Climate change risks grow faster for wealthy, poorest remain at risk: Study

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Climate change risks grow faster for wealthy, poorest remain at risk: Study - Business Standard

Quick Summary:

Economic risks for the wealthy due to climate change is growing at the fastest rates because of impacts to global supply chains and goods and services, even as the highest risks remain with the poorest around the world, according to a new study.

However, researchers explained that inequality in consumption between varied income groups within a country is grounded in how easily one is able to substitute goods to adapt to the effects of climate change, including shocks to supply chains.

Across countries, lower-income consumers are known to face higher economic risks in a changing climate because of a low capacity to adapt.