A groundbreaking study from the Scripps Institution of Oceanography at the University of California San Diego has revealed that factoring in ocean damage nearly doubles the social cost of carbon, a key metric used to estimate the economic harm caused by greenhouse gas emissions.This research marks the first time that ocean impacts have been included in the social cost of carbon calculations, significantly altering the understanding of climate change's economic implications.
Sources:
abcnews.go.comoceanographicmagazine.comThe study found that the inclusion of ocean damage adds an additional $46.2 per ton of carbon dioxide, raising the total social cost of carbon from $51 to $97.2 per ton.This represents a staggering 91% increase in the estimated economic impact of carbon emissions, which translates to nearly $2 trillion in ocean-related damages annually, based on global carbon dioxide emissions of 41.6 billion tons in 2024.
Sources:
abcnews.go.comtoday.ucsd.eduinsideclimatenews.orgHistorically, the economic costs of climate change have been calculated with little regard for the ocean, despite extensive evidence of coral reef degradation, declining fisheries, and damage to coastal infrastructure.The researchers emphasized that the ocean has been a "big missing piece" in climate impact models, which have largely focused on terrestrial ecosystems.By assigning monetary values to the damages inflicted on marine environments, this study exposes the scale of losses borne by both ecosystems and the communities that depend on them.
Sources:
abcnews.go.comoceanographicmagazine.cominsideclimatenews.orgThe research team, led by environmental economist Bernardo Bastien-Olvera, utilized integrated assessment models to simulate various future scenarios, incorporating potential climate impacts on critical ocean systems such as coral reefs, mangroves, and fisheries.They assessed both market-use values, like decreased fisheries revenue, and non-market values, including health impacts from reduced nutrition availability and recreational opportunities lost due to ecosystem degradation.
Sources:
today.ucsd.eduoceanographicmagazine.comThe findings indicate that the economic costs associated with ocean damage are not only substantial but also disproportionately affect vulnerable populations, particularly in island nations that rely heavily on seafood for nutrition.The study highlights that the countries most responsible for greenhouse gas emissions often do not bear the brunt of the immediate damages, which raises ethical concerns about climate justice and equity in climate policy decisions.
Sources:
abcnews.go.cominsideclimatenews.orgIn addition to market losses, the study also accounted for non-use values, which reflect the intrinsic worth of ecosystems and biodiversity.These values are crucial for understanding the broader implications of climate change, as they encompass the cultural and emotional significance of marine environments, even for those who may never directly interact with them.Bastien-Olvera noted that recognizing these values is essential for creating a comprehensive framework for climate economics that includes the ocean's contributions to human well-being.
Sources:
today.ucsd.eduinsideclimatenews.orgThe implications of this research are profound, as the social cost of carbon is a critical tool used by policymakers and organizations, including the US Environmental Protection Agency, to evaluate the costs and benefits of climate policies.By integrating ocean damage into these calculations, the study advocates for a transformative shift in how climate finance is approached, emphasizing the need for investments in ocean conservation and restoration efforts to mitigate future damages.
Sources:
oceanographicmagazine.cominsideclimatenews.orgAs the global community grapples with the escalating impacts of climate change, this study serves as a wake-up call for decision-makers to prioritize the health of ocean ecosystems in their climate strategies.The researchers hope that the high value of the "blue" social cost of carbon will motivate further investment in adaptation and resilience for ocean systems, ultimately leading to more sustainable and equitable climate policies that recognize the ocean's vital role in our planet's health and economy.
Sources:
abcnews.go.comoceanographicmagazine.cominsideclimatenews.orgIn conclusion, the inclusion of ocean impacts in the social cost of carbon not only highlights the economic significance of marine ecosystems but also underscores the urgent need for comprehensive climate action that addresses the interconnectedness of land and sea.This research paves the way for a more holistic understanding of climate change's costs and benefits, ensuring that the ocean is no longer overlooked in the fight against climate change.
