Climate Change and Wealth Inequality: A Literature Review and Numerical Insights

Lucas Chancel, Cornelia Mohren, Philipp Bothe and Gregor Semieniuk
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Lucas Chancel: Harvard Kennedy School - Harvard Kennedy School, Institut d'Études Politiques [IEP] - Paris, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
Cornelia Mohren: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
Philipp Bothe: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: In this paper, we discuss the potential impacts of climate change and related policies on wealth inequality. To that end, we provide an extensive overview of the existing literature, which documents substantial impacts of climate risks on single asset types. We then present a case study to illustrate the potential magnitude of effects of climate policies on aggregate wealth and its distribution. We explore the impacts of climate-related investments, demonstrating that future climate investments could substantially shape the distribution of wealth between the private and the public. Similarly, we show that if the wealthiest global 1% were to uptake climate-related investments, their share of global wealth could significantly increase by 2050. These preliminary findings call for further research to better understand the intersection of climate change and wealth inequality.

Date: 2024-12
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Working Paper: Climate Change and Wealth Inequality: A Literature Review and Numerical Insights (2024)
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