The Tip of the Iceberg: Navigating the Known and Unknown Costs of Climate Change in Canada was released on December 3 by the Canadian Institute for Climate Choices, providing eye-popping evidence of the damage of climate change. Using data from the Canadian Disaster Database (CDD) and the Insurance Bureau of Canada (IBC) – (provided graphically here ) – the report states that insured losses for catastrophic weather events in Canada totalled over $18 billlion between 2010 and 2019, with the Fort McMurray wildfire of 2016 the largest single weather-related insurance loss event in Canadian history, with nearly $4 billion in insured losses and broader costs of almost $11 billion when property, infrastructure, business interruption, and other indirect economic losses are included. The report also notes the growing trends: the number of catastrophic events has more than tripled since the 1980s, and the average cost per weather-related disaster has soared by 1,250 per cent since the 1970s.
The main message of this report is directed at policy-makers, and goes beyond costing out the catastrophic losses. It warns that other types of climate change damages are more gradual and less dramatic in extreme events, and that Canada lags the U.S. and other OECD countries in assessing the overall and complex impacts of climate change. The report hearkens back to 2011 as the last examination of the broad range of national costs to Canada, in Paying the Price: The Economic Impacts of Climate Change for Canada, a report by the now-defunct National Round Table on the Environment and the Economy, archived in the ACW Digital Library .
“The imperative to reduce greenhouse gas emissions tends to dominate the debate over Canada’s progress in addressing climate change. Yet, as a climate solution, adaptation—ensuring human and natural systems can adjust to the spectrum of effects of climate change— will have a critical impact on the well-being and prosperity of all who live in Canada in the decades ahead. Current adaptation policies and investments in Canada fall far short of what is needed to address the known risks of climate change, let alone those that are still unclear and unknown. This has to change…..
……It’s essential to transition from a state of ad hoc responses to a changing climate and weather-related disasters to one of building resilience. This includes continual learning about what works, what doesn’t, and how to plan for uncertainty. Instead of waiting for more information, the uncertainty inherent in climate change requires acting decisively on what we already know while also developing improved foresight.”
The Canadian Institute for Climate Choices intends to follow up from The Tip of the Iceberg with other reports over the next two years, focused on health, infrastructure, macroeconomics and the North.