Researchers stick by $60 trillion global cost of Arctic methane emissions
Economist Chris Hope and oceanographer Peter Wadhams have reportedly said that the impact of the Arctic warming will be felt throughout the world.
Washington: The researchers who revealed that methane emissions caused by the melting sea ice from just one area of the arctic could come with a global price tag of 60 trillion dollars which equates to the size of the world economy in 2012, have reportedly said that the impact of the Arctic warming will be felt throughout the world.
According to economist Chris Hope and oceanographer Peter Wadhams, two of the three authors of the article revealing the economic impact of a single phenomenon of global warming in the Arctic said that their models predict an even higher financial impact from a slower release of methane.
If the other impacts such as ocean acidification are factored in, the cost would be much higher. Some 80 percent of these costs will be borne by developing countries, as they experience more extreme weather, flooding, droughts and poorer health, as Arctic warming affects climate.
Hope and Wadhams rebut the claim that they have overstated the effects of Arctic methane release which they said could trigger the economic time-bomb in a scenario in which methane from the East Siberian Sea will be emitted as a result of the thaw.