“The global impact of a warming Arctic is an economic time-bomb,” Up to $60 trillion USD (just shy of the global GDP for one year) is what climate change impacts will cost the world’s economy if the estimated 50 billion tons of seafloor-trapped methane gas in the East Siberian Arctic Shelf were to be released into the atmosphere Who Bears The Burden? Though this cost is the result of emission from the developed world (primarily), and more recently the hyper-developing world (like China, India, and Brazil), up to 80% of this cost will be born by developing world countries, according to the report These less developed (“poor”) economies will be forced to spend (and borrow against) their national treasuries to mitigate, restore and/or repair damage to agriculture, forest and ocean ecosystems, and habitable land. There will be additional massive costs due to disease (made worse by climate change impacts), climate refugees and water/food insecurities. The report highlights a growing, global issue of deep concern: this great inequality of responsibility versus impact is prompting many to assert a principle of Climate Fairness or Climate Justice.
Posted on: Fri, 26 Jul 2013 04:12:59 +0000
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