Russia’s Melting Snow May Cost the World Economy 2 Billion Dollars

The impact of climate change on a vast permafrost area of Russia has become a principal apprehension for the country. This is primarily due to thawing of once permanently frozen ground which covers more than half of Russia. The liquefication of snow is putting buildings, pipelines and other infrastructure in peril. This problem needs to be addressed imperatively because the scale of damage will escalate every year.

Rising temperatures are the epicentre of anxiety for mining, oil and gas companies. The permafrost area accounts for 15% of Russia’s oil and 80% of its gas operations. It is also home to miners including MMC Norilsk Nickel PJSC, the biggest refined nickel and palladium producer. Multiple new craters have been found in the gas-rich Yamal region, which is a risk to pipelines. By 2050, global warming may jeopardise about a fifth of structures and infrastructure across the permafrost area, costing about $84 billion. Residential real estate, worth $53 billion, might be also be vandalized.

Companies are already planning ahead. Gas producers are designing economical and green infrastructure to cope up with global warming. As driving piles deeper, it’s using technology to sustain the frozen ground. Liquefied natural gas lines are also being detached from the permafrost via gravity-based platforms typically used in offshore production. The city of Norilsk has put a quarter of homes on special watch over their foundation stability. Diamond miner Alrosa PJSC is carefully monitoring ground temperatures and has a special department to supervise the permafrost, a spokeswoman said.

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