Ocean Damage Doubles Climate Change Costs

New research indicates the economic damage caused by issues like ocean warming, acidification, adn declining fisheries is considerably higher than previously understood, nearly doubling the overall estimated cost of climate change. This assessment incorporates longstanding conservation approaches from coastal communities, ocean scientists, and Indigenous peoples, challenging previous economic models that largely undervalued ocean resources.

National Oceanic and Atmospheric Governance (NOAA) Research & Ocean Impacts

The economic value of the ocean has historically been underestimated in climate change assessments. Traditional climate economics often treated ocean resources as having minimal value, leading to an incomplete picture of the true costs of climate change. NOAA research consistently demonstrates the ocean’s critical role in regulating climate, supporting biodiversity, and providing essential economic services.

Such as, NOAA’s National Centers for Coastal Ocean Science (NCCOS) conducts research on ocean acidification and its impacts on shellfish fisheries, providing data used to quantify economic losses. A 2023 NCCOS report estimated that ocean acidification could cost the U.S. shellfish industry over $1 billion annually by 2050.

Intergovernmental Panel on climate Change (IPCC) & Climate Change Costs

The IPCC’s Sixth Assessment Report (AR6) acknowledges the increasing risks to ocean ecosystems and the associated economic consequences. The report states that marine ecosystems are already being affected by rising sea temperatures, ocean acidification, and deoxygenation, leading to shifts in species distribution and declines in fisheries productivity.

Detail: The IPCC estimates that the global economic costs of climate change could reach trillions of dollars per year by the end of the century. The new research suggests that incorporating a more accurate valuation of ocean impacts could nearly double this figure. Specifically, the IPCC AR6 (Special Report on 1.5°C) highlights the disproportionate impact of climate change on small island developing states (SIDS) due to sea-level rise and ocean-related hazards.

Example: The IPCC AR6 states with high confidence that global mean sea level has risen by 0.20 [0.15 to 0.25] m between 1901 and 2018.

Inside Climate News Reporting & Indigenous Knowledge

Inside Climate News’ reporting emphasizes the importance of integrating traditional ecological knowledge (TEK) from Indigenous communities into climate change assessments. Indigenous peoples have a long history of sustainable resource management and possess valuable insights into ocean ecosystems.

Detail: The article highlights that incorporating these longstanding conservation approaches is a crucial step toward accurately valuing the ocean. indigenous communities often have detailed knowledge of local marine resources, seasonal changes, and the impacts of environmental stressors. This knowledge can complement scientific data and inform more effective conservation strategies.

Example: The Food and Agriculture Institution of the United Nations (FAO) recognizes the importance of TEK in sustainable fisheries management and food security, citing examples of indigenous-led initiatives that have successfully restored marine ecosystems.

This article originally appeared on Inside Climate News, a nonprofit, non-partisan news organization that covers climate, energy, and the surroundings. Sign up for their newsletter here.