A federally funded research group says the costs of climate change are already taking a chunk out of the growth of Canada's economy.
In a report released today, the Institute for Climate Choices adds those costs are only the start of what's coming.
'Canada should accelerate measures, including financing mechanisms, to help governments, companies and individuals prepare for the rising costs of weather-related disasters, according to a research institute.' https://t.co/0TLBr4sE8X @financialpost @enviroeconomics pic.twitter.com/L5hW9yD3LJ— Canadian Institute for Climate Choices (@ClimateChoices) December 3, 2020
And the report finds Canada is well behind other jurisdictions in Europe and the United States in preparing for them.
It says costs from health- and weather-related disasters associated with climate change have risen to where they're now equal to about five per cent of Canada's gross domestic product, or GDP, growth.
That's five times what they were a decade ago.
The report says Canada needs to start evaluating all the costs of climate change, something the U.S. and Europe have been doing for a year.