🌊By including ocean impacts like coastal destruction, the Social Cost of Carbon (SCC) has added $2 trillion to the annual bill. This is a wake-up call for the global finance sector.

🥬Including greenhouse emission projections, this report estimates the annual damages to traditional markets alone will be $1.66 trillion by 2100.

This article by Ars Technica discusses integrating ocean damage into economic models nearly doubles the estimated social cost of carbon, as previous calculations ignored trillions of dollars in projected losses to fisheries, coral reefs, and coastal infrastructure.

The social cost of carbon is an accounting method for working out the monetary cost of each ton of carbon dioxide released into the atmosphere. “[It] is one of the most efficient tools we have for internalizing climate damages into economic decision-making,” said Amy Campbell, a United Nations climate advisor and former British government COP negotiator.

🪸Taking into the account the ocean economy, the failure to act on climate change by integrating the economic cost (especially smaller island nations) can be detrimental to sovereign debt, financing, the cost of living, and quality of life are all ignored by most — something Wall Street and development corporations alike must accept.