"Rapid thawing of the Arctic could trigger an economic timebomb".

Guardian: “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.” “….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.
Even the slow emission of a much smaller proportion of the vast quantities of methane locked up in the Arctic permafrost and offshore waters could trigger catastrophic climate change and “steep” economic losses, they say.
….The growing fear is that as the ice retreats, the warming of the sea water will allow offshore permafrost to release ever greater quantities of methane. A giant reservoir of the greenhouse gas, in the form of gas hydrates on the East Siberian Arctic Shelf (ESAS), could be emitted, either slowly over 50 years or catastrophically fast over a shorter time frame, say the researchers.
“The imminent disappearance of the summer sea ice in the Arctic will have enormous implications for both the acceleration of climate change, and the release of methane from off-shore waters which are now able to warm up in the summer,” said Prof Peter Wadhams, head of the Polar ocean physics group at Cambridge University and one of the authors of the paper published in the journal Nature.
….”Neither the World Economic Forum nor the International Monetary Fund currently recognise the economic danger of Arctic change. [They must] pay much more attention to this invisible time-bomb. The impacts of just one [giant “pulse” of methane] approaches the $70-tn value of the world economy in 2012″, said Prof Gail Whiteman, at the Rotterdam School of Management and another author.”
….According to Russian authorities, 218 ships from Korea, China, Japan, Norway, Germany and elsewhere have so far applied for permission to follow the “Northern sea route” (NSR) this year. This route uses the Bering Strait between Siberia and Alaska and is only open for a few months each year with an icebreaker.”
Nafeez Ahmed interviews Peter Wadhams on the detail.
And more from Nafeez.