To consider the implications of disaggregated consumption and discounting in the context of climate change, we study discounting in a world composed of the rich and the poor; a standard setting in the literature of cost–benefit analysis with distributional considerations. We derive several discount rates for different numéraires, which allow us to discuss intergenerational and intragenerational equity in common terms. In the example of CES‐CRRA utility, we also show that disaggregated discount rates may vary owing to several factors. One important parameter, inequality aversion, can be determined in the weighting of intergenerational and intragenerational concerns.