions from existing assets and contracts must be disclosed to give a realistic picture of how quickly a company can decarbonise.

Q1.7 Which governance element is required as part of the E1-1 transition plan disclosure?

A) The personal climate commitments of the CEO
B) The board's oversight role and how climate targets are embedded in decision-making ✓
C) The number of employees who have completed sustainability training
D) The company's annual CSR budget

Explanation: E1-1 requires disclosure of governance arrangements, including how the board oversees the transition plan and how targets are integrated into management decisions and incentive structures.

Q1.8 A manufacturing company sets a target of net-zero by 2050 but provides no interim milestones. Under E1-1, this is:

A) Fully compliant, since a long-term target is provided
B) Non-compliant, because interim milestones at defined intervals are required ✓
C) Compliant if the company is in a hard-to-abate sector
D) Compliant if the company offsets current emissions with carbon credits

Explanation: E1-1 requires milestones at defined intervals (e.g. 2025, 2030, 2035) to track progress. A single long-term target without interim milestones does not meet disclosure requirements.

Q1.9 A company's transition plan refers to "alignment with the Paris Agreement." Under ESRS E1, this is:

A) Sufficient as a standalone statement
B) Insufficient — the plan must demonstrate alignment with 1.5°C-compatible pathways with quantified targets ✓
C) Only acceptable for SME reporters
D) Acceptable if validated by a third-party auditor

Explanation: A generic reference to the Paris Agreement is not sufficient. E1-1 requires specific alignment with 1.5°C pathways, supported by quantified, time-bound targets.

Q1.10 Which of the following is NOT a required component of a transition plan under E1-1?

A) GHG reduction targets with base year
B) CapEx/OpEx allocation
C) A detailed competitor benchmarking analysis ✓
D) Governance and oversight arrangements

Explanation: While competitor analysis may be useful for strategy, it is not a required disclosure element under E1-1. Required elements include targets, resources, governance, and actions.

Q2.1 Under E1-2, what are the two main categories of climate-related risks?

A) Operational risks and reputational risks
B) Physical risks and transition risks ✓
C) Financial risks and regulatory risks
D) Market risks and technology risks

Explanation: E1-2 requires identification and assessment of both physical risks (acute and chronic effects of climate change) and transition risks (risks from the shift to a low-carbon economy).

Q2.2 Which of the following is an example of an acute physical risk?

A) Gradual sea-level rise
B) A severe flooding event that damages a production facility ✓
C) Increasing energy costs due to carbon pricing
D) Changing consumer preferences for green products

Explanation: Acute physical risks are event-driven, such as floods, storms, and wildfires. Chronic physical risks are longer-term shifts like sea-level rise or temperature changes.

Q2.3 What is the purpose of scenario analysis under E1-2?

A) To predict exactly when climate disasters will occur
B) To test the resilience of the business model under different climate futures ✓
C) To calculate the exact financial cost of climate change
D) To comply with the EU Taxonomy regulation

Explanation: Scenario analysis assesses how the business would perform under different climate scenarios (e.g. 1.5°C, 2°C, 3°C+), testing strategy resilience rather than predicting specific outcomes.

Q2.4 A company identifies that 40% of its factories are in flood-prone zones. Under E1-2, this should be disclosed as:

A) A transition risk
B) A chronic physical risk
C) An acute physical risk with location-specific exposure data ✓
D) An operational cost, not a climate risk

Explanation: Flood exposure is an acute physical risk. E1-2 requires disclosure of the nature, location, and magnitude of climate-related risks, including geographic concentration.

Q2.5 Which scenario temperature pathways should typically be included in an E1-2 analysis?

A) Only the 1.5°C pathway
B) Only a worst-case 4°C pathway
C) At least two scenarios, including one aligned with 1.5°C and one higher-warming scenario ✓
D) Only scenarios validated by the company's auditor

Explanation: E1-2 expects companies to use at least two climate scenarios, typically including a 1.5°C-aligned scenario and a higher-warming scenario to assess a range of outcomes.

Q2.6 A technology company faces risk from upcoming carbon border adjustment mechanisms. This is classified as:

A) An acute physical risk
B) A chronic physical risk
C) A transition risk — policy and legal category ✓
D) Not a climate risk under ESRS

Explanation: Carbon border adjustment mechanisms are regulatory instruments creating transition risks in the policy and legal category, as they change the cost structure for carbon-intensive imports.

Q2.7 What time horizons must be considered when assessing climate-related risks under E1-2?

A) Only the current financial year
B) Short-term (1–3 years) only
C) Short-, medium-, and long-term horizons ✓
D) Only the long-term (beyond 10 years)

Explanation: Climate risks manifest across different time horizons. E1-2 requires assessment across short-, medium-, and long-term periods to capture both imminent and emerging risks.

Q2.8 What distinguishes a climate-related opportunity from a climate-related risk?

A) Opportunities only arise in the long term
B) Opportunities are potential positive effects from climate change mitigation or adaptation efforts ✓
C) Opportunities do not need to be disclosed under ESRS
D) Opportunities only apply to companies in the renewable energy sector

Explanation: Climate-related opportunities include resource efficiency gains, new markets, energy source diversification, and product innovation arising from the transition.

Q2.9 A food company's supply chain is increasingly affected by drought in Southern Europe. Under E1-2, this is:

A) Outside the scope of climate risk disclosure
B) A chronic physical risk in the value chain ✓
C) A transition risk related to technology change
D) Only relevant for Scope 3 reporting

Explanation: Recurring drought affecting supply chains is a chronic physical risk. E1-2 requires companies to consider climate risks across their own operations and value chain.

Q2.10 Which of the following is NOT required in an E1-2 scenario analysis disclosure?

A) Description of scenarios used
B) Time horizons applied
C) A guarantee that the business will survive all scenarios ✓
D) Key assumptions and parameters

Explanation: Scenario analysis is about testing resilience, not providing guarantees. Disclosure must describe scenarios, assumptions, time horizons, and findings — not assure specific outcomes.

Module 3 — Resilience in Relation to Climate Change (E1-3)

Q3.1 What does E1-3 require companies to disclose about climate resilience?

