- 1.5% of the world’s gross national product must be invested every year in order to mitigate the effects of climate change
- The DivestInvest movement has reached a new high with the recent announcement of fossil fuel divestment to surpass USD $5 trillion
Dubai, United Arab Emirates: Wermuth Asset Management, announces that now is the time to invest in renewables. According to calculations by the impact investment firm, 1.5 per cent of the world’s gross national product or 1 trillion US dollars must be invested every year in order to keep climate change under control and ensure mankind’s sustainable future.
The DivestInvest movement has reached new and pivotal proportions with the recent announcement of fossil fuel divestment to surpass USD $5 trillion. Many of the world’s more progressive nations are taking action; the Middle East, the UAE in particular, is no exception.
Jochen Wermuth, Chief Investment Officer of Wermuth Asset Management, commented:
“The conditions for investment are healthy: the cost of solar energy in Dubai is approximately USD 3 cents per kilowatt. There is clear evidence of a commitments from leading Middle Eastern nations such as the UAE in terms of solar energy production. The Mohammed bin Rashid Al Maktoum Solar Park is a AED 50 billion project that will produce 5 gigawatts of power once completed. This is a strategic and bold move from an oil rich nation, and serves as an example to other nations that have made environmental sustainability high on their national agendas.”
According to Jochen Wermuth, now is the time to invest in renewables across the globe and especially in the Middle East where oil still accounts for a significant portion of national budgets.
“Not to partake in this historic opportunity would be very near-sighted. Anyone can take advantage and benefit from the changing tide of investment favoring renewables. Both institutional and private investors should commit to divestment. They must act within the next three years, as the time to stop climate change is running out,” he added.
About Wermuth Asset Management (WAM):
Wermuth Asset Management GmbH, founded in 1999 by Jochen Wermuth, is a German family office and BaFin regulated investment adviser on alternative and sustainable impact investments. WAM’s headquarters are in Berlin, Germany, with investment team members in Amsterdam, Mainz and Moscow. WAM is the investment adviser to several funds and SPVs whose investors include wealthy persons, family offices, funds of funds, banks, pension funds, endowments and sovereign wealth funds. WAM has overseen investments exceeding $1bn at peak. It is committed to impact investing, in particular to a profitable move towards a sustainable economic model and doing business in an ethical fashion. Jochen Wermuth serves on the Steering Committees of Europeans for Divest-Invest, a clean-energy investing association, and 100% IMPACT Network, an alliance of like-minded family offices.