Melting Arctic ice and methane release could cost the global economy trillions

The thawing of permafrost in the Arctic could create more problems than just rising sea levels. New research suggests that the melting ice could lead to the release of a 50 gigatonne reservoir of methane gas.

Scientists from the University of Cambridge and Erasmus University in the Netherlands have found that a large amount of methane could be released into the atmosphere from the reservoir under the East Siberian Sea.

Economic modelling was used to estimate the consequences of such a methane release, finding that it could create up to $60 trillion (£39 trillion) worth of costs for the global economy.

Methane is one of the greenhouse gases that have been attributed to the increase of global temperatures. Whilst it only remains in the atmosphere for around a decade, methane is 25 times more damaging to the atmosphere than carbon dioxide.

Studies performed previously have shown that the warming of the world's oceans is causing ice in the East Siberian Sea to retreat, causing methane to be released. In some parts of the sea gas releases have been detected from areas of up to a kilometre in diameter.

This most recent study aimed to put a price tag on the effects of this methane release in terms of global economic damage. Scientists have claimed this cost will be most heavily felt by developing countries.

According to Professor Gail Whiteman, one of the study's authors from Erasmus University, the risk of melting ice causing huge levels of methane to be released is a type of economic 'time bomb' not yet experienced by the world as a whole.  

"We think it's incredibly important for world leaders to really discuss what are the implications of this methane release and what could we indeed do about it to hopefully prevent the whole burst from happening," she added.

Not only will the methane release caused by the melting ice result in high economic costs around the world, it will also increase the rate at which climate change is occurring.

Economist at Cambridge University, Chris Hope, estimated that the release of methane - even at a slower rate - from the East Siberian Sea could result in the world's surface temperature exceeding two degrees Celsius between 15 and 35 years earlier than currently expected.