A) Only the insurance policies they hold against climate events
B) Their assessment of how climate risks and opportunities affect the company's ability to continue operating ✓
C) A guarantee that operations will not be disrupted
D) Only physical adaptations to buildings and infrastructure

Explanation: E1-3 requires an assessment of the company's resilience — its capacity to adjust to climate-related uncertainties and to continue delivering value across scenarios.

Q3.2 Climate resilience under E1-3 is primarily linked to:

A) The findings from scenario analysis conducted under E1-2 ✓
B) The company's credit rating
C) Employee satisfaction scores
D) Historical financial performance

Explanation: E1-3 resilience assessment builds on the scenario analysis from E1-2, evaluating how well the business model, strategy, and resources hold up under the tested scenarios.

Q3.3 A logistics company invests in flood barriers for its warehouses. Under E1-3, this is an example of:

A) A mitigation action
B) A physical adaptation measure to build climate resilience ✓
C) An emission reduction measure
D) A carbon offset investment

Explanation: Physical adaptation measures that protect assets and operations from climate impacts directly contribute to resilience and are disclosable under E1-3.

Q3.4 E1-3 requires companies to consider resilience across:

A) Only their own operations
B) Their own operations and the upstream value chain
C) Their own operations, upstream, and downstream value chain ✓
D) Only the activities they directly control

Explanation: Resilience must be assessed across the entire value chain, as disruptions at any point (suppliers, logistics, customers) can affect the company.

Q3.5 Which of the following best demonstrates climate resilience for a retail company?

A) Increasing marketing spend on sustainability messaging
B) Diversifying supplier base across multiple geographies and ensuring alternative logistics routes ✓
C) Publishing a climate policy on the company website
D) Hiring a Chief Sustainability Officer

Explanation: Practical resilience actions such as geographic diversification and redundant supply chains directly address the ability to absorb and adapt to climate disruptions.

Q3.6 What is the relationship between E1-3 (Resilience) and E1-1 (Transition Plan)?

A) They are completely independent disclosures
B) E1-3 informs the adaptation elements of the transition plan ✓
C) E1-1 replaces the need for E1-3
D) E1-3 only applies to companies without a transition plan

Explanation: Resilience assessment (E1-3) feeds into the transition plan (E1-1) by identifying which adaptation actions are needed to protect value creation under different climate futures.

Q3.7 A company discloses that its main production site is resilient to a 2°C scenario but faces significant risk in a 3°C+ scenario. Under E1-3, what should the company also disclose?

A) Nothing further is required
B) The planned actions to address the identified vulnerabilities in the higher-warming scenario ✓
C) Only the 2°C scenario findings
D) A request for government assistance

Explanation: Where resilience gaps are identified, E1-3 expects disclosure of how the company plans to address those gaps, including specific adaptation actions.

Q3.8 Resilience assessment under E1-3 should address:

A) Only financial resilience
B) Financial, operational, and strategic resilience ✓
C) Only environmental impact resilience
D) Only reputational resilience

Explanation: Climate resilience is multi-dimensional, covering financial capacity to absorb shocks, operational continuity, and strategic flexibility to pivot as conditions change.

Q3.9 A company operating in a water-stressed region reports that it has no plans to address increasing water scarcity. Under E1-3, this:

A) Is acceptable as long as the risk is disclosed
B) Represents a material resilience gap that must be flagged with an explanation ✓
C) Is outside the scope of E1
D) Only matters if the company reports under E1-7

Explanation: E1-3 requires not just identification but also assessment and response to resilience gaps. Disclosing a material risk with no adaptation plan is a significant gap.

Q3.10 Which best describes the relationship between adaptation and mitigation in the context of E1-3?

A) They are the same thing
B) Adaptation deals with reducing GHG emissions; mitigation deals with building resilience
C) Mitigation reduces emissions to limit warming; adaptation builds resilience to unavoidable impacts ✓
D) Only mitigation is relevant under ESRS E1

Explanation: Mitigation (reducing GHGs) and adaptation (building resilience to climate impacts) are complementary. E1-3 focuses on the adaptation and resilience side.

Module 4 — Policies on Climate Change (E1-4)

Q4.1 What must a company disclose under E1-4 regarding climate policies?

A) Only a link to publicly available policy documents
B) The policies adopted to manage material climate-related impacts, risks, and opportunities ✓
C) Only policies that have been audited by a third party
D) Only policies approved at board level

Explanation: E1-4 requires disclosure of the specific policies the company has adopted to address climate change, covering both mitigation and adaptation.

Q4.2 Under E1-4, a climate policy disclosure should include:

A) The policy's scope, objectives, and how it relates to the company's climate targets ✓
B) Only the title and date of the policy
C) A copy of the full policy document
D) Only the budget allocated to the policy

Explanation: E1-4 requires information about what the policy covers (scope), what it aims to achieve (objectives), and how it connects to the company's overall climate strategy and targets.

Q4.3 A company has a general environmental policy but no specific climate change policy. Under E1-4, this is:

A) Fully compliant
B) Potentially insufficient — the company should explain how climate change is addressed within the broader policy ✓
C) Non-compliant only if climate is a material topic
D) Acceptable for SMEs but not large companies

Explanation: If climate is a material topic, the company must demonstrate that its policies specifically address climate change, even if embedded within a broader environmental policy. The disclosure should make the climate-specific elements clear.

Q4.4 E1-4 expects climate policies to be aligned with:

A) National legislation only
B) The company's own climate targets and transition plan ✓
C) Industry benchmarks only
D) The previous year's sustainability report

Explanation: Policies should be coherent with the company's climate targets (E1-6) and transition plan (E1-1), demonstrating internal consistency.

Q4.5 Which of the following is a key element of a climate mitigation policy under E1-4?

A) A commitment to offset all emissions through carbon credits
B) Clear targets for reducing energy consumption from fossil fuels and increasing renewable energy share ✓
C) A pledge to reduce executive travel by 10%
D) A statement that the company cares about the environment

Explanation: An effective mitigation policy includes specific, measurable commitments related to energy transition and emission reduction, not vague aspirational statements.

