The National Roundtable on the Environment and Economy has released its latest report, Paying the Price: The Economic Impacts of Climate Change for Canada.
The report is the first national-level study to assess the costs of growing climate change in our country. It presents the regional impacts of climate change and assesses the cost effectiveness of adaption strategies for coastal areas, timber supply and human health.
The National Roundtable’s modeling concludes that the economic impact of climate change on Canada could reach the following levels:
- 2020: $5 billion per year
- 2050: between $21 and $43 billion per year
The report concludes that Canada would benefit environmentally and economically from a post-2012 international climate arrangement which reduces emissions from all emitters, including Canada, over time. The report makes four key recommendations:
- Canada should invest in growing the country’s expertise in the economics of climate change impacts and adaptation;
- Canada should cost out and model climate impacts to inform decision-makers about adapting policies and operations to climate change and allocating scarce resources to programs that help Canadians adapt;
- Canada should continue investing, generating and disseminating research to inform adaptation decision-making;
- Canada should create new data and analysis sharing partnerships with universities, private sector, governments and other expert bodies to leverage non-governmental resources for climate change adaptation.