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"Is the sovereign wealth fund KENFO missing its targets?" – Article by Achim Brunnengräber in the newspaper Berliner Zeitung (in German)

Source: Markus Winkler (Unsplash)

Source: Markus Winkler (Unsplash)

Recently, Germany's Nuclear Waste Management Fund KENFO published its 2022 annual report, showing over three billion euro in lost value, with further uncertainties for the high-level radioactive waste disposal project.

News from Jul 26, 2023

Although decades of electricity generation in nuclear power plant came to an end in April 2023, the age of nuclear power in Germany is far from over. Just as nuclear power itself has always been accompanied by problems and social conflicts, the cleanup work will not go off without a hitch. The process of storage and final repository construction is to be financed by KENFO. This fund invests its capital in the financial markets in order to generate the required return. The recently published 2022 annual report shows over three billion euro in lost value. But it is not only the loss of value that is problematic; KENFO has also fallen into disarray with regard to its transparency and sustainability criteria. 'Ultimately, the state and its policies make themselves dependent on dynamics in the financial markets. The success and failure of global financial markets become the success and failure of the national project of interim and final storage.'

Brunnengräber, A. (2023) ‘Rendite auf Kosten der Nachhaltigkeit’ Berliner Zeitung, Nr. 161, 14. Juli 2023 – S. 19.

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