Yet, amid the gloom and doom, there is hope. HNIs are increasingly engaging in green initiatives. This is good news because their ability to pool funds and mitigate perceived risks is invaluable. Celebrities like actor Idris Elba are investing in sustainable projects, moving beyond traditional aid structures. Elba envisions transforming an island off Sierra Leone into an eco-friendly smart city, along with the national government. In India, family philanthropists are showing interest in contributing to the fight against climate change, according to the India Philanthropy report published by Dasra and Bain & Company. The EdelGive Hurun India Philanthropy List of 2022 also found that donations towards environment and sustainability rose by 46% compared to 2021.
While investments in projects promoting resilience and clean energy are valuable, many countries, such as India, also require funds for adaptation. These projects cannot show results overnight, thus attracting few investors. However, with HNIs increasingly considering long-term investments, there is a shift towards developing a business case for adaptation. Leveraging this growing HNI interest could be a turning point in the battle against climate challenges and ensuring sustainable development.
