Erasmus University (RSM).: “The global impact of a warming Arctic is an economic time-bomb”, says Gail Whiteman, Professor of sustainability, management and climate change at Rotterdam School of Management, Erasmus University (RSM). In a ground breaking Comment in this week’s authoritative scientific journal Nature, Gail Whiteman, Chris Hope, Reader in Policy Modelling at Cambridge Judge Business School, University of Cambridge and Peter Wadhams, Professor of Ocean physics at the University of Cambridge, address the issue. According to the authors, economic modelling shows that the methane emissions caused by shrinking sea ice from just one area of the Arctic could come with a global price tag of 60 trillion dollars – the size of the world economy in 2012. The story can be found here.
“The imminent disappearance of the summer sea ice in the Arctic will have enormous implications for both the acceleration of climate change, and the release of methane from off-shore waters which are now able to warm up in the summer. This massive methane boost will have major implications for global economies and societies”, says Peter Wadhams.
Yet most discussions about the economic implications of a warming Arctic focus on benefits to the region, with increased oil-and-gas drilling and the opening up of new shipping routes that could attract investments of hundreds of billions of dollars. However, the effects of melting permafrost on the climate and oceans will be felt globally, the authors argue.
ClimateCentral: The worldwide impacts of a rapidly warming Arctic could cost the global economy an estimated $60 trillion, nearly equal to the entire global economy in 2012, according to a new study. That report, published Wednesday in the journal Nature, is the first to analyze the potential economic costs of rapid Arctic warming. The study bluntly warns that the tendency for policymakers to focus solely on the benefits of an increasingly open Arctic Ocean — like increased mining, oil and gas drilling, and maritime shipping — misses the longer-term “economic time bomb.” The Arctic region, the study said, is “pivotal” to the functioning of the global climate system, and disrupting it will not come cheaply. read more