Q4.6 How should a company disclose if it has NO climate policies in place?

A) It does not need to disclose anything
B) It must state that no policies have been adopted and explain why ✓
C) It should disclose a planned policy even if not yet adopted
D) It should reference industry-wide policies as its own

Explanation: Where materiality applies and no policy has been adopted, the company must disclose this fact and explain the reasons, rather than omitting the disclosure.

Q4.7 Under E1-4, policies should address both mitigation and adaptation. Which is an example of an adaptation policy?

A) Switching fleet vehicles to electric
B) Requiring climate risk assessment for new facility locations ✓
C) Reducing process emissions from manufacturing
D) Purchasing renewable energy certificates

Explanation: Adaptation policies address how the company prepares for and responds to climate impacts. Requiring climate risk assessments for site selection is a practical adaptation measure.

Q4.8 E1-4 requires disclosure of how climate policies cover:

A) Only the company's own operations
B) The company's own operations and, where material, the upstream and downstream value chain ✓
C) Only the upstream supply chain
D) Only activities within the EU

Explanation: Where climate impacts in the value chain are material, policies should address how the company manages these — for example, through supplier requirements or product design.

Q4.9 A company discloses that its climate policy was last updated in 2019 and has not been reviewed since. Under E1-4, this:

A) Is acceptable as long as the policy exists
B) Raises concerns about whether the policy reflects current science, regulation, and company targets ✓
C) Is only a problem if the policy conflicts with ESRS
D) Is acceptable if an update is planned for next year

Explanation: Climate science, regulation, and corporate targets evolve rapidly. A policy that hasn't been reviewed for several years may not reflect current requirements and should be flagged.

Q4.10 Which governance element is expected in E1-4 policy disclosure?

A) The name of the policy's author
B) How the policy was approved, who is accountable for implementation, and how performance is monitored ✓
C) Only the date of board approval
D) The external consultant who drafted the policy

Explanation: E1-4 expects disclosure of governance arrangements including approval, accountability, and monitoring — not just the existence of a policy document.

Module 5 — Actions & Resources for Climate Change (E1-5)

Q5.1 What does E1-5 require companies to disclose about their climate actions?

A) Only a general statement of intent
B) The key actions taken and planned, including the resources (CapEx/OpEx) allocated to implement them ✓
C) Only actions that have been fully completed
D) Only actions related to energy efficiency

Explanation: E1-5 requires disclosure of both completed and planned climate actions along with the financial and human resources committed to their implementation.

Q5.2 Under E1-5, CapEx and OpEx allocated to climate actions should be disclosed:

A) In aggregate only
B) With sufficient granularity to understand which actions are receiving investment ✓
C) Only if the total exceeds €1 million
D) Only for actions in the transition plan

Explanation: The disclosure should provide enough detail for stakeholders to understand how financial resources map to specific climate actions and targets.

Q5.3 A company installs solar panels on all factory roofs and switches to LED lighting. Under E1-5, these are examples of:

A) Adaptation measures
B) Climate mitigation actions — energy transition and efficiency ✓
C) Carbon offsetting activities
D) Resilience investments

Explanation: Solar panel installation (renewable energy) and LED conversion (energy efficiency) are direct mitigation actions that reduce emissions.

Q5.4 What is the "low-hanging fruit" principle in the context of climate actions?

A) Always start with the most expensive actions first
B) Prioritise actions that deliver the largest emission reductions with the least cost and effort ✓
C) Focus only on actions visible to customers
D) Only address Scope 1 emissions

Explanation: Prioritising high-impact, low-cost actions first — such as energy efficiency improvements and renewable energy procurement — typically achieves the fastest progress toward targets.

Q5.5 E1-5 requires disclosure of expected outcomes. Which of the following is an acceptable expected outcome?

A) "We hope to reduce emissions"
B) "Expected reduction of 5,000 tCO₂e per year by 2028 from fleet electrification" ✓
C) "Emissions will decrease at some point"
D) "We will consider future actions"

Explanation: Expected outcomes should be specific and, where possible, quantified — including the magnitude of emission reduction, the timeframe, and the action responsible.

Q5.6 A company allocates €50M CapEx to a new low-carbon production line. Under E1-5, what should the disclosure include?

A) Only the total amount
B) The amount, the action it supports, expected emission reduction, and timeline ✓
C) Only the internal rate of return
D) Only the action name without financial details

Explanation: E1-5 requires linking financial resources to specific actions, with expected outcomes and timelines to demonstrate that investment supports climate targets.

Q5.7 Under E1-5, how should a company report actions that address multiple environmental objectives (e.g., climate and pollution)?

A) Only report under one standard
B) Disclose the action under E1-5 and cross-reference relevant disclosures under other ESRS standards ✓
C) Exclude actions that overlap with other standards
D) Report only the climate-related component

Explanation: Where actions deliver co-benefits across environmental topics, E1-5 expects disclosure under the primary standard with cross-references to avoid double-counting.

Q5.8 A company reports 12 planned climate actions but provides no information on resources or timelines for 8 of them. Under E1-5, this disclosure is:

A) Compliant, since the actions are listed
B) Potentially non-compliant, as material actions should be accompanied by resource and timeline information ✓
C) Compliant if the 4 with details are the most material
D) Acceptable if a note says "details to follow"

Explanation: Listing actions without resources and timelines undermines the purpose of E1-5, which is to demonstrate that climate actions are concrete and funded.

Q5.9 Which of the following best demonstrates the link between E1-5 (Actions) and E1-1 (Transition Plan)?

A) They are separate disclosures with no connection
B) E1-5 actions are the implementation mechanisms for the targets set in the E1-1 transition plan ✓
C) E1-1 replaces the need for E1-5
D) E1-5 only covers adaptation, while E1-1 covers mitigation

Explanation: The transition plan (E1-1) sets the direction and targets; E1-5 discloses the specific actions and resources that make the plan operational.

Q5.10 Under E1-5, should companies disclose actions across the value chain?

