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The FIFA World Cup – one of the most prestigious sporting events in the world - is typically watched by approximately half of the global population. This weekend the 2022 competition will kick off with the host nation Qatar taking on Ecuador.
In previous years the build up to the World Cup has tended to focus on the participating nations’ chances of winning the competition. On this occasion the hype has been overshadowed somewhat by criticism of the host nation and FIFA itself.
From climate scientists to mainstream and social media commentators, the issues facing the Qatar 2022 World Cup have been well documented. Many of these issues, such as the environmental impact and concerns over human rights and working conditions, remain in place. However, efforts to address these concerns continue to be made.
Tackling the environment
FIFA and Qatar have committed to making the 2022 World Cup the first ‘Carbon Neutral World Cup’. They aim to achieve this through “energy-efficient” stadiums, green-building certifications, low-emission transportation, and sustainable waste management practices. The remaining emissions will be offset through voluntary carbon offsets (from the Global Carbon Council – the Doha-based carbon credit registry).
It's a bold commitment from a country that has spent the past 12 years on a construction spree, building seven new stadiums, hotels, high-rises, and roads for the event. FIFA and Qatari organisers have projected that the World Cup will produce 3.6 million tons of carbon dioxide from activities related to the tournament between 2011 and 2023 – roughly 3% of Qatar's total emissions in 2019.
Climate scientists and experts have said that FIFA and Qatar’s plans won't counteract the event's carbon footprint in the manner they suggest. Some sceptics have estimated that the carbon footprint is likely to be in excess of 10 million tons of carbon dioxide, and that credits issued by the registry are of dubious quality; it is not clear they are additional or will fund carbon-reducing projects that would not have otherwise existed.
Qatar famously moved the tournament to the winter to protect players and spectators from extreme heat. Regardless, all eight stadiums will be air conditioned, of which seven stadiums are opened to the sky – questioning the validity of “energy efficient stadiums”.
Despite these challenges, Qatari organisers insist the country is on track to host the first carbon-neutral World Cup. They point to the visibly green elements of Qatar's clean purchases: 800 new electric buses, 16,000 trees and nearly 700,000 nursery-grown shrubs, plus a new 800-megawatt solar power plant that was recently connected to the grid.
Worker’s rights – changing the rules
Another aspect of the Qatar World Cup project that has been firmly in the spotlight is worker’s rights, and human rights in general. The extent to which this is a concern is highlighted by Denmark’s decision to design an alternative, black kit with no sponsor shown to honour migrant workers who died during construction work for the tournament.
Until recently, Qatar operated under the ‘kafala system’, a system requiring all migrant workers to have an in-country sponsor, responsible for their visa and legal status. The system required workers to obtain exit permits to leave the country, and no-objection certificates to change employers. Expatriates make up most of Qatar’s population, and many of them are low-income migrant workers. Human rights groups say the system has permitted developers to exploit workers - exposing them to arduous working conditions for little pay and not allowing them to go home until projects materialise. The kafala system, however, has been abolished and a minimum wage policy established. As a result, sentiment towards work in Qatar has improved. The International Labour Organization (ILO) conducted a survey of 1,000 low-wage workers and found that 86% of respondents felt that the labour reforms had positively affected their lives.
Max Tuñón, Head of the ILO project office in Qatar recently said in an interview: “Changes to the kafala system have led to labour mobility. Now workers can negotiate for better conditions, and employers are incentivised to provide them in order to attract and retain talent. Legislation has also been introduced on the minimum wage, on protecting outdoor workers during the summer months, and on the election of migrant worker representatives within companies.”
In terms of the minimum wage, workers will now receive at least 1,000 rials a month (£245). The minimum wage, however, is a drop in the ocean compared to how much has been spent on preparing for the World Cup. But it is progress, and while many human rights activists remain unconvinced by Qatar’s efforts to improve working conditions, some progress is better than none.
