Good morning dear readers,
today we don’t want to talk about fossil energies, about oil and gas, which is better left in Russia. Instead, the focus is on the substance that is supposed to make up the future of Europe and Germany: renewable energies. After the kipping in front of the Emir in Qatar and the shale gas tours in the USA, there are finally pictures of the dawn of the new era.
They are from “North Sea Summit” of the governments of Germany, Denmark, Belgium and the Netherlands in the Danish town of Esbjerg. There the quartet decided to jointly advance the expansion of wind energy in the sea. The plan: to quadruple their offshore capacity by 2030 – to a total of at least 65 gigawatts. They are planning 150 gigawatts by 2050, the wind makes it possible.
It’s about “energy islands”: hybrid offshore cooperation projectsthat combine wind farms and power grids. The North Sea region is to become the “Green Power Plant of Europe”. In addition, the production of green hydrogen comes with the wind energy generated at sea. This is “the toolbox for what we have to do and will do in the near future,” comments Federal Chancellor Olaf Scholz (SPD): “Now we’re leaving.” Economics Minister Robert Habeck pointed out the threat from Moscow again in Esbjerg hint: “This will further reduce our dependency on gas imports.”
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The second relevant message on the green rescue plan comes from Brussels. The EU Commission wants to introduce a solar roof obligation there – every new house should have solar cells in the future. According to the calculation, if we were to install solar panels across the board on European roofs, we could cover a quarter of the electricity requirement in this way. This calculation also shows that it will no longer be necessary to import Russian gas in the future. The new EU target: By 2025, the Commission plans to connect photovoltaic systems with an output of 320 gigawatts to the grid, and by 2030 almost 600 gigawatts.
Get out of here was the reaction of investors on Wall Street yesterday. Fear of inflation has given way to fear of battling inflation, and in truth it is fear of commodity shocks, the completely screwed-up China-Covid strategy and the disenchantment of overvalued tech stocks. Dow Jones: minus 3.6 percent. Nasdaq: down 4.7 percent. S&P: minus four percent. The view of the higher costs, which investors are now obligated to do, leads, for example, to a radical devaluation of the US retailer Target, whose price collapsed by 26 percent.
Tesla’s descent is also extreme. The electric car manufacturer, controlled by the international poseur Elon Musk, lost seven percent after the index provider S&P Dow Jones Indices eliminated the group from its S&P 500 ESG good behavior list. Tesla may be good for the environment, but its lax handling of investigations into autopilot-related accidents and allegations of racism created too many penalties.
The IPO of the orthopedic specialist Ottobock has been in the pipeline for a long time, but nothing comes up. Because there is still someone sitting on the pipeline and having ideas – the still largest shareholder, company heir Hans Georg Näder. Näder now found that CFO Kathrin Dahnke, who was only appointed in September 2021, would have to leave the prosthesis manufacturer after her induction period. It was taken over by a man who was 19 years his junior, Arne Kreitz, 42, whose installation was accompanied by company senior Näder with the revelation that the change had been planned and was only being carried out earlier. The Swedish private equity firm EQT will have to explain to its investors why the planned IPO in autumn 2022 will probably not happen again.
And then there is Eintracht Frankfurt, just eleventh in the Bundesliga, but first in Europe – at least in the Europa League. The kickers made the old political vision of the legendary Prime Minister Georg August Zinn come true: “Hessen in front” and defeated the Glasgow Rangers in Seville after penalties 6:5. The Frankfurt team last won the European Cup 42 years ago, which delighted 50,000 fans in front of the screens set up there in the “Deutsche Bank Park”, the former Waldstadion. The triumph also sent the otherwise sober “Frankfurter Allgemeine” into a frenzy: “The white beast claws the trophy”.
The football luck should also Eintracht fan Paul Achleitner brighten up today’s day, when after ten years he is handing over the office of Chairman of the Supervisory Board of Deutsche Bank to the Dutchman Alexander Wynaendts. When Achleitner, who was chronically underrated, was criticized again in 2018, he stuck to Eintracht, which had won the DFB Cup final against Bayern Munich. He showed a photo with fans holding up a placard. The headline: “Those declared dead live longer”.
Finally, we want to stick with William Shakespeare a bit: “And if you have the impression that life is a theatre, then choose a role that you really enjoy.”
I wish you a fun day, the Eintracht fans among you will definitely have it.
Her
Hans Jürgen Jakobs
Senior editor
hp Artificial intelligence is the key technology of our time. Where and how are companies already using AI? How will humans and robots cooperate in the future? That’s what the Handelsblatt KI Summit is all about on June 8th and 9th at the KI-Biennale Essen in the Zeche Zollverein. I have put aside 15 tickets for digital participation for you – you can take part in the raffle with the access code 76D2200654GSD. More information and registration here.
