Climate Change will cost global economy $43 trillion
A study by researchers from University of Cambridge and the University of Colorado, estimates that by the year 2200 the melting Arctic permafrost and the subsequent release of carbon dioxide and methane gas into the atmosphere will add an extra $43 trillion cost to the global economy.
The Arctic is one of the fastest warming regions on the planet and the permanent permafrost, frozen organic matter in the soil, prevents billions of tonnes of greenhouse gasses from being released into the atmosphere.
The permafrost holds about 1.7 trillion tons of carbon. As the permafrost melts, it will release the carbon into the atmosphere as carbon dioxide and methane gas.
“Thawing permafrost is likely to be one of the major consequences of the changes in the Arctic climate,” said Dr. Chris Hope co-author of the study.
The team used computer models of the global economy and the predicted increase in carbon dioxide and methane. The researchers then estimated the direct and indirect economic impact on the gross domestic product of countries, such as the loss of agricultural output and the additional cost of air conditioning. Indirect impacts include those on public health, ecosystems, the effects of rising seas on coastal cities and more frequent natural disasters.
“These results show just how much we need urgent action to slow the melting of the permafrost in order to minimize the scale of the release of greenhouse gases,” said Dr. Hope.