Valuing Blue Carbon Changes in the Arctic Ocean

The ocean capacity to store carbon is crucial, and currently absorbs about 25% CO2
supply to the atmosphere. The ability to store carbon has an economic value, but
such estimates are not common for ocean environments, and not yet estimated for
the Arctic Ocean. With the severe climatic changes in the Arctic Ocean, impacting
sea ice and potentially the vertical carbon transport mechanisms, a projection of future
changes in Arctic Ocean carbon storage is also of interest. In order to value present
and evolving carbon storage in the changing Arctic marine environment we combine
an ocean model with an economic analysis. Placing a value on these changes helps
articulate the importance of the carbon storage service to society. The standing stock
and fluxes of organic and inorganic carbon from the atmosphere, rivers, shelves and
through the gateways linking to lower latitudes, and to the deep of the Arctic Ocean
are investigated using the physically chemically biologically coupled SINMOD model.
To obtain indications of the effect of climate change, trajectories of two IPCC climate
scenarios RCP 4.5, and RCP 8.5 from the Max Planck Institute were used for the
period 2006–2099. The results show an increase in the net carbon storage in the Arctic
Ocean in this time period to be 1.0 and 2.3% in the RCP 4.5 and RCP 8.5 scenarios,
respectively. Most of this increase is caused by an increased atmospheric CO2 uptake
until 2070. The continued increase in inorganic carbon storage between 2070 and
2099 results from increased horizontal influx from lower latitude marine regions. First
estimates of carbon storage values in the Arctic Ocean are calculated using the social
cost of carbon (SCC) and carbon market values as two outer bounds from 2019 to
2099, based on the simulated scenarios. We find the Arctic Ocean will over the time
period studied increase its storage of carbon to a value of between €27.6 billion and
€1 trillion. This paper clearly neglects a multitude of different negative consequences
of climate change in the Arctic, but points to the fact that there are also some positive
counterbalancing effects.