SEI Suggests Carbon Credits as a Way of Reducing Damage to the World’s Oceans
In further news that suggests the increasing importance of a carbon credits market in all parts of the world, the Stockton Environment Institute (SEI) has suggested that “blue” carbon trading could play an integral role in reducing the increasing damage that is being caused to the world’s oceans, London Carbon Credit Company (http://www.londonccc.co.uk) reports.
The SEI’s words came in a new study entitled “Valuing the Ocean”, in which marine experts concluded that the annual cost of damage to the world’s oceans as a result of climate change could reach $2 trillion (£1.3 trillion) by 2100. The researchers also suggested, however, that $1.4 trillion (£887 billion) of the total cost could be avoided in the event that increases in temperature were restricted to 2.2 degrees C and more urgent moves were made to cut greenhouse gas emissions.
The study found that in the absence of moves such as the introduction of carbon offsets, the coming 90 years could see a 4 degree Celsius increase in the global average temperature, with consequences ranging from a rise in sea level, marine pollution, ocean acidification and species migration. The report also expressed fears of more intense tropical cyclones, reduced fish stocks and disrupted fisheries.
The SEI added that yet more hypoxic dead zones – which are areas of ocean that are deprived of oxygen, and which are already present in more than 500 locations – could arise as a result of the use of nitrogen-rich fertilisers and waste. It added that of the $1.98 trillion (£1.25 trillion) cost or 0.37% of global gross domestic product that could arise by the end of the century, the fall in tourism could account for $639 billion (£405 billion), while a further nearly $458 billion (£290 billion) of damage could arise as a result of the warmer water losing its ability to soak up carbon dioxide (CO2).
It was therefore as part of its series of recommendations – which also included the appointment by the United Nations of a High Commissioner for Oceans that could ensure the better coordination of research and action – that the SEI suggested that a “blue” market for trading carbon could bring clear economic benefits.
Despite marine ecosystems such as sea grasses and mangroves degrading even more rapidly than terrestrial forests and consisting of a far greater amount of carbon, they remain missing from carbon offsetting schemes. It means that, in the event that the situation changes, there could be invaluable opportunities for potential investors as developing countries introduce a greater number of emissions reduction projects.
Visit the website of London Carbon Credit Company, at http://www.londonccc.co.uk, to find out more about green investments.
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