Unlike fossil fuels, solar energy is infinitely available and the amount transmitted is equivalent to 5,000 times the world's energy consumption. Solar energy is available on a decentralized basis, consequently requiring less transfer capacity. The current decade will see photovoltaics achieve network parity (when production costs for solar power are the same as the cost of electricity from the grid). The share of solar technologies in the energy mix in year 2040is forecasted at up to 20% (a growth factor of 320).

Europe is challenged in several ways. Without political integration the euro is threatened to break apart, the aging of society sets the public finances under additional pressure, and globally competition is increasing from emerging economies. In Europe, however, many well-armed companies are located which can benefit from regional and global developments

No investor will have failed to notice that the latest Swiss success story is listing on the New York Stock Exchange this afternoon - ON Running goes Public!

Mobility is a basic need of any society and essential to its development. The transportation sector is responsible for around 25% of worldwide greenhouse gas emissions and for other negative effects on the environment and society. Sustainable solutions include the electrification of powertrains, promotion of public and non-motorized transportation, as well as a reduction in private travel in combination with alternative forms of mobility and intelligent mobility concepts. Efficiency improvements and greening are bringing a reduction in environmental impact and greenhouse gas emissions.

Hydrogen is at a turning point towards a positive development. The Paris Climate Agreement and a high level of political support, as well as technological advances, are driving the development. Increased demand enables the industrialisation of production and thus lower costs.

A change in the investment regime, from a more deflationary to an inflationary environment, is just manifesting itself in 2021. The outcome will ultimately depend on how the G7 central banks react if they turn out to have underestimated the inflationary pressures emanating from the pandemic and the subsequent strong economic recovery.