New research explores the concept of "blue capital," explaining how ocean health impacts the global economy.
What is blue capital?
The study was published in the Nature Climate Change journal and conducted by researchers at Scripps Institution of Oceanography at the University of California, San Diego.
The study states, "Oceans provide essential benefits to people and the economy, underpinned by the extent and condition of marine ecosystems and infrastructure — or 'blue' capital. However, the impacts of climate change on blue capital have been largely overlooked in influential indicators such as the social cost of carbon."
The social cost of carbon refers to how much money one ton of carbon pollution costs the world economy. For example, unusual or extreme weather hurts farmers' crops. This causes the price of groceries such as cherries to rise. Another example is how flooding or storms caused by changes in climate result in costly damage and higher insurance rates, as in Louisiana. An ocean-related example is how diminishing fish populations hurt the fishing industry.
The study found that global pollution is costing the world twice as much as people thought. This is the first time that the ocean has been factored into the cost of pollution, as researchers stated.
Why is understanding blue capital important?
Understanding the weight of blue capital is essential to addressing climate change. It shows that people are paying even more for pollution than previously thought.
Many believe that replacing polluting fuels with other energy sources is too expensive. New energy sources can be costly, such as solar power, but the cost of pollution is higher.
According to ABC News, the new report found that the current SCC is around $97.2 per ton of carbon pollution. Pollution in the ocean is costing the global economy around $2 trillion a year.
The study's lead author, Bernardo Bastien-Olvera, told ABC News, "The ocean was the big missing piece in these models."
How this new information helps the global economy
With this new data, decision-makers can better understand how pollution hurts the economy. The information shows the importance of protecting ocean ecosystems and reducing pollution. Helping the oceans would make economies stronger, saving people money.
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