A) No, only own operations
B) Yes, where the company has taken or planned actions to address value chain emissions ✓
C) Only if specifically requested by investors
D) Only for upstream suppliers

Explanation: E1-5 covers actions across the value chain where material, including supplier engagement programmes, product design changes, and logistics optimisation.

Module 6 — GHG Emission Targets (E1-6)

Q6.1 Under E1-6, GHG emission targets must be expressed as:

A) Only absolute emission reductions
B) Only emission intensity reductions
C) Absolute reductions and, where relevant, intensity reductions, with a defined base year ✓
D) Percentage reductions relative to industry average

Explanation: E1-6 requires absolute reduction targets and, where used, intensity targets. Both must reference a defined base year and target year.

Q6.2 What is the difference between a Scope 1 and a Scope 2 emission target?

A) They are identical in practice
B) Scope 1 covers direct emissions from company-owned sources; Scope 2 covers indirect emissions from purchased energy ✓
C) Scope 1 covers all indirect emissions; Scope 2 covers all direct emissions
D) Scope 1 covers supply chain emissions; Scope 2 covers customer-related emissions

Explanation: Scope 1 = direct emissions from owned/controlled sources (e.g. boilers, fleet). Scope 2 = indirect emissions from purchased electricity, heat, or steam.

Q6.3 Under E1-6, why must a base year be specified for emission reduction targets?

A) It is a formatting preference
B) It provides the reference point against which progress is measured ✓
C) It is only required for companies reporting under the EU Taxonomy
D) It allows companies to choose the year with highest emissions

Explanation: The base year provides a consistent reference point. It should be representative of normal business operations and must be clearly disclosed.

Q6.4 A company sets targets for Scope 1 and 2 but not Scope 3 emissions. Under E1-6, is this sufficient?

A) Yes, Scope 3 targets are always optional
B) It depends — if Scope 3 emissions are material, targets should be set or the company must explain their absence ✓
C) No, Scope 3 targets are always mandatory
D) Yes, as long as total reported emissions decrease

Explanation: Where Scope 3 emissions are material (which they typically are — often representing the majority of total emissions), E1-6 expects targets or an explanation of why they are not set.

Q6.5 What does SBTi stand for, and how does it relate to E1-6?

A) Sustainable Business Technology Initiative — it provides software tools
B) Science Based Targets initiative — it validates that targets are aligned with climate science ✓
C) Standard Business Target Indicator — a benchmark index
D) Strategic Budget Tracking instrument — a finance tool

Explanation: The SBTi validates corporate emission reduction targets against climate science. E1-6 requires companies to disclose whether targets are informed by or validated by the SBTi.

Q6.6 Under E1-6, interim targets should be set at:

A) Any interval the company prefers
B) At least every 5 years between the base year and the final target year ✓
C) Only for 2030 and 2050
D) Only if the company has an SBTi-validated target

Explanation: Regular interim targets (typically every 5 years) are expected to track progress and demonstrate a credible trajectory toward the final target.

Q6.7 A company's emission intensity target is: "Reduce tCO₂e per €M revenue by 30% by 2030." What is a potential limitation of intensity targets?

A) They are not permitted under ESRS
B) Absolute emissions can increase even if intensity decreases, if revenue grows faster than efficiency gains ✓
C) They are always more ambitious than absolute targets
D) They cannot be validated by the SBTi

Explanation: Intensity targets measure efficiency but can mask rising absolute emissions. This is why E1-6 requires absolute targets and allows intensity targets as supplementary.

Q6.8 Under E1-6, what must be disclosed if a company changes its base year or recalculates baseline emissions?

A) Nothing — recalculation is the company's internal matter
B) The reason for the change and its effect on target progress ✓
C) Only the new base year
D) A restatement of all prior sustainability reports

Explanation: Transparency requires that any base year recalculation (e.g. due to acquisitions, divestments, or methodology changes) be disclosed with rationale and impact on progress.

Q6.9 Which of the following target disclosures meets E1-6 requirements?

A) "We aim to be carbon neutral by 2050"
B) "Reduce absolute Scope 1 and 2 GHG emissions by 42% by 2030 from a 2020 base year" ✓
C) "We will reduce emissions when feasible"
D) "Our target is to maintain current emission levels"

Explanation: Option B includes all required elements: scope coverage, absolute target, percentage reduction, target year, and base year.

Q6.10 Under E1-6, how should targets relate to the transition plan disclosed under E1-1?

A) They are independent disclosures
B) Targets should be the quantified destination that the transition plan's actions are designed to achieve ✓
C) Only one of the two disclosures is needed
D) Targets under E1-6 only apply to Scope 2

Explanation: E1-6 targets and the E1-1 transition plan are deeply interconnected — targets set the ambition, and the plan describes how to get there.

Module 7 — Energy Consumption & Mix (E1-7)

Q7.1 What energy data must be disclosed under E1-7?

A) Only total electricity consumption
B) Total energy consumption, broken down by source and including the share from renewable versus fossil fuels ✓
C) Only energy purchased from the grid
D) Only energy from fossil fuels

Explanation: E1-7 requires total energy consumption in MWh, disaggregated by source type, with a clear split between renewable and non-renewable energy.

Q7.2 Under the July 2025 ESRS updates, what change was made to E1-7?

A) Energy data is no longer required
B) Energy intensity disclosure has been removed ✓
C) Renewable energy disclosure was added
D) The scope was expanded to include water consumption

Explanation: The July 2025 update removed the energy intensity ratio disclosure from E1-7, simplifying the standard while retaining absolute energy consumption data.

Q7.3 A company sources 60% of its electricity from a renewable energy Power Purchase Agreement (PPA). Under E1-7, how should this be reported?

A) As 60% renewable energy consumption for the electricity component ✓
B) As 100% renewable if the PPA covers the total MWh consumed
C) It cannot be counted as renewable under ESRS
D) Only if certified by Guarantees of Origin

Explanation: PPAs are a recognised mechanism for sourcing renewable energy. The renewable share should reflect the actual MWh delivered under the PPA relative to total consumption.

Q7.4 Which of the following energy sources counts as renewable under E1-7?

