The pursuit of social justice through financial empowerment

  • Date: 07-Dec-2023
  • Source: Khaleej Times
  • Sector:Financial Markets
  • Country:UAE
  • Who else needs to know?

The pursuit of social justice through financial empowerment

The COP28 logo reflected on the Al Wasl Dome during the event at Expo City in Dubai -- Photo by M. Sajjad

Published: Thu 7 Dec 2023, 7:52 PM

Social justice refers to the fair division of resources, opportunities, and privileges in society. Right now, though, social justice seems like a chimera to a majority of the world’s population.

Nowhere is that more apparent than in the fight for climate action. With COP28 now underway in the UAE, the widening divide between the Global North and Global South has finally taken center stage, with pledges, finance and action plans to address this concern with the seriousness and consideration it deserves.

On the first day of this year’s UN climate conference, delegates agreed to launch and capitalise the Critical Loss and Damage Fund which would provide financial assistance for vulnerable countries to deal with the worst impacts of climate change. This is a significant step in the right direction for two reasons. One, that climate change is likely to hurt poor countries more than rich ones, and two, that the countries hardest hit by the climate crisis have done the least to cause it.

It’s the economy, stupid

Climate change not only impacts the physical face of