Following the announcement by President Donald Trump that the United States will withdraw from the COP21 agreement, leading impact investor Jochen Wermuth, Founder and CIO of Wermuth Asset Management, has said that the move will not be detrimental to climate protection efforts.
Speaking at the Berlin Green Investment Summit at the offices of the Tagesspiegel on 20 June, Wermuth said that market forces will dictate the path of climate change, following the strong growth and resulting competitiveness of renewable energy and electric vehicles.
The conditions for investment in renewable energy in the Middle East are healthy. The cost of solar energy in Dubai is now approximately USD 3 cents per kilowatt. Commitments have been made by leading Middle East countries, such as the UAE, to develop solar energy production. The Mohammed bin Rashid Al Maktoum Solar Park, for example, is a USD 13 billion project that will produce 5 gigawatts of power once completed. As a project developed in the oil-rich UAE, this is a clear example that environmental sustainability is now increasingly high on the regional economic agenda.