Paying the Price: The Economic Impacts of Climate Change for Canada
Global emissions will have a price tag for Canada. Investing in adaptation and mitigation can help keep costs down. Climate inaction means a greater price to pay.
Climate Change Could be Expensive for Canada
Unless global greenhouse gas (GHG) emissions are brought down and Canada invests in adaptation, the economic impacts of climate change on Canada could climb to billions of dollars per year.
Paying the Price: the Economic Impacts of Climate Change for Canada – the fourth report in the NRT’s Climate Prosperity series – is the first national study to show what the economic consequences to Canada could be as a result of climate change, under four separate scenarios involving two factors: global GHG emissions and Canadian economic and population growth.
Although Canada contributes approximately 1.5% of global emissions, the report concludes that climate change impacts brought about by increased world-wide emissions have a real and growing economic cost to Canada. It also shows that adaptation – our capacity to manage the impacts to come – while not cost-free, is a cost-effective way to alleviate some of those impacts.
Based on NRT original economic modelling, the report finds that the economic impact on Canada could reach:
In the 2050s:
WHAT DID WE FIND?
WHAT DOES IT MEAN?
WHAT DO WE RECOMMEND?
Canadians can and should use economic information to decide how to best prepare for, and respond to, the impacts of climate change. Our recommendations are as follows:
WHERE DO WE GO FROM HERE?
Paying the Price highlights areas where additional research and analysis on climate change impacts and adaptation are needed for Canada. Having clearly identified economic risks associated with a changing climate, we need to turn our attention to exploring the economic opportunities of adaptation — to both cope and prosper through inevitable degrees of climate change.
Expert Advisory Committee
Climate Change Impacts & Adaptation Division
Natural Resources Canada
Senior Policy Analyst
Climate Change and Health Office
Senior Policy Analyst
Climate Change Central
Director of Atmospheric Issues and Senior Scientist
Ottawa practice leader
Corporate Responsibility & Sustainability
Adaptation and Impacts Research Division
Director, Energy, Economics and Climate Change
Forest Products Association of Canada
Climate Change Secretariat
New Brunswick Department of Environment
Strategic Policy Branch
Ontario Ministry of Environment
Strategic Policy Directorate
Insurance Bureau of Canada
Federation of Canadian Municipalities