Faster adaptation to climate change will save Canada billions: analysis
Construction will get an economic boost, but only because it needs to step in to repair and replace damaged structures and transportation corridors, the report says.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.
But if every effort is made to limit global warming by cutting greenhouse gas emissions, the report says, and Canada makes the needed investments to add resilience to public and private infrastructure, things will look better.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.
Ness said it is “much more efficient economically to spend the money upfront on making that infrastructure better and more resilient than it is to fix it when climate change breaks it.”
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