Ocean Damage Doubles Global Cost of Climate Change, Study Finds

The global economic cost of greenhouse gas emissions is nearly double previous estimates, according to a new study published Thursday by researchers at the University of California, San Diego's Scripps Institution of Oceanography. The study, which factors in the economic impact of ocean damage, reveals that losses from coral reefs, fisheries disruption, and coastal infrastructure destruction add an estimated $2 trillion annually to the social cost of carbon (SCC).

The revised assessment fundamentally changes the understanding of climate change's economic impact by acknowledging the ocean's financial value, according to the Scripps Institution of Oceanography. For decades, previous assessments of the economic cost of climate change had effectively assigned the ocean a value of zero.

The inclusion of ocean damage in the SCC assessment is a significant development in climate finance. The SCC is a key measure of economic harm caused by climate change, and this new calculation will likely impact economic decision-making related to climate policy. The $2 trillion annual cost accounts for global coral loss, fisheries disruption, and coastal infrastructure destruction.

This is the first time a social cost of carbon assessment has included damages to the ocean. The study highlights the urgent need to consider the ocean's economic value when addressing climate change.