European researchers have issued an alarming report on the potential costs of global warming.
According to academics from the University of Cambridge and Erasmus University’s Rotterdam School of Management, melting ice in the arctic will cause a rise in atmospheric methane, leading to violent weather around the world. The researchers say the price tag associated with climate change sparked by less arctic ice could hit $60 trillion, becoming an “economic time-bomb” that could devastate the global economy, Bloomberg notes.
According to the World Bank, the global domestic product hit $71.7 trillion last year.
As global temperatures rise, melting arctic ice will release 50 gigatons of methane over the course of ten years. That could accelerate the annual rise in global temperatures past 2 degrees Celsius over a period of between 15 and 35 years. A higher rise in temperatures would mean more extreme weather.
The researchers said that the consequences of arctic warming should spur governments to fund programs to end dependence on fossil fuels and accelerate green energy technology.