A) Natural gas
B) Nuclear energy
C) Wind-generated electricity ✓
D) Coal with carbon capture

Explanation: Renewable sources include wind, solar, hydroelectric, geothermal, and sustainably sourced biomass. Nuclear and fossil fuels with CCS are not classified as renewable.

Q7.5 A company's offices consume 500 MWh from the grid and 200 MWh from on-site solar panels. What is the total energy consumption to report under E1-7?

A) 500 MWh
B) 700 MWh ✓
C) 200 MWh
D) 300 MWh (net of renewable)

Explanation: Total energy consumption includes all sources: grid electricity plus on-site generation. The 200 MWh from solar panels should be reported separately as renewable.

Q7.6 Under E1-7, what does "energy mix" refer to?

A) The ratio of electricity to gas
B) The proportion of different energy sources (renewable vs fossil, by type) in total consumption ✓
C) The mix of energy suppliers a company uses
D) The split between peak and off-peak consumption

Explanation: Energy mix is the breakdown of total energy consumption by source type — showing how much comes from coal, gas, oil, grid electricity, wind, solar, etc.

Q7.7 A manufacturing company uses natural gas for process heat. Under E1-7, this should be reported as:

A) Scope 2 energy consumption
B) Non-renewable energy consumption from fossil fuel sources ✓
C) It doesn't need to be reported if used for heating
D) Renewable energy if the gas is certified as carbon-neutral

Explanation: Natural gas is a fossil fuel. Its consumption for process heat is reported as non-renewable energy. "Carbon-neutral gas" certifications do not change the energy source classification.

Q7.8 Which unit of measurement is standard for E1-7 energy disclosure?

A) Tonnes of oil equivalent (toe)
B) Megawatt-hours (MWh) ✓
C) Kilowatt-hours (kWh)
D) British thermal units (BTU)

Explanation: ESRS E1 uses MWh as the standard unit for energy disclosure, ensuring consistency and comparability across companies.

Q7.9 A company operates a fleet of 200 diesel vehicles. Under E1-7, the fuel consumed by this fleet:

A) Is excluded because it is transport, not energy
B) Must be included in total energy consumption as non-renewable fuel ✓
C) Is only reported under Scope 1 emissions, not energy
D) Is optional to report

Explanation: Fleet fuel consumption is part of total energy use and must be reported under E1-7 as non-renewable energy from fossil fuel sources.

Q7.10 What is the purpose of disclosing the energy mix under E1-7?

A) To demonstrate compliance with the EU Taxonomy
B) To show stakeholders the company's current energy profile and its dependency on fossil versus renewable sources ✓
C) To calculate the company's carbon price
D) To benchmark against competitors

Explanation: The energy mix provides transparency on the company's energy dependency, supporting assessment of transition risk exposure and progress toward decarbonisation.

Module 8 — GHG Emissions: Scope 1, 2, 3 (E1-8)

Q8.1 Under E1-8, what are the three scopes of GHG emissions?

A) Scope 1: Supply chain; Scope 2: Own operations; Scope 3: Product use
B) Scope 1: Direct emissions; Scope 2: Indirect from purchased energy; Scope 3: All other indirect emissions ✓
C) Scope 1: CO₂ only; Scope 2: Methane; Scope 3: All other gases
D) Scope 1: EU operations; Scope 2: Non-EU operations; Scope 3: Global operations

Explanation: Scope 1 covers direct emissions from owned/controlled sources. Scope 2 covers indirect emissions from purchased electricity, heat, and steam. Scope 3 covers all other indirect emissions across the value chain.

Q8.2 A company's boiler burns natural gas for heating. These emissions are classified as:

A) Scope 2
B) Scope 3 (Category 1)
C) Scope 1 — direct emissions from combustion of fuel in company-owned equipment ✓
D) Not reported under E1-8

Explanation: Direct combustion of fuel in company-owned or controlled equipment is a Scope 1 emission source.

Q8.3 A company purchases electricity from the national grid. These emissions are classified as:

A) Scope 1
B) Scope 2 — indirect emissions from purchased energy ✓
C) Scope 3 (Category 3)
D) Not applicable under E1-8

Explanation: Electricity purchased from the grid generates indirect emissions (at the power plant) that are attributed to the purchasing company as Scope 2.

Q8.4 Under E1-8, which methodology should be used for Scope 2 reporting?

A) Only the location-based method
B) Only the market-based method
C) Both location-based and market-based methods should be disclosed ✓
D) The method preferred by the company's auditor

Explanation: E1-8 requires disclosure using both the location-based approach (grid average emissions factor) and the market-based approach (contractual instruments like Guarantees of Origin).

Q8.5 Which of the following is a Scope 3 emission category?

A) Emissions from the company's on-site generator
B) Emissions from purchased electricity
C) Emissions from the use of the company's sold products by customers ✓
D) Emissions from the company's heating system

Explanation: Scope 3 Category 11 (use of sold products) captures emissions generated when customers use the products the company has sold.

Q8.6 A company has 50,000 tCO₂e Scope 1, 20,000 tCO₂e Scope 2, and 400,000 tCO₂e Scope 3 emissions. What percentage of total emissions is Scope 3?

A) About 40%
B) About 60%
C) About 85% ✓
D) About 95%

Explanation: Total = 470,000 tCO₂e. Scope 3 = 400,000 / 470,000 = approximately 85%. This illustrates why Scope 3 is critical — it often dominates total emissions.

Q8.7 Under E1-8, which greenhouse gases must be included in reporting?

A) Only CO₂
B) CO₂ and methane only
C) The seven GHGs covered by the Kyoto Protocol and its amendments (CO₂, CH₄, N₂O, HFCs, PFCs, SF₆, NF₃) ✓
D) All gases emitted by the company

Explanation: GHG reporting under E1-8 covers the seven Kyoto Protocol gases, expressed in CO₂ equivalents (tCO₂e) using appropriate global warming potentials.

Q8.8 What does "tCO₂e" mean?

