A recent study conducted by researchers at the Scripps Institution of Oceanography, University of California San Diego, has unveiled that including damages to the ocean in calculations of the social cost of carbon (SCC) nearly doubles the economic impact of climate change.This study is the first of its kind to integrate ocean-related damages into the SCC assessment, traditionally focused on terrestrial impacts alone.
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scripps.ucsd.eduinsideclimatenews.orgThe researchers found that the global cost of carbon dioxide emissions to society rises from $51 to $97.20 per ton when ocean damages are factored in, representing a significant 91% increase.With global carbon dioxide emissions projected at 41.6 billion tons in 2024, this translates to nearly $2 trillion in ocean-related damages annually, a figure previously excluded from standard climate cost estimates.
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scripps.ucsd.eduabcnews.go.comHistorically, the ocean has been largely overlooked in climate-economic models, despite its critical role in supporting ecosystems and providing economic benefits such as fisheries and tourism.The study's lead author, Bernardo Bastien-Olvera, emphasized the importance of assigning a monetary value to these overlooked ocean impacts to inform decision-makers effectively."If we don't put a price tag on the harm that climate change causes to the ocean, it will be invisible to key decision makers," he stated.
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scripps.ucsd.eduinsideclimatenews.orgThe research assessed both market and non-market values associated with ocean use.Market damages were primarily linked to reduced fisheries revenue and diminished trade, while non-market values included health impacts from decreased nutrition availability and the inherent value people derive from enjoying marine ecosystems.
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scripps.ucsd.educmcc.itThe study highlights how health impacts linked to fisheries account for nearly half of the ocean-related climate damages, particularly affecting regions that rely heavily on seafood for nutrition, such as small island economies.
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cmcc.itinsideclimatenews.orgIn addition to economic implications, the research points out that the distribution of impacts is highly unequal, with vulnerable populations, particularly in lower-income countries, facing greater risks.Islands and coastal communities that depend on marine ecosystems for their livelihoods will experience disproportionate health impacts due to climate change, including increased nutrient deficiencies linked to declining fish stocks.
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abcnews.go.cominsideclimatenews.orgThe study's findings have significant implications for climate policy and economic decision-making.The social cost of carbon serves as a tool for cost-benefit analysis used by government agencies and private sectors to evaluate the economic ramifications of carbon emissions.By incorporating ocean impacts, policymakers can better understand the full costs of climate change and the urgent need for mitigation strategies.
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scripps.ucsd.educmcc.itThe researchers employed integrated assessment models to simulate various greenhouse gas emission scenarios, incorporating potential climate impacts on marine ecosystems, coastal infrastructure, and fisheries.This comprehensive approach allows for a more accurate assessment of the social cost of carbon.
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scripps.ucsd.eduinsideclimatenews.orgBastien-Olvera and his co-authors hope that their findings will catalyze action among policymakers and industry leaders to invest in ocean conservation and resilience measures.The newly introduced "blue" social cost of carbon framework aims to recognize the significant contributions of marine ecosystems to human welfare and the need to protect them from the adverse effects of climate change.
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scripps.ucsd.eduabcnews.go.comAs climate change continues to pose substantial risks to marine environments and coastal economies, this study underscores the necessity of including ocean-related damages in climate cost calculations.The results advocate for a paradigm shift in how we view and value the ocean's role in climate economics, ultimately aiming for more effective climate policies that reflect the true costs of greenhouse gas emissions.
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cmcc.itinsideclimatenews.orgThis study was funded through the Scripps Institutional Postdoctoral Fellowship, with contributions from multiple experts in marine science and economics.The collaborative effort aims to pave the way for more comprehensive analyses that incorporate the vital role of oceans in our global ecosystem.
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scripps.ucsd.eduabcnews.go.comThe full findings of this research were published in the journal Nature Climate Change, marking a significant advancement in the integration of ocean science into climate economics.As the implications of climate change become increasingly urgent, understanding the ocean's contributions to economic stability and human health is more crucial than ever.
