New research published in the journal Joule concludes that the super rich suffer the bitterest account of the climate crisis. Did you ever expect that?
As long as you’re not a multi-owner, you can relax, as it would appear that the transition to renewable energy will have minimal economic impact on the majority of the population! Economists at Sciences Po University in Paris and the University of Massachusetts Amherst assume the biggest losses will come from among the wealthiest citizens of high-income countries.
Certainly, the discovery was welcomed as a novelty, as new light on the consequences of the transition, because before this study, very little was said about it in public debates.
We are now aware that the US, UK and other European countries will share the same fate: about two-thirds of the financial losses they will hit the richest 10% of the population. And for the super-rich (the top 1%) this will account for less than 1% of their net worth… truly a drop in their wealth ocean!
The poorest part of the citizens, on the other hand, will suffer only 3.5% of the financial losses. Nothing irrecoverable, especially when economists are working to ensure that no one is left behind, for example through taxes on carbon emissions.
The UN promises that a transition to renewable energy will save us significantly. Figures like £3.3 trillion a year by 2030. So, not only will we save the planet, but wallet too! With a view to long-term benefits, we just have to welcome a greener and more sustainable future.