Climate Change: Arctic warming to burden world economy by $70 Trillion

April 26, 2019 2:59 PM |


According to a recent study, published in Nature Communications, “The climate change and rapid melting of Arctic permafrost would be highly costly for all of us. It has been speculated that it will costs $70 trillion, globally."

Environmentalists have explained the reason behind the loss. As a result of global warming, earth’s temperature increases due to which more and more carbon is released in the atmosphere, thereby increasing the loss of Arctic permafrost.

The study further revealed that even if we work on the lines of proposals laid down by the Paris Agreement, which states, to maintain the rise in global temperatures within 1.5℃, this century, there would still be some cost, however much lower than what has been anticipated.

“The thawing permafrost in Alaskan lakes has been releasing 12 times more nitrous oxide than what we had previously calculated. Nitrous oxide is one of the global warming gases, nearly 300 times potential in consuming heat than CO2, dissolving the ozone layer at a faster rate”, the study stated.


The co-author of the study Kevin Schaefer said, “ With climate change, we are conducting a high-risk experiment where we don’t know what will come our way. However, the most important thing to keep in mind is higher the warming, higher the cost to the society and thus stronger the feedbacks. We are already experiencing deadly impacts and high cost of the climate change.”

At present, only permafrost and albedo loss are the two feedbacks, with the help of which we can estimate the cost.

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