A) Total CO₂ emitted
B) Tonnes of CO₂ equivalent — a standard unit that expresses all GHGs in terms of CO₂'s warming potential ✓
C) Technical CO₂ estimate
D) Tonnes of carbon only (excluding other gases)

Explanation: CO₂ equivalent is the standard metric that converts all greenhouse gases into a common unit based on their global warming potential relative to CO₂.

Q8.9 A company's employees commute to work by car. Under which Scope 3 category are these emissions reported?

A) Scope 1 (company fleet)
B) Scope 3, Category 7 — Employee commuting ✓
C) Scope 2 (energy-related)
D) They are not reportable

Explanation: Employee commuting in personal vehicles falls under Scope 3 Category 7. This is relevant to E1-7's connection to travel and employee mobility.

Q8.10 What is the significance of disaggregating Scope 3 emissions by category under E1-8?

A) It is optional but recommended
B) It identifies the largest sources of value chain emissions, enabling targeted reduction actions ✓
C) It is only required for companies with emissions above 1M tCO₂e
D) It is only needed for financial institutions

Explanation: Disaggregation by Scope 3 category helps identify emission hotspots (e.g. purchased goods, logistics, product use) and directs action to where it matters most.

Module 9 — GHG Removals & Carbon Credits (E1-9)

Q9.1 What is the difference between a GHG removal and a carbon credit?

A) They are the same thing
B) A removal physically takes GHGs out of the atmosphere; a carbon credit is a tradeable unit representing emission reduction or removal ✓
C) A removal is always more expensive
D) A carbon credit is always a removal

Explanation: Removals are physical processes (e.g. afforestation, direct air capture). Carbon credits can represent either removals or avoided emissions and are traded as financial instruments.

Q9.2 Under E1-9, can carbon credits be used to meet the company's emission reduction targets?

A) Yes, they can fully substitute for emission reductions
B) No — carbon credits should be reported separately and not counted toward emission reduction targets ✓
C) Only if certified by a Gold Standard scheme
D) Only for Scope 3 emissions

Explanation: ESRS E1 requires that carbon credits be disclosed separately from the company's emission reduction trajectory. They cannot be subtracted from gross emissions to meet targets.

Q9.3 Which of the following is an example of a nature-based GHG removal?

A) Switching from coal to natural gas
B) Afforestation — planting new forests that absorb CO₂ ✓
C) Installing energy-efficient lighting
D) Purchasing renewable energy certificates

Explanation: Nature-based removals include afforestation, reforestation, soil carbon sequestration, and ocean-based carbon capture through natural processes.

Q9.4 Under E1-9, what information must companies disclose about their use of carbon credits?

A) Only the total number of credits purchased
B) The amount, type (removal vs avoidance), quality standard, and how credits are used in the company's climate strategy ✓
C) Only credits that have been retired
D) Only the cost of credits purchased

Explanation: E1-9 requires transparency on the quantity, type, quality, and strategic role of carbon credits, ensuring stakeholders can assess their credibility.

Q9.5 Why does ESRS distinguish between carbon "avoidance" credits and "removal" credits?

A) They cost different amounts
B) Avoidance credits prevent emissions that would have occurred; removal credits actively take existing GHGs from the atmosphere — the environmental integrity differs ✓
C) There is no distinction under ESRS
D) Avoidance credits are more expensive

Explanation: Removal credits represent actual extraction of GHGs, while avoidance credits represent prevented emissions (e.g. protecting a forest from deforestation). ESRS requires separate disclosure.

Q9.6 A company purchases 10,000 voluntary carbon credits from a forestry project. Under E1-9, it should disclose:

A) Nothing — voluntary credits are outside ESRS scope
B) The quantity, the project type, the certification standard, and whether credits are removal-based or avoidance-based ✓
C) Only the total cost
D) Only the credits that were retired during the reporting period

Explanation: All material carbon credit activity — voluntary and compliance — should be disclosed with sufficient detail for stakeholders to assess quality and purpose.

Q9.7 What is "direct air capture" (DAC) in the context of E1-9?

A) Monitoring air quality at factory sites
B) A technology that removes CO₂ directly from the ambient atmosphere ✓
C) Capturing emissions at the point of combustion
D) A type of carbon credit standard

Explanation: DAC is a technological removal method that extracts CO₂ from the air. It qualifies as a removal under E1-9, distinct from point-source carbon capture.

Q9.8 Under E1-9, if a company reports gross emissions of 100,000 tCO₂e and purchases 20,000 tCO₂e in carbon credits, what should the reported gross emissions figure be?

A) 80,000 tCO₂e
B) 100,000 tCO₂e — gross emissions remain unchanged ✓
C) 120,000 tCO₂e (emissions plus credits)
D) The company can choose which figure to report

Explanation: Gross emissions are reported before any credits. The 20,000 tCO₂e in credits is disclosed separately under E1-9, not subtracted from the emissions figure.

Q9.9 A company invests in a biochar project that stores carbon in soil. Under E1-9, this is classified as:

A) An avoidance credit
B) A nature-based removal ✓
C) A Scope 3 reduction
D) An energy efficiency measure

Explanation: Biochar stores carbon that was absorbed from the atmosphere by biomass, making it a nature-based (or nature-enhanced) removal.

Q9.10 What quality criteria should companies consider when assessing carbon credits under E1-9?

A) Only the price per tonne
B) Additionality, permanence, avoidance of leakage, third-party verification, and certification standard ✓
C) Only whether the project is in the EU
D) Only the credit volume available

Explanation: High-quality credits demonstrate additionality (would not have happened without funding), permanence, no leakage, and independent verification under recognised standards.

Module 10 — Internal Carbon Pricing (E1-10)

Q10.1 What is an internal carbon price?

A) The price of carbon credits on the EU ETS market
B) A monetary value a company assigns internally to each tonne of CO₂e to guide investment and operational decisions ✓
C) The carbon tax paid to national governments
D) The cost of renewable energy relative to fossil fuels

Explanation: An internal carbon price is a self-imposed mechanism that embeds the cost of carbon into business decisions, incentivising lower-emission choices.

Q10.2 Under E1-10, what must companies disclose about internal carbon pricing?

