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).
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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.
Sophie Laurent is a contributor to Vaughantoday.ca, covering a wide range of topics including local news, politics, business, technology, sports, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting that helps readers stay informed about current events and issues that matter to their communities. Sophie is committed to presenting accurate information, practical insights, and relevant stories in a straightforward and reader-friendly manner, making complex topics accessible to a broad audience.