Swedish climate activist Greta Thunberg is at the centre of US artist Jenny Holzer's travelling installation, marking the start of Cop26. EPA
Swedish climate activist Greta Thunberg is at the centre of US artist Jenny Holzer's travelling installation, marking the start of Cop26. EPA
Swedish climate activist Greta Thunberg is at the centre of US artist Jenny Holzer's travelling installation, marking the start of Cop26. EPA
Swedish climate activist Greta Thunberg is at the centre of US artist Jenny Holzer's travelling installation, marking the start of Cop26. EPA

Artist projects Greta Thunberg's words on London's Tate Modern ahead of Cop26


Katy Gillett
  • English
  • Arabic

“If we choose to act together, there are no limits to what we can accomplish.” These words, spoken by young Swedish activist Greta Thunberg, are being projected on to London's Tate Modern as part of a work called Hurt Earth by US artist Jenny Holzer, to highlight the climate crisis.

The work, which began on Friday and runs until Sunday, will travel next to Scotland, coinciding with the start of 26th UN Climate Change Conference, or Cop26, being held in Glasgow. Thunberg will be one of the speakers at the Cop26 Coalition's Global Day of Action for Climate Justice rally next week.

It will be projected onto the SEC Armadillo auditorium in the Blue Zone of Cop26 on November 8, before the conference wraps up on November 11. A text from David Attenborough will feature in this version, according to The Art Newspaper.

Holzer, whose career began in the 1970s with street posters in New York, is well known for her series of light projection works, which have hit cities across the world, from Miami to Milan. She has been part of exhibitions at Venice Biennale, Louvre Abu Dhabi, the Guggenheim Museums in New York and Bilbao, and the Whitney Museum of American Art.

In Hurt Earth, she has used excerpts of writing, speeches, testimonies and interviews from more than 40 climate leaders and activists. These are being projected on to the museum's chimney from sundown until 10pm each evening.

Another quote used is by Jewish religious scholar Hillel the Elder, saying, "If not now, then when".

American author Robin Wall Kimmerer's words also feature: "Even a wounded world holds us, giving us moments of wonder and joy. I choose joy over despair."

Other locations the piece, which is presented by WWF's Art For Your World, will travel to is Glasgow's Met Tower and other spots throughout Edinburgh in a series of pop-ups.

At the Tate Modern, Holzer's work headlines the museum's Power to Change weekend, which includes workshops, talks, film screenings and food, focusing on sustainability to coincide with Cop26.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

SNAPSHOT

While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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Updated: October 31, 2021, 8:11 AM