"A rapid reduction in fossil fuels, essential to avoid devastating climate breakdown, would have minimal financial impact on the vast majority of people."
The study originally published in the journal Joule, discovered "that in high-income countries two-thirds of the financial losses would be borne by the most affluent 10%."
Key takeaways include:
- In high-income countries two-thirds of the financial losses would be borne by the most affluent 10% with half of that affecting only 1%
- Only 3.5% of financial losses from stranded assets would affect the poorest half of Americans
- By scaling back fossil fuel production, there may be the risk of an economic slump due to billions of pounds of “stranded assets”
To read more about the report click here.