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 for the first time includes damages to the ocean in its assessment, estimates that global coral loss, fisheries disruption, and coastal infrastructure destruction add nearly $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. The social cost of carbon (SCC) is a key measure of economic harm caused by climate change.

Factoring in losses from coral reefs, fisheries, and coastal infrastructure significantly impacts climate finance and economic decision-making. For decades, scientists have been estimating the economic cost of climate change while effectively assigning zero value to the ocean, according to the study. The inclusion of ocean damage provides a more comprehensive and accurate picture of the true economic consequences of greenhouse gas emissions.