Together with colleagues from the Vienna Chamber of Labour, we have calculated capital-based emissions for Austria, Germany, the Netherlands and the Czech Republic for the first time. The results for 2021 show that ownership structures fundamentally shape the distribution of emissions and vulnerability to transition risks. Those who benefit most from carbon-intensive investments have a major influence on our production methods while being disproportionately affected by potential losses from the energy transition. This creates a political economy of resistance: where wealthy groups hold a large proportion of their capital in fossil fuel portfolios, strong vested interests can put the brakes on ambitious climate policy. In financial centres where pension funds and asset managers invest worldwide, risks are sometimes ‘exported’ across borders. Which groups ultimately bear the costs of stranded assets depends heavily on institutional framework conditions - such as the structure of pension systems, state ownership or the internationalisation of portfolios. The aim of our project is to show that the decarbonisation of our society is not only a technological, but also a deeply political distribution process.