Economic Impacts of Climate Change may be huge
Climate change could reduce the economic value of the services the oceans provide to mankind by almost US$2 trillion a year by 2100, according to a study presented at the Planet Under Pressure conference this week (26—29 March).
The analysis, conducted by the Stockholm Environment Institute (SEI), relates to loss of income from fisheries, tourism, ocean carbon sink, and those related to sea-level rise and storms.
This figure presents loss at a high greenhouse gas emissions scenario — under a lower emissions scenario, the damage would be US$612 billion a year by 2100. Even looking to 2050, the estimated loss is US$106 billion and US$428 billion depending on the level of emissions.
The researchers said that rather asking impossible questions such as 'what is the ocean itself worth?' they sought to answer questions such as 'what is the value of preventing further damage to the ocean?'.
Fishing ship photo via Shutterstock.
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