Climate change could result in $1.98 trillion in damages to the world’s ocean system annually, according to a new study. The study presented the latest evidence of the way in which parts of the ocean are being affected by multiple stressors such as ocean acidification, ocean warming and hypoxia, which means that the projected damage, and its costs, is much greater than with single impacts. while climate change is an enormous threat to the oceans, the SEI report said that convergence of multiple stressors —acidification, ocean warming, hypoxia, sea-level rise, pollution and overuse of marine resourcescould lead to damages far greater than just from individual threats.
By 2100, the study said the damages from “business as usual” emissions, projected to lead to an average temperature rise of 4°C, are estimated to be $1.98 trillion, equivalent to 0.37 percent of future global gross domestic product or GDP. A rapid emission-reduction pathway that would limit temperature increase to 2.2°C, would reduce the damages to $1.4 trillion.