Ocean Damage Doubles Estimated 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 a significantly higher social cost of carbon (SCC), a key measure of the economic harm caused by climate change.

For decades, assessments of the economic cost of climate change have largely overlooked the financial value of the ocean. The new research incorporates losses from coral reefs, fisheries disruption, and coastal infrastructure destruction, adding an estimated $2 trillion annually to the SCC. This 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 inclusion of ocean-related damages represents a major shift in how climate finance is measured. The $2 trillion figure accounts for global coral loss, fisheries disruption, and coastal infrastructure destruction. This new calculation highlights the urgent need to reassess climate finance strategies and economic decision-making processes.

The study marks the first time an SCC assessment has included damages to the ocean. Researchers say the findings will have a significant impact on how governments and organizations approach climate policy and investment. The increased SCC underscores the importance of mitigating greenhouse gas emissions to protect not only terrestrial ecosystems but also the world's oceans and the economies that depend on them.