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Rapid Arctic thawing could be economic timebomb, scientists say

July 27, 2013

Full Article at http://www.guardian.co.uk/environment/2013/jul/24/arctic-thawing-permafrost-climate-change

By John Vidal

Rapid thawing of the Arctic could trigger a catastrophic “economic timebomb” which would cost trillions of dollars and undermine the global financial system, say a group of economists and polar scientists.

Governments and industry have expected the widespread warming of the Arctic region in the past 20 years to be an economic boon, allowing the exploitation of new gas and oilfields and enabling shipping to travel faster between Europe and Asia. But the release of a single giant “pulse” of methane from thawing Arctic permafrost beneath the East Siberian sea “could come with a $60tn [£39tn] global price tag”, according to the researchers who have for the first time quantified the effects on the global economy.

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“This massive methane boost will have major implications for global economies and societies. Much of those costs would be borne by developing countries in the form of extreme weather, flooding and impacts on health and agricultural production,” he said.

According to the authors, who using the Stern review, calculated that 80% of the extra impacts by value will occur in the poorer economies of Africa, Asia and South America. “Inundation of low-lying areas, extreme heat stress, droughts and storms are all magnified by the extra methane emissions,” they authors write. They argue that global economic bodies have not taken into account the risks of rapid ice melt and that the only economic downside to the warming of the Arctic they have identified so far has been the possible risk of oil spills.

Full Article at http://www.guardian.co.uk/environment/2013/jul/24/arctic-thawing-permafrost-climate-change

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