Climate change to cost Canada dearly

Climate change could cost Canada $5 billion per year by 2020, warned a report by an official body which advises the federal government.

The report, prepared National Round Table on the Environment and the Economy (NRTEE), is called Paying the Price. And, according to its authors, by 2050 the annual cost Canada’s economy could be as high as $43 billion or worse.

The NRTEE says the world needs to reduce greenhouse gas emissions and Canada needs to invest in adapting to climate change to reduce the costs.

The report focused on three areas: timber supply, coastal areas and human health.

It found higher temperatures could cause forest fires and increase pests. Reduced timber supply could cost up to seventeen billion dollars.

Flooding damage to coastal homes could cost up to $8 billion per year.

Poorer air quality could lead to respiratory illnesses and a cost of millions of dollars to the health care system.


Prepare for climate change now, report

The report suggests the government should take proactive measures to adapt to climate change. It argues spending money now would save money in the long run. For example, the government could enhance its forest fire management. It could also restrict development in flood-prone areas.  

National Round Table President David McLaughlin says, “Climate change has a price tag and it could be expensive.” He suggests cutting global emissions is in Canada’s economic and environmental interest.  And taking steps now to adapt to climate change is key to reduce impacts and their cost.
 

Link:

- National Round Table on the Environment and the Economy Report "Paying the Price"