A) Only whether they use one
B) Whether they use an internal carbon price, the type, the price level in €/tCO₂e, and how it is applied in decision-making ✓
C) Only the total revenue from internal carbon fees
D) Only the comparison to the EU ETS price

Explanation: E1-10 requires disclosure of the pricing mechanism's existence, type, level, and practical application in the company's decision-making processes.

Q10.3 What are the two main types of internal carbon pricing?

A) Fixed and variable
B) Shadow pricing and internal carbon fee ✓
C) Mandatory and voluntary
D) Market and regulated

Explanation: Shadow pricing assigns a hypothetical cost to carbon in investment appraisals. An internal carbon fee actually charges business units, generating a fund for climate action.

Q10.4 A company uses a shadow price of €80/tCO₂e when evaluating new investment projects. This means:

A) The company pays €80 per tonne to the EU ETS
B) Every investment proposal includes an additional €80 per tonne of expected emissions in its financial analysis ✓
C) The company donates €80 per tonne to climate charities
D) The company charges customers €80 per tonne

Explanation: A shadow price is applied hypothetically in financial analysis to stress-test whether investments remain viable when carbon costs are factored in. No money changes hands.

Q10.5 What level should an internal carbon price be set at?

A) €0 — it is symbolic
B) High enough to meaningfully influence decision-making, often benchmarked against regulatory prices or social cost of carbon ✓
C) Exactly equal to the EU ETS price
D) The same for all companies globally

Explanation: The price should be material enough to shift decisions. Many companies benchmark against the EU ETS, carbon tax levels, or estimates of the social cost of carbon.

Q10.6 A company introduces an internal carbon fee where each business unit pays €50/tCO₂e into a central climate fund. This fund is used for:

A) Paying government carbon taxes
B) Financing internal emission reduction projects ✓
C) Increasing executive bonuses
D) Purchasing carbon credits only

Explanation: Internal carbon fees generate real revenue that is typically ring-fenced for climate action — energy efficiency projects, renewable energy investments, or innovation.

Q10.7 Under E1-10, if a company does NOT use an internal carbon price, what must it disclose?

A) Nothing
B) That it does not currently apply an internal carbon price, with an explanation ✓
C) A plan to implement one within 2 years
D) The EU ETS price as a reference

Explanation: Where material, the absence of an internal carbon pricing mechanism should be disclosed with an explanation, consistent with the ESRS "disclose or explain" approach.

Q10.8 How does internal carbon pricing support the transition plan (E1-1)?

A) It has no connection to the transition plan
B) It creates financial incentives that drive the behaviour changes needed to deliver the plan's targets ✓
C) It replaces the transition plan
D) It only applies after the transition plan is complete

Explanation: Internal carbon pricing is a mechanism that makes the transition plan operational by embedding climate costs into everyday business decisions.

Q10.9 Which department typically owns the internal carbon pricing mechanism?

A) Marketing
B) Finance or Sustainability, with CFO or CSO oversight ✓
C) Legal
D) Human Resources

Explanation: Internal carbon pricing sits at the intersection of finance and sustainability, requiring executive sponsorship and integration with financial planning processes.

Q10.10 What is a key risk of setting an internal carbon price too low?

A) It will exceed the EU ETS price
B) It will not meaningfully influence investment decisions, making it a symbolic exercise ✓
C) It will increase the company's tax burden
D) It will reduce employee morale

Explanation: A price that is too low fails to shift decisions and becomes a tick-box exercise. It must be high enough to make high-carbon investments less attractive.

Module 11 — Anticipated Financial Effects (E1-11)

Q11.1 What does E1-11 require companies to disclose?

A) Only the cost of their sustainability department
B) The anticipated financial effects of material physical and transition risks and opportunities from climate change ✓
C) Only the cost of carbon credits purchased
D) Only the revenue from green products

Explanation: E1-11 requires disclosure of how climate-related risks and opportunities are expected to affect the company's financial position, performance, and cash flows.

Q11.2 Under the July 2025 ESRS updates, quantitative data for E1-11 is:

A) Required from the first reporting year
B) Phased in until 2030 — companies can start with qualitative disclosures ✓
C) Entirely optional
D) Only required for companies above €500M revenue

Explanation: The updated E1-11 allows a phased approach to quantitative financial effect disclosures, with the full requirement taking effect by 2030.

Q11.3 A company estimates that flooding could damage €20M of assets over the next 10 years. Under E1-11, this is:

A) A transition risk financial effect
B) An anticipated financial effect from physical risk ✓
C) Not disclosable because it is an estimate
D) Only reported in the financial statements, not the sustainability statement

Explanation: Physical risk financial effects — such as asset damage, business interruption, and increased insurance costs — are core E1-11 disclosures.

Q11.4 A company expects to lose €15M in revenue as regulatory carbon costs increase. This is an example of:

A) A physical risk financial effect
B) A transition risk financial effect — policy and legal ✓
C) A climate opportunity
D) An internal carbon pricing cost

Explanation: Revenue impacts from carbon pricing regulation are transition risks in the policy/legal category, requiring disclosure under E1-11.

Q11.5 Under E1-11, companies must consider financial effects over which time horizons?

A) Only the current financial year
B) Short-, medium-, and long-term horizons consistent with the risk assessment ✓
C) Only the next 5 years
D) Only beyond 2050

Explanation: Financial effects should be assessed across the same time horizons used in the climate risk assessment (E1-2) to provide a complete picture.

Q11.6 What is a climate-related financial opportunity?

A) An opportunity to avoid sustainability reporting
B) A potential positive financial effect from the transition to a low-carbon economy, such as new revenue from green products ✓
C) A reduction in carbon credit prices
D) An increase in fossil fuel subsidies

Explanation: Opportunities include new markets, resource efficiency gains, green product revenue, and access to green finance — positive financial effects from climate action.

