For the first time, a study from researchers at Scripps Institution of Oceanography at the University of California San Diego integrates climate-related damages to the ocean into the social cost of carbon— a measure of economic harm caused by greenhouse gas emissions.
For the first time, a study from researchers at Scripps Institution of Oceanography at the University of California San Diego integrates climate-related damages to the ocean into the social cost of carbon— a measure of economic harm caused by greenhouse gas emissions.
When ocean damage from climate change, dubbed the “blue” social cost of carbon, is calculated, the study finds that the global cost of carbon dioxide emissions to society nearly doubles. Until now, the ocean was largely overlooked in the standard accounting of the social cost of carbon even though the degradation of coral reef ecosystems, economic losses from fisheries impacts and damage to coastal infrastructure are well documented and adversely impact millions around the globe.
“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,” said environmental economist Bernardo Bastien-Olvera, who led the study during a postdoctoral fellowship at Scripps Oceanography. “Until now, many of these variables in the ocean haven’t had a market value, so they have been absent from calculations. This study is the first to assign monetary-equivalent values to these overlooked ocean impacts.”
Read More at: University of California San Diego
Mangrove loss can lead to economic consequences as tracked in a new study. Image credit: Octavio Aburto/Scripps Institution of Oceanography at UC San Diego. (Photo Credit: Octavio Aburto/Scripps Institution of Oceanography at UC San Diego)
