Report Suggests Transition , Away From Fossil Fuels , Won't Be Economically Catastrophic.
According to new research, a rapid reduction
in the use of fossil fuels is necessary to
avoid a devastating climate breakdown.
'The Guardian' reports that scientists now believe
the transition would have a minimal financial
impact on the majority of the world's population.
Critics argue that rapidly scaling back on fossil
fuel use could lead to an economic slump that
may thrust millions of people into poverty.
We find that the bulk of financial
losses associated with rotten, polluting
assets is borne by the wealthy, Lucas Chancel, Co-author & Professor of
economics at Sciences Po, via 'The Guardian' .
Only a small share of financial
losses is borne by the working
and middle class because they have
no or relatively little financial wealth, Lucas Chancel, Co-author & Professor of economics at Sciences Po, via 'The Guardian' .
Only a small share of financial
losses is borne by the working
and middle class because they have
no or relatively little financial wealth, Lucas Chancel, Co-author & Professor of economics at Sciences Po, via 'The Guardian' .
According to the study, high-income
countries would see two-thirds of financial
loss come from the richest 10%.
Of that 10%, over half would
be paid for by the top 1%.
Additionally, the study found that the wealthy's "diverse
portfolio of investments" means that any losses
would make up less than 1% of the rich's net wealth.
It’s not untrue that some wealth
is at risk, but in affluent countries,
it’s not a reason for government
inaction because it would be so cheap
for governments to compensate that, Gregor Semieniuk, Co-author & Economics professor at
the University of Massachusetts Amherst, via 'The Guardian' .
The study was published on
June 22 in the journal 'Joule.'