Q11.7 Under E1-11, the simplification of disclosures related to stranded assets means:

A) Companies no longer need to consider stranded assets
B) Disclosure requirements have been streamlined, but companies must still assess assets at risk of stranding ✓
C) Only fossil fuel companies need to report on stranded assets
D) Stranded asset risk has been moved to E1-2

Explanation: The July 2025 update simplified the stranded assets datapoints but did not eliminate the requirement to consider assets potentially affected by the transition.

Q11.8 A company's insurance premiums have increased by 30% due to climate-related claims. Under E1-11, this should be disclosed as:

A) An operational expense unrelated to climate
B) An anticipated financial effect from physical risk, demonstrating how climate change is already affecting costs ✓
C) A transition risk only
D) An opportunity to reduce coverage

Explanation: Rising insurance costs driven by climate events are a tangible, current financial effect of physical risk, directly relevant to E1-11.

Q11.9 E1-11 requires companies to explain the methodologies used to estimate financial effects. Which of the following is expected?

A) Only a general statement that "management estimated the effects"
B) Description of scenarios used, assumptions made, data sources, and limitations of the estimates ✓
C) Only the total estimated amount
D) Only references to third-party reports

Explanation: Methodology transparency is essential for stakeholders to assess the reliability and comparability of financial effect estimates.

Q11.10 How does E1-11 connect to financial reporting (e.g. IFRS)?

A) They are completely separate
B) E1-11 disclosures should be consistent with the climate-related assumptions used in the financial statements ✓
C) E1-11 replaces financial reporting requirements
D) E1-11 only applies to non-financial companies

Explanation: Connectivity between the sustainability statement (E1-11) and the financial statements is a core ESRS principle. Climate assumptions should be consistent across both.

Final Exam Bank (Mixed — All Modules)

QF.1 Which ESRS E1 disclosure requirement addresses the company's climate transition plan?

A) E1-4
B) E1-1 ✓
C) E1-6
D) E1-8

Explanation: E1-1 specifically covers the transition plan for climate change mitigation, including alignment with the 1.5°C pathway.

QF.2 A company reports Scope 1 emissions of 30,000 tCO₂e, Scope 2 of 10,000 tCO₂e, and Scope 3 of 250,000 tCO₂e. Approximately what percentage is Scope 3?

A) 50%
B) 72%
C) 86% ✓
D) 95%

Explanation: Total = 290,000. Scope 3 = 250,000/290,000 = ~86%. This shows why Scope 3 is critical for most companies.

QF.3 Under E1-9, carbon credits must be:

A) Subtracted from gross emissions
B) Reported separately from the company's emission reduction trajectory ✓
C) Used only for Scope 1 offsets
D) Purchased only from EU-based projects

Explanation: ESRS requires carbon credits to be disclosed separately, maintaining the integrity of gross emission figures.

QF.4 Which type of risk is "increasing frequency of hurricanes damaging coastal facilities"?

A) Transition risk — technology
B) Acute physical risk ✓
C) Chronic physical risk
D) Transition risk — market

Explanation: Hurricanes are acute (event-driven) physical risks. Chronic physical risks are gradual changes like sea-level rise.

QF.5 A company applies a shadow price of €100/tCO₂e. This means:

A) It pays €100 per tonne to the government
B) It includes €100 per tonne of expected emissions as a cost in investment appraisals ✓
C) It charges customers €100 per tonne
D) It earns €100 per tonne from selling carbon credits

Explanation: A shadow price is a hypothetical cost used in financial analysis to assess how carbon exposure affects investment viability.

QF.6 E1-7 requires energy consumption to be reported in:

A) Tonnes of oil equivalent
B) Megawatt-hours (MWh) ✓
C) Kilowatt-hours (kWh)
D) Gigajoules (GJ)

Explanation: MWh is the standard unit for energy disclosure under ESRS E1.

QF.7 Under E1-6, if Scope 3 emissions are material but no target is set, the company must:

A) Set a target within 6 months
B) Explain why no Scope 3 target has been set ✓
C) Exclude Scope 3 from its report
D) Use industry-average Scope 3 data

Explanation: The "disclose or explain" principle requires companies to either set targets or explain why they have not done so.

QF.8 Resilience assessment under E1-3 should build upon:

A) The company's marketing strategy
B) The scenario analysis conducted under E1-2 ✓
C) The internal audit report
D) The company's annual budget

Explanation: E1-3 resilience assessment directly builds on E1-2 scenario analysis, evaluating how the business model holds up under the tested scenarios.

QF.9 Under E1-11, quantitative financial effect disclosures are:

A) Required immediately for all companies
B) Phased in until 2030 ✓
C) Only required for listed companies
D) Entirely voluntary

Explanation: The July 2025 ESRS updates allow a phased approach to quantitative E1-11 disclosures through 2030.

QF.10 A company has a climate policy from 2019 that has never been reviewed. Under E1-4, this is:

A) Fully compliant
B) A concern — policies should reflect current science, regulation, and corporate targets ✓
C) Acceptable for 3 more years
D) Only a problem if the company is audited

Explanation: Outdated policies may not reflect current ESRS requirements, climate science, or the company's own evolving targets and transition plan.

Document: 01_quiz_bank_all_modules.mdx Course: ESRS Masterclass E1 – Climate Change Total questions: 120 (10 per module × 11 modules + 10 Final Exam Bank) Version: 1.0 | April 2026 | [ECOWORLD] Sustainability Academy

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ESRS Masterclass E1 – Climate Change​

Module 1 — Transition Plan for Climate Change Mitigation (E1-1)​

Module 2 — Climate-Related Risks & Scenario Analysis (E1-2)​

Module 3 — Resilience in Relation to Climate Change (E1-3)​

Module 4 — Policies on Climate Change (E1-4)​

Module 5 — Actions & Resources for Climate Change (E1-5)​

Module 6 — GHG Emission Targets (E1-6)​

Module 7 — Energy Consumption & Mix (E1-7)​

Module 8 — GHG Emissions: Scope 1, 2, 3 (E1-8)​

Module 9 — GHG Removals & Carbon Credits (E1-9)​

Module 10 — Internal Carbon Pricing (E1-10)​

Module 11 — Anticipated Financial Effects (E1-11)​

Final Exam Bank (Mixed — All Modules)​