High-income earners play a major role in shaping global carbon emissions and are responsible for nearly half of all emissions worldwide. Their investment choices alone account for a large share of their overall carbon footprint, showing how influential their financial decisions can be for the climate.
Yet despite growing evidence of their disproportionate, investment-driven emissions, the behavioural, psychological and contextual factors influencing their climate-related investment decisions remain poorly understood.
The project Behavioural Finance of Climate Investments among High-Income Earners (BEHAVE) will address this research gap. It will generate new knowledge about the factors shaping climate-related investment decisions among high-income earners, an area that remains a blind spot in climate finance. BEHAVE will also provide evidence-based recommendations to help regulators and financial institutions design interventions that mobilise private wealth for climate neutrality, unlocking the untapped potential of affluent investors.
BEHAVE will be led by Prof. Luis Mundaca and will run from December 2025 to November 2030. Project partners include Stockholm University and several European banks.
The project has received funding from Formas, the Swedish Research Council for Sustainable Development.
Stay tuned for updates about the project here.
