Climate damage to cost RM6.15 trillion by 2100

PARIS: Greenhouse gases are on track for inflicting costs of nearly US$2 trillion (RM6.15 trillion) annually in damage to the oceans by 2100, according to a Swedish study.

The estimate by the Stockholm Environment Institute is based on the assumption that climate-altering carbon emissions continue their upward spiral without a pause.

“Warmer seas will lead to greater acidification and oxygen loss, hitting fisheries and coral reefs. Rising sea levels and storms will boost the risk of flood damage, especially around the coastlines of Africa and Asia,” it warned.

On a business-as-usual scenario, Earth’s global temperature will rise by some 4°C by century’s end, says the report, “Valuing the Ocean”.

On this basis, the cost in 2050 will be Us$428bil (Rm1.3bil) annually, or 0.25% of global domestic product (GDP).

By 2100, it would rise to almost US$2 trillion, or 0.37% of output.

If emissions take a lower track, and warming is limited to 2.2°C, the cost in 2050 would be Us$105bil (Rm323bil), or 0.06% of worldwide GDP, rising to Us$612bil (RM1.88 trillion), or 0.11%, by 2100.

“This is not a scaremongering forecast,” says the report. — AFP

Warmer seas will lead to greater acidification and oxygen loss, hitting fisheries and coral reefs. — STUDY