Germany has created a €24 billion sovereign wealth fund to decommission its nuclear power plants. What happens when that capital is deployed for the green industrial revolution?

In this TBLI Talk, Robert Rubinstein sits down with Jochen Wermuth, one of Europe's most consequential climate impact investors. As founder and CIO of Wermuth Asset Management and investment committee member of KENFO — Germany's Fund for the Financing of Nuclear Waste Management — Jochen sits at the intersection of sovereign capital, climate finance, and the green industrial revolution. His radical truth: the transition from fossil fuels to a circular, renewable economy is not just a moral imperative. It is the most significant investment opportunity of our lifetimes.

In this episode:

• How Germany's €24bn KENFO sovereign wealth fund is structured — and what its deployment means for climate finance
• Why the green industrial revolution is happening at the intersection of energy, transport, fintech, agroforestry, and AI
• How DivestInvest mobilised over €30 trillion in commitments from asset owners to exit fossil fuels and enter climate solutions
• What the Climate Endowment model — inspired by Harvard and Yale — reveals about long-term capital allocation for climate
• Why EU pension funds are underperforming US endowments — and how illiquid, impact-aligned investments can close the gap
• What it takes to build a fund with both a financial and an impact hurdle — and why this is the future of investment

The key insight: The green industrial revolution is not a niche. It is a mega-trend at the convergence of multiple reinforcing transitions — in energy, mobility, agriculture, technology, and finance. Investors who understand this are not sacrificing returns. They are capturing the most powerful structural shift in the global economy.

⏱️ Episode Guide:

• 0:00 — KENFO: Germany's €24bn nuclear decommissioning fund and its climate mandate
• 0:X:XX — The green industrial revolution: what it is and why it matters for investors
• 0:X:XX — DivestInvest: mobilising €30 trillion in climate-aligned capital
• 0:X:XX — The Climate Endowment: replicating Harvard and Yale for the green economy
• 0:X:XX — Why EU investors are missing the biggest opportunity of the century
• 0:X:XX — Building funds with financial AND impact hurdles

👤 About Jochen WermuthJochen Wermuth is the founder and Chief Investment Officer of Wermuth Asset Management, a German family office and investment advisory firm committed to sustainable investments, and served as an investment advisory committee member of KENFO, Germany's Nuclear Waste Management Fund, from 2017 to 2024. H Wikipediae studied mathematics and economics at Brown University and pursued doctoral studies in economics at Balliol College, Oxford, and is fluent in German, English, French, and Russian. H Fsicone had a hand in building DivestInvest, with over €30 trillion committed from asset owners to divest from fossil fuels and invest in climate solutions, and has served as a member of the Global Impact Investing Network, Toniic's 100% Impact network, and the Institutional Investor Group on Climate Change.

BrownFor anyone working in institutional investment, climate finance, or the future of sovereign capital — this episode is essential listening.

ABOUT TBLI RADICAL TRUTHReal experience. Real results. No greenwashing. TBLI Group is the world's leading ESG and impact investing network — educating, advising, and connecting investors for 25 years.🌐 tbligroup.com

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