Do we need a climate investment fund?

The year 1959 is one of the most memorable years in the memory of people in the Sultanate of Oman, especially in my home Governorate of Dhofar, where it is known as Sanat al Ghraiqah or the the year of drowning. In that fateful year, the lives of 200 passengers of the ship 'Al Fowz' or victory were lost after facing rainstorm shortly after it embarked on its journey.

Contemporary records contend that the ship’s captain’s decision to venture farther into the rainstorm instead of docking the ship back to safety was the reason behind the drowning of the ship. To this day, senior citizens in the southern governorates of Oman date events by emphasising that it was before or after Sanat al Ghraiqah. Luckily for all humanity, weather forecasting has come a long way since 1959 and we have been more able to share knowledge about how to deal with adverse weather conditions. However, our earth’s climate change is on the rise because the demands of more that 7 billion people around the globe is also on the rise. This calls for a dedicated public-private partnership fund that deals with socio-economic and health impacts of climate change.

Floods and droughts directly and indirectly cause families, which are the building blocks of wider communities, to move around within and outside national borders. With these climate induced demographic movements tensions rise in a way that is testing values of societies both in the northern and southern hemisphere. An investment into people-to-people relations could be the most effective way to improve our response to people moving around and is more effective than the current branding of climate induced movement as an immigration crisis.

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The 21st century skills are evolving due to the impact of our rising connectivity and technology. With the world more than before of data economy there is a need to upskill senior as well as youth populations on how guarantee a sustainable, decent living. Moreover, with our rising needs, especially in food, shelter and connectivity needs we are straining several scarce natural resources for food and energy. More investments into food security and sustainable energy guarantees less conflicts along with more peace and prosperity.

If Covid-19 pandemic taught us anything it is that we keep investing in weaponising our knowledge to kill each other than harnessing it to bring breakthrough lifesaving innovations to life. With the World Health Organisation announcements that future pandemics are inevitable due to the inevitable interactions with little contacted before organisms it is a must that we invest more in in our health.

There is nothing that proves that we need to rethink our impact investing than the current genocidal alliance against the Palestinian people. I have no doubt that the cost of this horrific aggression will reach a trillion dollars by the end of 2024. Present and future generations will wonder, how come our generations let 2024 be the year of investing a trillion dollar on death, instead seeking new food and water sources, or finding a cure to cancer, and chances are whatever our justification is it will not be satisfactory.