![]() ![]() The study found that in the US, two-thirds of the financial losses from lost fossil fuel assets would affect the top 10% of wealth holders, with half of that affecting the top 1%.īecause the wealthiest people tend to have a “diverse portfolio of investments”, it found, any losses would still make up less than 1% of this group’s net wealth. In contrast, governments could easily compensate for the minimal impact on those on middle and lower levels of wealth.Ĭhancel said: “These latter groups have nothing to fear from rapid action, in particular if governments decide to compensate for their losses, which can be done at relatively low cost.” The study, published in the journal Joule, found that in high-income countries two-thirds of the financial losses would be borne by the most affluent 10%. “Only a small share of financial losses is borne by the working and middle class because they have no or relatively little financial wealth.” ![]() “We find that the bulk of financial losses associated with rotten, polluting assets is borne by the wealthy,” said the co-author Lucas Chancel, a professor of economics at Sciences Po in Paris. Research published on Thursday finds that the loss of fossil fuel assets would have a minimal impact on the general public.
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