The world is moving away from carbon-based energy not just for the environment, but also because it makes sense economically, said Michael Milken, chairman of the Milken Institute.
Investments in clean energy technology are increasing, which means that such new sources of fuel are becoming more cost efficient, said Michael Milken, chairman of think tank Milken Institute.
A wind farm managed by Berkshire Hathaway Energy in Marshalltown, Iowa. Iowa, Kansas and the country of Denmark are the world's three leading producers of wind energy.Saving the environment is no longer the only compelling argument for switching to renewable energy, said Michael Milken, chairman of think tank Milken Institute, who pointed out that such energy sources are now cheaper than many fossil fuels.
"The state that has the lowest cost energy, Texas, is the state in the United States that has the largest amount of wind power," said Milken. In fact, big investors such as pension funds and sovereign wealth funds are indicating they want climate-focused strategies with high ESG scores, he said at the summit. In fact, they want to do so "not just in terms of investing properly for their pension fund holders or the country but also because they want the return."
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