Paul Severin am 05th July 2016 © Fotolia.de
„For a long time, coal and oil were pretty much my life” says Gerold Permoser, Chief investment Officer (CIO) and Chief Sustainable Officer (CSIO) of Erste Asset Management.
Paul Severin am 27th June 2016 © Fotolia.de
James Watt not only gave the physical unit for power its name, he also heralded the age of coal and hydrocarbon in the middle of the 18th century by improving and spreading the use of the steam engine. Today, almost 250 years later, we can see a change, even a reversal. Coal divestments, i.e. the outflow of capital from coal investments, have turned into a movement. A prominent example is the Rockefeller Foundation, which announced that it was going to withdraw completely from coal. And the intentions of the power plant operators E.ON and RWE, which want to get rid of its carbon legacy, also show that coal is currently on the way out. Stefan Rößler, ESG analyst with Erste Asset Management, explains why in the long run a withdrawal from coal is unavoidable.