Social Cost of Carbon ocean damages reach $2 trillion in new Scripps study
A new Scripps study reveals the Social Cost of Carbon (SCC) is double previous estimates, totaling $2 trillion annually when including ocean damages.
The global bill for climate change just doubled. Scientists found that greenhouse gas emissions cost us twice as much as previously thought, thanks to a first-of-its-kind assessment that finally puts a price tag on our oceans.
New Social Cost of Carbon Assessments Include Ocean Damage
According to a study from the Scripps Institution of Oceanography at UC San Diego, the Social Cost of Carbon (SCC)—a critical metric used to quantify economic harm from climate change—has been significantly underestimated. For the first time, researchers included damages to marine environments, revealing that global coral loss, fisheries disruption, and coastal infrastructure destruction cost nearly $2 trillion annually.
For decades, we’ve been estimating the economic cost of climate change while effectively assigning a value of zero to the ocean. Ocean loss is not just an environmental issue, but a central part of the economic story of climate change.
Redefining Climate Finance and Investment
This discovery fundamentally shifts how we measure climate finance. While past models focused heavily on land-based agriculture and energy, this new data suggests that protecting the 'Blue Economy' isn't just a charitable act—it's a financial necessity. Investors and policymakers now have a concrete reason to accelerate funding for marine restoration and resilient coastal infrastructure.
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