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Methane meltdown: The Arctic timebomb that could cost us $60trn

2013-07-25 16:00:00| Climate Ark Climate Change & Global Warming Newsfeed

Independent: The sudden release from the melting Arctic of vast quantities of methane a greenhouse gas at least 20 times more potent than carbon dioxide is an economic time-bomb that could explode at a cost of $60 trillion (40tr) to the global economy, a study has concluded. A scientific assessment of the costs associated with the release of Arctic methane into the atmosphere has found that the financial consequences to the world would almost equal the entire global economic output of one year. Scientists...

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Arctic methane breach an 'economic time bomb.'

2013-07-25 16:00:00| Climate Ark Climate Change & Global Warming Newsfeed

Agence France-Presse: Massive leakage of methane from thawing shoreline in the Arctic would devastate the world's climate and economy, a trio of scientists warned on Wednesday. Billions of tonnes of this potent greenhouse gas are locked in the shallow frozen shelf of the Arctic Ocean, which warms when summer sea ice retreats as a result of the greenhouse-gas effect, they said in a contribution to Nature. The team modelled what would happen if 50 billion tonnes, or gigatonnes (Gt), of methane escaped over a decade...

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Cost of Arctic methane release could be 'size of global economy', experts warn

2013-07-24 20:04:00| Climate Ark Climate Change & Global Warming Newsfeed

ScienceDaily: Researchers have warned of an "economic time-bomb" in the Arctic, following a ground-breaking analysis of the likely cost of methane emissions in the region. Economic modelling shows that the methane emissions caused by shrinking sea ice from just one area of the Arctic could come with a global price tag of 60 trillion dollars -- the size of the world economy in 2012. Writing in a Comment piece in the journal, Nature, academics argue that a significant release of methane from thawing permafrost...

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Arctic Warming Could Cost Upwards of $60 Trillion

2013-07-24 18:01:00| Climate Ark Climate Change & Global Warming Newsfeed

Climate Central: The worldwide impacts of a rapidly warming Arctic could cost the global economy an estimated $60 trillion, nearly equal to the entire global economy in 2012, according to a new study. That report, published Wednesday in the journal Nature, is the first to analyze the potential economic costs of rapid Arctic warming. The study bluntly warns that the tendency for policymakers to focus solely on the benefits of an increasingly open Arctic Ocean -- like increased mining, oil and gas drilling, and...

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Ice free Arctic in two years heralds methane catastrophe - scientist

2013-07-24 16:58:00| Climate Ark Climate Change & Global Warming Newsfeed

Guardian: A new paper in the journal Nature argues that the release of a 50 Gigatonne (Gt) methane pulse from thawing Arctic permafrost could destabilise the climate system and trigger costs as high as the value of the entire world's GDP. The East Siberian Arctic Shelf's (ESAS) reservoir of methane gas hydrates could be released slowly over 50 years or "catastrophically fast" in a matter of decades if not even one decade the researchers said. Not everyone agrees that the paper's scenario of a catastrophic...

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