Ocean Damage Nearly Doubles the Cost of Climate Change
Summary
A Nature-backed study by Scripps finds that including ocean damage in climate economics nearly doubles the global cost of climate change to about $2 trillion annually, highlighting ocean-related losses to fisheries, coral reefs, and coastal infrastructure as a major economic factor. The study raises the social cost of carbon to $97.20/ton when ocean damages are included, with projections of $1.66 trillion in annual damages to traditional markets by 2100.