Arctic Methane Ticking 'Time Bomb' Could Cost World $60 Trillion

There's a ticking time bomb beneath the Arctic and it's likely to cost the world an estimated $60 trillion. The rapid thawing of Arctic ice could release a giant "pulse" of methane that could trigger catastrophic climate change and steep economic losses.

Permafrost in frozen regions of the world, including the Arctic tundra, hold large quantities of methane. Yet these pockets of methane are also found as semi-solid gas hydrates under the sea, according to BBC News. A far more potent greenhouse gas than carbon dioxide, this methane could help accelerate warming conditions and would have a huge impact on countries across the world.

"This massive methane boost will have major implications for global economies and societies," said Peter Wadhams, head of the Polar ocean physics group at Cambridge, in an interview with The Guardian. "Much of those costs would be borne by developing countries in the form of extreme weather, flooding and impacts on health and agricultural production."

Already, the Arctic sea ice is declining at a rapid pace. In 2013, for example, it shrank to the smallest extent ever recorded; it was just 40 percent of the extent seen in the 1970s. Although our climate experiences periods of warmer and cooler temperatures, this thawing could eventually lead to runaway melting as the ice becomes thinner and thinner over time.

As the Arctic thaws, though, it opens up areas for oil and gas exploitation. In fact, it's estimated that 30 percent of the world's undiscovered gas and 13 percent of its oil is located in the ice-locked region. While you'd think this would pave the way for profit, the reality is that costs will far outweigh the benefits.

"People are calculating possible economic benefits in the billions of dollars and we're talking about possible costs and damage and extra impact in the order of tens of trillions of dollars," said Chris Hope of Cambridge's Judge Business School in an interview with The Financial Times.

While melting ice could lead to profit in some areas, it's likely that the negatives will far outweigh the positives. Yet as temperatures warm, it's likely that we'll have to confront the realities of this issue sooner rather than later.

"We are seeing increasing methane in the atmosphere," said Peter Wadhams of the University of Cambridge in an interview with BBC News. "When you look at satellite imagery, for instance the MEtop satellite, that's gone up significantly in the last three years and the place where the increase is happening most is over the Arctic."

The recent findings are published in the journal Nature.