There has also been calls, from the likes of Amnesty and Human Rights Watch, for FIFA and Qatar to set up a compensation fund for migrant workers and their families who have experienced injury or death while employed in Qatar. Qatar has rejected these calls, calling it a “publicity stunt” and that the nation is already handing out hundreds of millions of dollars of unpaid wages.
A win for active engagement
Clearly there is more work to be done, including in areas such as governance where bribery claims continue to plague FIFA in particular. But no large-scale sporting event has faced more scrutiny than the Qatar FIFA World Cup, and that is encouraging. People, now more than ever, are taking a real interest in the treatment of individuals and the carbon footprint of events.
And this level of scrutiny appears to be having an effect. The Gulf nation has taken steps to move away from a fossil fuel reliance, electrifying transport fleets and feeding renewable energy into the grid. It remains to be seen of course whether Qatar will use these games as a catalyst to continue to invest for a greener future.
As sustainable investors, it is part of our investment process to engage with the companies we invest in – mainly through our shareholder voting rights – in order to highlight poor practices and to push for change. We welcome a similar level of scrutiny being applied to government activities and large events such as the Qatar FIFA World Cup.
Unless otherwise noted, the information in this document has been derived from sources believed to be accurate at the time of publication.
This material is provided by Aegon Asset Management (Aegon AM) as general information and is intended exclusively for institutional and wholesale investors, as well as professional clients (as defined by local laws and regulation) and other Aegon AM stakeholders.
This document is for informational purposes only in connection with the marketing and advertising of products and services, and is not investment research, advice or a recommendation. It shall not constitute an offer to sell or the solicitation to buy any investment nor shall any offer of products or services be made to any person in any jurisdiction where unlawful or unauthorized. Any opinions, estimates, or forecasts expressed are the current views of the author(s) at the time of publication and are subject to change without notice. The research taken into account in this document may or may not have been used for or be consistent with all Aegon AM investment strategies. References to securities, asset classes and financial markets are included for illustrative purposes only and should not be relied upon to assist or inform the making of any investment decisions. It has not been prepared in accordance with any legal requirements designed to promote the independence of investment research, and may have been acted upon by Aegon AM and Aegon AM staff for their own purposes.
The information contained in this material does not take into account any investor's investment objectives, particular needs, or financial situation. It should not be considered a comprehensive statement on any matter and should not be relied upon as such. Nothing in this material constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to any particular investor. Reliance upon information in this material is at the sole discretion of the recipient. Investors should consult their investment professional prior to making an investment decision. Aegon Asset Management is under no obligation, expressed or implied, to update the information contained herein. Neither Aegon Asset Management nor any of its affiliated entities are undertaking to provide impartial investment advice or give advice in a fiduciary capacity forpurposes of any applicable US federal or state law or regulation. By receiving this communication, you agree with the intended purpose described above.
Past performance is not a guide to future performance. All investments contain risk and may lose value. This document contains "forward-looking statements" which are based on Aegon AM's beliefs, as well as on a number of assumptions concerning future events, based on information currently available. These statements involve certain risks, uncertainties and assumptions which are difficult to predict. Consequently, such statements cannot be guarantees of future performance, and actual outcomes and returns may differ materially from statements set forth herein.
The following Aegon affiliates are collectively referred to herein as Aegon Asset Management: Aegon USA Investment Management, LLC (Aegon AM US), Aegon USA Realty Advisors, LLC (Aegon RA), Aegon Asset Management UK plc (Aegon AM UK), and Aegon Investment Management B.V. (Aegon AM NL).Each of these Aegon Asset Management entities is a wholly owned subsidiary of Aegon N.V. In addition, Aegon Private Fund Management (Shanghai) Co., a partially owned affiliate, may also conduct certain business activities under the Aegon Asset Management brand.
Aegon AM UK is authorised and regulated by the Financial Conduct Authority (FRN: 144267) and is additionally a registered investment adviser with the United States (US) Securities and Exchange Commission (SEC). Aegon AM US and Aegon RA are both US SEC registered investment advisers.