Climate Inequality Report 2025

Climate Change: A Capital Challenge
Why Climate Policy Must Tackle Ownership
Edited by Lucas Chancel & Cornelia Mohren, World Inequality Lab, October 2025, 50 p. 

The Climate Inequality Report 2025 is an eye-opening synthesis of cutting-edge research revealing how extreme global wealth disparities drive and exacerbate the climate crisis. This resource, edited by Lucas Chancel, with Cornelia Mohren, demonstrates that climate change and wealth inequality are deeply and dangerously interconnected. Wealthy individuals are not only high emitters through their consumption, but their control and ownership of polluting industries amplify their impact on the planet, shaping the global energy system’s trajectory. Key findings show the top 1% of asset owners account for a much greater share of global emissions than previously estimated, with up to 41% of emissions tied to their ownership—nearly three times more than their consumption effect.

The report urgently calls attention to how climate policies—if properly designed—can counteract these inequalities instead of worsening them. It warns that, without decisive action, climate change could further deepen both private and public wealth gaps, as those who finance and own future climate investments will shape tomorrow’s distribution of wealth. To inspire ambitious solutions, the report proposes three bold policy avenues: a global ban on new fossil fuel investments, targeted carbon taxes on asset ownership, and a wave of public investment in low-carbon infrastructure. These initiatives offer governments, regulators, and civil society new routes to align climate action with justice and equality. By digging into systematic evidence and presenting actionable policy scenarios, the Climate Inequality Report 2025 will empower you to understand and influence the debate. Download here the full report to explore strategies for a more just and sustainable future.