In a Senate Banking Committee hearing on Wednesday, witnesses detailed the growing threat of climate change to the "blue economy," which encompasses the numerous ways that the world's oceans contribute to the global economy. One witness, an American small business owner in the Bahamas, expressed concern over the impact of climate change on his fishing business, warning of potential closure due to diminishing fish populations.

Climate scientists and economists have been sounding the alarm on the potential damage climate change could inflict on the global economy in the coming decades. Already, there are signs of its impact, such as a severe drought affecting ships on the Mississippi River and record-high global ocean temperatures for nine consecutive months last year.

Andrea Dutton, a professor at the University of Wisconsin-Madison, emphasized how rising sea levels are affecting vital coastal ecosystems and infrastructure that support the blue economy. These effects extend to supply chains, real estate, infrastructure, agriculture, insurance markets, and healthcare costs.

Senator Sheldon Whitehouse, chair of the Senate Budget Committee, stressed the urgency of addressing climate change. He highlighted the vulnerability of ocean-dependent industries in his home state of Rhode Island, underscoring the importance of taking action before it is too late.

According to the Organisation for Economic Co-operation and Development, the blue economy is projected to grow faster than the global economy, reaching $3 trillion by 2030. The National Oceanic and Atmospheric Administration reports that 40% of the U.S. population lives on the coast and faces a higher risk of flooding, sea level rise, hurricanes, erosion, and other climate-related impacts.

While climate change remains a highly politicized issue, with differing views in Washington, more Republicans are acknowledging the need for urgent action. Senator Ron Johnson urged a balanced approach, considering both economic interests and climate actions, while emphasizing the need to hold countries like China and India accountable for their greenhouse gas emissions.

The hearing shed light on the critical role humans play in both causing and tackling climate change. Professor Andrea Dutton emphasized that as the drivers of rapid warming, humans also hold the power to be the solution. She stressed the importance of collective action and creating a sustainable climate future together.

As the risks posed by climate change to the blue economy become increasingly evident, policymakers and stakeholders must work towards finding comprehensive solutions to protect the world's oceans and the economies that rely on them.