Using greenhouse gas emission predictions, the report estimates the annual damages to traditional markets alone will be $1.66 trillion by 2100.
The study, which began in 2021, brought together scientists from multiple disciplines: Fisheries experts, coral reef researchers, biologists and climate economists. They assessed downstream climate change costs across four key sectors—corals, mangroves, fisheries, and seaports—measuring everything from straightforward market loss of reduced fisheries and marine trade to reductions in ocean-based recreational industries.
Researchers also placed a monetary figure on what economists call non-use values. “Something has value because it makes the world feel more livable, meaningful, or worth protecting, even if we never directly use it,” said Bastien-Olvera, referencing the fiscal merit of ecosystem enjoyment and the cultural loss caused by climate change. “Most people will never visit a coral reef during a full-moon spawning event, or see a deep-sea jellyfish glowing in total darkness. But many still care deeply that these things exist.”
Island economies, which rely more on seafood for nutrition, will face disproportionate financial and health impacts from ocean warming and acidification, the study said. “The countries that have the most responsibility for causing climate change and the most capacity to fix it are not generally the same countries that will experience the largest or most near-term damages,” said Kate Ricke, co-author and climate professor at UCSD’s School of Global Policy and Strategy. Including ocean data in social cost of carbon assessments reveals increased consequences for morbidity and mortality in low-income countries facing increased nutrition deficiency.
Despite the scale of the scientific discovery, Bastien-Olvera and Ricke are optimistic this data will be a wake-up call for international decision-making. “I hope that the high value of ‘blueSCC’ can motivate further investment in adaptation and resilience for ocean systems,” said Ricke, using the term of the ocean-based social cost of carbon and referencing the opportunities to invest in coral reef and mangrove restoration projects.
Meanwhile, Bastien-Olvera believes centering the framework on oceans also recognizes the longstanding conservation approaches of coastal communities, ocean scientists and Indigenous peoples. “For a long time, climate economics treated the ocean values as if it were worth zero,” he said. “This is a first step toward finally acknowledging how wrong that was.”
This article originally appeared on Inside Climate News, a nonprofit, non-partisan news organization that covers climate, energy, and the environment. Sign up for their newsletter here.
Source: arstechnica.com
