The pursuit of social justice through financial empowerment

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 these countries, it also has a huge impact on their economies, thus further increasing economic inequality around the world. While climate change is just one of the factors, the price of this rising economic inequality is steep.

Beyond the stark disparity in wealth distribution, the escalating price of this inequality is revealed many other ways. An eroding social cohesion, diminishing opportunities for those on the lower rungs of the economic ladder, a widening heath gap, an increasing education gap, and barriers to social mobility, are some of them. The impact of these repercussions reverberates through various facets of society, impacting individuals, communities, and the overall well-being of nations.

A long, winding road ahead

It’s crucial then, to consider ways in which we can tackle this growing economic inequality and thus bring a measure of social justice. Whilst the problem is complex, multi-factorial and seemingly intractable, there are strategies we can deploy that will help. We do however need to rid ourselves of any delusions that this is going to be easy, or quick.

Economic inequality is a systemic problem and changing deep-rooted systems are never easy, especially when those very systems benefit a powerful section of society.

Low hanging fruit

Financial empowerment holds significant promise in this context, and given its intricate entwinement with social justice, it serves as a catalyst for positive change. This emerges as a potent force capable of reshaping the landscape of social justice within our communities. This not only addresses economic balances but delves into the border narratives of societal well-being and inclusivity.

The writer is founder of KFI Global