The melting of the Arctic permafrost and the subsequent release of carbon dioxide and methane gas into the atmosphere will alone add an extra $43 trillion (£33tn) cost of climate change to the global economy by the end of the next century, scientists have calculated.

This represents a 13 per cent increase on the predicted economic impact of climate change by 2200, up from $326tn to $369tn, according to a study by Cambridge University and the US National Snow and Ice Data Centre in Boulder, Colorado.

The researchers point out that the Arctic is one of the fastest warming regions on the planet and the permanent ice on land and under the seabed prevents billions of tonnes of greenhouse gases from being released into the atmosphere to exacerbate the greenhouse effect.

In pictures: Climate Change Protests Around the World Show all 6 1 /6 In pictures: Climate Change Protests Around the World In pictures: Climate Change Protests Around the World Sydney Enviromental protesters form the words 'Beyond Coal + Gas' during a meeting in a park in Sydney on September 21, 2014, as part of a global protest on climate change. Australians rallied for climate action forming a human chain message as part of an international day of action to fight climate change ahead of a United Nations summit in New York on 23 September AFP/Getty In pictures: Climate Change Protests Around the World London People with giraffe puppets march during The People's Climate March, central London, a march and rally to demand urgent action on climate change PA In pictures: Climate Change Protests Around the World New York Actor Leonardo DiCaprio, centre, walks down 6th Avenue during the People's Climate March. Activists mobilized in cities across the globe for marches against climate change, with one of the biggest planned for New York AFP/Getty In pictures: Climate Change Protests Around the World New York People dance during a rally against climate change in New York Reuters In pictures: Climate Change Protests Around the World London Vivienne Westwood, Peter Gabriel and Emma Thompson show their support at the People's Climate March, London PA In pictures: Climate Change Protests Around the World Berlin Participants of the climate demonstration 'Mal schnell die Welt retten' (roughly translated as 'Save the world in passing') hold signs reading 'Share more, buy less' in front of Brandenburg Gate in Berlin, Germany, 21 September 2014 EPA

Using computer models of the global economy and the predicted increase in carbon dioxide and methane, the researchers estimated the direct economic impact on the gross domestic product of countries, such as the loss of agricultural output and the additional cost of air conditioning.

The predicted $43tn of extra economic damage is equivalent to more than half of the current output of the global economy, the researchers calculate in a a study published in the journal Nature Climate change.