The much anticipated (or dreaded for lack of a better word) Atlantic Hurricane season of 2024 is finally here. And the dread is certainly justified, as the National Oceanic and Atmospheric Administration (NOAA) predicts a very active season, with at least 20-25 identified storms. The projected propensity of Hurricane Season 2024 has been interlinked with climate change, specifically increasing sea temperatures.
As Hurricane Season 2024 begins, the pressing need for robust climate adaptation and mitigation strategies is more urgent. In particular, discussions surrounding “climate finance” – the accumulation of financial resources to support these strategies have become a focal point for climate policymaking. This focal point shined through at the 4th International Conference on Small Island Developing States (SIDS4) and was enshrined as a goal in the finalized commitment “A Renewed Declaration for Resilient Prosperity”. While attention has traditionally been given to Western-centric distribution channels as avenues for climate financing, another avenue ought to be considered – asue.
An asue is a communal savings scheme among a group of people that originated in Africa. Within an asue, persons would regularly contribute a defined financial contribution (hand) into a collective pool. The asue would then rotate, allowing each person to receive the defined financial contribution back (draw) at a specific time.