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