Share this Story: "Tip of an Iceberg": A new government report examines the costs of climate change'Tip Of The Iceberg': A new government report examines the costs of climate change. It concludes that costs are rising, affect all industries and outweigh any potential advantages Photo by Karen Ducey/Reuters FilesArticle content Natural Resources Canada published a new report Monday that attempted to answer a question that is being asked more frequently: What is the economic impact on climate change? The report of 734 pages examines many issues related Canada's ability to adapt to climate changes. It does not quantify costs but concludes that climate change is having an increasing impact on all industries and that it has more potential benefits than costs. Sorry, this video is not loading.Tap here to view other videos by our team. Refresh your browser or "Tip of an Iceberg": A new government report examines the costs of climate change. This report is the second in a ongoing National Knowledge Assessment Process. It builds on a 2019 study that established the scientific basis for climate change. It also moves the conversation to adaptation, which business groups now advocate should be a central focus of government policy. Robin Edger, the national director of climate change at The Insurance Bureau of Canada (an industry group), said that this is not a new concept for insurers. Insurers have been seeing climate change in their models for a while now, so we must adapt and be more resilient.Continue the Advertisement Story below. Your article is below, but this advertisement hasn't loaded yet.Article content The report's release coincided with the launch of a new coalition called Climate Proof Now. It was formed by his organization and nine other insurers, including the Business Council of Canada Chamber of Commerce, Metis National Council, as well as several environmental non-profits. The new coalition will push for improved government policies to adapt and prepare for climate change. Edger stated that the average annual cost of climate change in Canada, which is defined as severe weather events such as floods and fires, has risen to $400 million annually in the 1980s on average, to many multiples of this today. Canada's severe weather events caused $2.4 billion of damage in 2020. This is the fourth-highest recorded amount in almost four decades. Notable damage was done in Alberta, where $526 million was due to flooding in Fort McMurray last spring, and $1.3 billion by hailstorms in Calgary last summer.Continue the Advertisement Story below. Your article is below, but this advertisement hasn't loaded yet.Article content We believe that severe weather poses a great threat and that spending on it should be a top priority. Edger said. As Western governments unveil ambitious spending plans to reduce overall emissions and change our energy landscape, the industry is supporting climate change adaptation policies. The federal government of Canada has proposed an $8 billion net zero strategic innovation fund. This could be used to develop blue hydrogen resources in Alberta and electric vehicle manufacturing supply chain across the country, as well as other ambitious goals. However, projects to increase Canada's resilience to climate change haven't received the same attention.Continue the Advertisement Story below. Your article is below, but this advertisement is not yet loaded.Article content. The report highlights gaps in the country's readiness for climate change. These include aging infrastructure and a lack of resources to combat wildfires in west. A 2019 study suggests that even a 0.04C increase in global average temperature per year would result in a drop in global economic output per person of about 7.2%. Canada would see a decline of 13.1%. Photo by Jennifer Gauthier/Reuters The report cites a Public Safety Canada report that shows that the economic damage caused by extreme weather events has cost Canada approximately $31 billion over the past 40 years. The report authors acknowledged that climate change could have some benefits, such as increased tourism to Arctic regions and longer tourist seasons, but the cost is much higher.Continue the Advertisement Story below. Your article is below, but this advertisement hasn't loaded yet.Continue the Advertisement Story below. Your article is below, but this advertisement hasn't loaded yet.The report says that there is a lot of research showing that adaptation efforts are inadequate in the face the rapidly increasing economic and social losses from climate change. Research also shows that there is little time to adapt to climate change's increasing severity. Cunsolo said that they are only the tip of the iceberg for all other costs. Twitter: GabeFriedzThis article can be shared in your social networksContinue the Advertisement Story below. Your article is below, but this advertisement hasn't loaded yet.The Logic: In-depth reporting from The Logic on the innovation economy, presented in partnership by the Financial Post.Financial Post Top Stories Subscribe to the Financial Post, a division from Postmedia Network Inc. Email address An error occurred. Please provide a valid email. Sign up by clicking the sign up button. 365 Bloor Street East, Toronto, Ontario, M4W 3L4 We are sending you a welcome email. If you do not see the email, please check your junk mail folder. Financial Post Top Stories' next issue will be arriving in your inbox soon. We had an error signing you up. Please try againTrending
