Wealth reallocation and sustainability under climate change

Eli P. Fenichel, Simon A. Levin, Bonnie McCay, Kevin St. Martin, Joshua Abbott, Malin L. Pinsky

Research output: Contribution to journalArticle

21 Citations (Scopus)

Abstract

Climate change is often described as the greatest environmental challenge of our time. In addition, a changing climate can reallocate natural capital, change the value of all forms of capital and lead to mass redistribution of wealth. Here we explain how the inclusive wealth framework provides a means to measure shifts in the amounts and distribution of wealth induced by climate change. Biophysical effects on prices, pre-existing institutions and socio-ecological changes related to shifts in climate cause wealth to change in ways not correlated with biophysical changes. This implies that sustainable development in the face of climate change requires a coherent approach that integrates biophysical and social measurement. Inclusive wealth provides a measure that indicates sustainability and has the added benefit of providing an organizational framework for integrating the multiple disciplines studying global change.

Original languageEnglish (US)
Pages (from-to)237-244
Number of pages8
JournalNature Climate Change
Volume6
Issue number3
DOIs
StatePublished - Mar 1 2016

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climate change
sustainability
organizational framework
climate
distribution of wealth
natural capital
global change
redistribution
sustainable development
cause
Values
time
distribution
effect
price

ASJC Scopus subject areas

  • Environmental Science (miscellaneous)
  • Social Sciences (miscellaneous)

Cite this

Fenichel, E. P., Levin, S. A., McCay, B., St. Martin, K., Abbott, J., & Pinsky, M. L. (2016). Wealth reallocation and sustainability under climate change. Nature Climate Change, 6(3), 237-244. https://doi.org/10.1038/nclimate2871

Wealth reallocation and sustainability under climate change. / Fenichel, Eli P.; Levin, Simon A.; McCay, Bonnie; St. Martin, Kevin; Abbott, Joshua; Pinsky, Malin L.

In: Nature Climate Change, Vol. 6, No. 3, 01.03.2016, p. 237-244.

Research output: Contribution to journalArticle

Fenichel, EP, Levin, SA, McCay, B, St. Martin, K, Abbott, J & Pinsky, ML 2016, 'Wealth reallocation and sustainability under climate change', Nature Climate Change, vol. 6, no. 3, pp. 237-244. https://doi.org/10.1038/nclimate2871
Fenichel EP, Levin SA, McCay B, St. Martin K, Abbott J, Pinsky ML. Wealth reallocation and sustainability under climate change. Nature Climate Change. 2016 Mar 1;6(3):237-244. https://doi.org/10.1038/nclimate2871
Fenichel, Eli P. ; Levin, Simon A. ; McCay, Bonnie ; St. Martin, Kevin ; Abbott, Joshua ; Pinsky, Malin L. / Wealth reallocation and sustainability under climate change. In: Nature Climate Change. 2016 ; Vol. 6, No. 3. pp. 237-244.
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