Earth systems play a key role in our economy. Many industries rely on them for their business. Those industries, however, are starting to feel the economic impacts of climate change.
Farming for Carbon:
What’s going on
As the agriculture industry starts to feel the effects of climate change, it looks to help solve a problem it had a hand in. In Florida, agricultural producers formed the Florida Climate Smart Agriculture Initiative.
But agriculture does more than just emit greenhouse gases or produce food. Scientists believe that the solution starts with acknowledging the importance of what the agricultural producers do for us.
And as a result, they want the state to start paying for those services.
The South Florida Water Management District and Miami-Dade County already have programs in which they pay landowners for water storage or development rights. By not developing open space or forested areas, landowners would essentially be “carbon farming.”
Why it matters
The United Nations’ Intergovernmental Panel on Climate Change reported that agriculture, food and deforestation produce 23% of greenhouse gas emissions from human causes.
Agricultural producers don’t just provide food; they provide habitat for endangered species. They don’t just use water for irrigation; they filter water into the aquifer. They don’t just emit greenhouse gases; they capture carbon from the atmosphere with their land.
“Carbon farming” deals would make farmers more financially stable and help reduce our atmospheric carbon levels.
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Oyster Outlook:
What’s going on
Removal of fresh water from rivers by cities and changing environments threaten oyster reefs, which are affected by warmer and saltier waters. Cedar Key, one of the state’s last remaining havens for oysters, looks to avoid the decimation experienced by Apalachicola, which used to provide 90% of the state’s oyster production and 10% of the whole country’s oysters.
Restoration efforts stemmed from the BP Deepwater Horizon oil spill settlement fund to re-establish Cedar Key’s Lone Cabbage oyster reef. By creating an artificial dam of limestone boulders, scientists were able to limit the amount of high-salinity water from the source river feeding into the bay, making better environment for oysters.
The reef has since shown signs of recovery, but scientists fear it’s only a temporary fix for a larger problem. Without proper water management and efforts to stave off the effects of climate change, the long-term outlook is grim.
Researchers will use $8 million, also from the BP settlement, to try to restore Apalachicola’s oyster fishery.
Why it matters
Oyster reefs make food and shelter for marine communities. As they disappear, so do the other creatures. They also protect the shoreline from storms.
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Warming Climate Leads to Hot Pursuit:
What’s going on
President Trump’s offer to buy Greenland may have had some solid economic reasoning. The frigid land may harbor a wealth of oil, natural gas and rare earth.
While exploitation of those natural resources has been difficult and expensive because of the ice that covers it, costs are decreasing as the warming climate causes that ice to melt. As the environment changes, it becomes easier for foreign investors to capitalize on a potential bounty of highly sought resources.
Why it matters
Greenland is believed to have the second largest deposits of rare earth minerals, behind China. The U.S. Interior Department underscored the importance of these to counterbalance China’s control of the market.
Some speculate that the arctic may contain one-fourth of the world’s undiscovered oil and gas. The arctic also presents opportunities for strategic shipping channels between the East and West and an important naval corridor for American military operations.
As China and Russia match the United States’ interest in Greenland, the sparsely populated Danish island territory becomes a pole of geopolitical strategy.
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Key Takeaway:
The effects of climate change have started taking a toll on several parts of the economy. Agriculture has had to deal with changes in rainfall and temperature; oyster fisheries have been impacted—and have in some cases collapsed.
But in Greenland, a warming climate has begun to make its natural resources more accessible to foreign investors, prompting interest in the region from several countries including the United States.