Climate Change: A Billion Dollar Cost to Canada

The total amount of climate change could cost the Canadian economy dearly in the trillions of dollars if temperatures continue to rise, according to a report from the Institute for Sustainable Finance (ISF).

• Read also: A warmer planet, sicker animals

• Read also: 10 football fields destroyed in the rainforest every minute in 2021

The researchers thus suggested that losses could range from $2.8 trillion by 2100 if global warming continues by 2 degrees Celsius and $5.5 trillion while “maintaining the status quo,” i.e. a five degree Celsius warming.

Costs will then rise gradually until 2050, before experiencing an even greater increase after 2070.

In total, the bill would exceed $45.4 billion the amount that would be needed for investment to reduce the country’s greenhouse gas emissions, according to the researchers.

“Our research confirms that tackling climate change is more than profitable in the long run if we consider the costs of physical damage only,” said Sean Cleary, chief of the Internal Security Forces, in a press release.

“These findings provide important guidance for policy makers who must bear in mind that economic value is sacrificed every day we fail to take action to mitigate climate change,” he added.

The data is based on the financial challenges Canada could face in the event of biodiversity loss, sea level rise, or damage from wildfires or floods.

See also  Data theft in Desjardins: The broker who purchased and used the data will be able to continue the practice

Leave a Reply

Your email address will not be published. Required fields are marked *