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Canadian economy will lose billions to climate change: report

By 2050, as much as $43 billion could be sapped from the Canadian economy because of natural disasters.

climatefloodA road crew foreman surveys the washed-out lanes of northbound MacLeod Trail in Calgary, Alta., Monday, June 24, 2013. Heavy rains caused flooding, closed roads, and forced evacuations across Southern Alberta. THE CANADIAN PRESS/Jeff McIntosh

By:  Staff Reporter, Published on Mon Apr 14 2014

A new report on the financial implications of climate change notes that while natural catastrophes are estimated to cost Canadians $21-$43 billion per year by 2050, popular economic measures like GDP fail to capture the escalation, discouraging preventative investment.

The TD report follows a recent and alarming warning by the United Nations Intergovernmental Panel on Climate Change that governments are ill-prepared for a warming world. If action is not immediately taken, the UN report projected risks could become unmanageable.

Monday’s report detailed the Canadian perspective on increasingly frequent natural catastrophes — the average number per year has doubled over the past three decades — and how by 2020 they will sap an estimated $5 billion from the economy.

Read the full report here.

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