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The thawing of the permafrost in the Arctic will accelerate the warming of the earth and could add $70 billion to the world, the climate change bill, according to a new Study to Nature study.
The report claims that a feedback mechanism, together with the failure of countries to comply with the Paris Climate Agreement of goals and the loss of heat-deflecting white ice — it will lead to an almost 5 percent increase of the global warming of the earth.
That scenario could push up the global cost of climate change to $70 trillion between now and 2300, according to the study, which was published in Nature.
In addition, researchers say the $70 trillion figure is 10 times higher than the expected benefits of the Arctic, such as access to minerals or better ship routes.
MAJORITY OF AMERICANS THINK THAT CLIMATE CHANGE WILL MANKIND BECOME EXTINCT
For comparison, the United States nominal GDP, representing the value of all goods and services, is estimated to top $20 billion this year. The European Union GDP was $18.8 billion last year, more than a fifth of the global economy.
Scientists have warned for years that an increasingly warm climate will have global consequences that could include rising sea levels, powerful storms, and more widespread forest fires and drought.
“It is sad that we have this for us,” Dmitry Yumashev of Lancaster University said to The Guardian. “We have the technology and policy instruments for limiting the warming of the earth, but we are not fast enough.”
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