Canadians will see lower incomes and a choice between higher taxes or fewer government services if there isn’t more effort to adapt to the changing climate, a new report from The Canadian Climate Institute warns.
In its analysis, called Damage Control, the institute looked at projected economic growth and analyzed the impact of different scenarios based on how many greenhouse gas emissions are eliminated and what we do to prepare for more-frequent severe weather. The analysis estimates that Canada is already looking at annual disaster recovery bills of $5 billion by 2025 and $17 billion by 2050, regardless of how well Canada and the rest of the world do at cutting emissions.
In the last week, Atlantic Canada was hit by the worst hurricane it has ever seen, and Canadians in parts of Ontario and western Quebec are still recovering after a derecho pummelled the region with multiple tornadoes and downbursts bringing winds up to 190 km/h in May. If we do nothing more to adapt in anticipation of more severe weather, it says, the economy will take a $25 billion hit in 2025, rising to between $78 billion and $101 billion by 2050.
The report suggests that for every $1 invested in adaptation, governments and businesses can save $5 to $6 in direct damage costs, and another $6 to $10 in economic benefits, such as avoiding work stoppages or productivity slowdowns.