Can we value the role of the oceans CO2
storage capacity?
Only a preliminary valuation of the oceans' storage capacity for
CO2 has been undertaken. The 'goods and services'
approach being used is common to socio-economic analysis of the
environment. Ocean CO2 uptake is considered as part of
the service 'gas and climate regulation'. Its economic value is
estimated using marginal damage costs avoided, based on current
carbon market values. The approach is popular in the environmental
economics literature which gives it a high confidence but arguments
regarding the discount rate to use, reduce confidence, resulting in
a medium-to-high confidence for the method. The application of
these methods to carbon cycling in the oceans is still in its
infancy, so current estimates should be treated cautiously.
An assessment by Beaumont et al. (2008) of the 'goods
and services' provided by marine biodiversity in UK waters gave a
figure for 'gas and climate regulation' of between about £0.5
billion and £9 billion per annum. However, this is considered an
underestimate because primary production by marine phytoplankton
was the only process considered and confidence in the cost estimate
should be considered low. Furthermore, the current role of the
biological carbon pump in shelf seas for cycling anthropogenic
CO2 is not determined, so this estimate only relates to
natural cycling of CO2.