With Cop27 talks deadlocked, protesters criticise leaders for lack of action


John Dennehy
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Delivered with passion and zeal, the calls to act on climate change rang out at the Cop27 summit in Sharm El Sheikh.

“This is what the people look like, this is what leadership looks like, this is what power looks like – climate justice now," activists said.

The chants have resounded across the “blue zone” at Cop27 over the past few days.

As negotiations between delegates remained deadlocked on Thursday, protesters and advocacy groups railed against leaders for a lack of action.

The real power does not lie in the negotiating rooms, but in people's actions, activists said.

“This leadership will come from the most vulnerable,” said one teenage protester from the Philippines, who called for renewable energy for people and communities in developing countries.

Climate activists at the Cop27 summit in Egypt. AP
Climate activists at the Cop27 summit in Egypt. AP

The protests have enlivened the Cop27 gathering, injecting colour and vibrancy into the grey world of UN meetings.

Demonstrations tend to last about 30 minutes and participants are required to roll up their placards afterwards.

They have been lively and well attended and focus on campaigns including phasing out fossil fuels to eating less meat.

One of the largest took place on Saturday, with hundreds calling for climate justice for Africa.

“We have seen so much drought and famine and so much of displacement because of climate change. Hence the banner,” said Sainey Gibba from The Gambia, who was holding a placard stating “droughts, floods, hunger, displacement are the new trend in Africa".

He said Cop27 had not given him much hope that leaders would act, but he would wait to find out what the final declaration said.

“We … are African youth and want to make sure Cop27 listens to Africa and justice is done,” he said.

The chances of a deal being announced by Friday, the closing day of the summit, appear slim.

Countries have been unable to find consensus on the key issues of keeping the target of limiting global warming to 1.5°C above pre-industrial levels alive, as well as finance and curbing greenhouse gas emissions.

A draft declaration seen on Thursday raised more concerns about the ambition of some countries to act. Protesters and activists say leaders have not yet grasped the urgency of the climate crisis.

“If we don’t make the 1.5°C target, every 0.1°C additionally will add millions and millions of additional deaths,” said Bea Albermann, 25, a doctor from Switzerland who represents a group called Health for Future.

“We know that because now at 1.2°C warming we see so many deaths already,” she said, referring to scientists' estimate of how much hotter the planet has become.

She was speaking after a protest where medics from around the world performed mock CPR on an inflatable globe while shouting that the world needs “1.5 to survive”.

Dr Albermann said the global response to the Covid-19 pandemic showed the world could act quickly when needed. The same urgency was necessary now, she said.

“With Covid-19, we couldn’t just discuss it again in three years. What they are currently doing is putting Band-Aids on bleeding wounds," she said.

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Directed by: Sandeep Reddy Vanga

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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.”

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Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

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