For anyone who still thinks renewable and clean energy is “too expensive” to implement, it might shock them to find out that ignoring climate change and the ensuing ice melt will be much, much more expensive.  And as the Arctic ice melts, it speeds up global warming. Less heat from the sun is reflected off the earth as the ice disappears, and more heat is retained by our climate and planet.  This will cause increasing heat waves, droughts, and unpredictable weather, not to mention flooding of coastlines from all that melting ice . . . yet we can still do something about it.  But time is running out.

The Arctic Ice is melting and it will cost trillions before it stops.

WASHINGTON – Reuters – Arctic ice melting could cost global agriculture, real estate and insurance anywhere from $2.4 trillion to $24 trillion by 2050 in damage from rising sea levels, floods and heat waves, according to a report released on Friday.

“Everybody around the world is going to bear these costs,” said Eban Goodstein, a resource economist at Bard College in New York state who co-authored the report, called “Arctic Treasure, Global Assets Melting Away.”

He said the report, reviewed by more than a dozen scientists and economists and funded by the Pew Environment Group, an arm of the Pew Charitable Trusts, provides a first attempt to monetize the cost of the loss of one of the world’s great weather makers.

“The Arctic is the planet’s air conditioner and it’s starting to break down,” he said.

The loss of Arctic Sea ice and snow cover is already costing the world about $61 billion to $371 billion annually from costs associated with heat waves, flooding and other factors, the report said.

Read the full report,  An Initial Estimate of the Cost of Lost Climate Regulation Services Due to Changes in the Arctic Cryosphere (PDF)

The losses could grow as a warmer Arctic unlocks vast stores of methane in the permafrost. The gas has about 21 times the global warming impact of carbon dioxide.

Melting of Arctic sea ice is already triggering a feedback of more warming as dark water revealed by the receding ice absorbs more of the sun’s energy, he said. That could lead to more melting of glaciers on land and raise global sea levels.

While much of Europe and the United States has suffered heavy snowstorms and unusually low temperatures this winter, evidence has built that the Arctic is at risk from warming.

Greenhouse gases generated by tailpipes and smokestacks have pushed Arctic temperatures in the last decade to the highest levels in at least 2,000 years, reversing a natural cooling trend, an international team of researchers reported in the journal Science in September.

Arctic emissions of methane have jumped 30 percent in recent years, scientists said last month.

Thin ice over the Arctic Sea this winter could mean a powerful ice-melt next summer, [...]