The Economic Impacts of Climate Change for Canada – Research
The NRT conducted original and innovative research based on established economic modelling approaches to determine the economic costs of climate change to Canada. Four future scenarios help us tell the story of the economic risks and uncertainties associated with rising global emissions. We then considered how adaptation can help reduce the economic impacts with studies on timber supply, coastal areas, and human health. Our research and findings were reviewed by experts throughout the process.
The NRT believes that to both cope and prosper through climate change, we need better information on the costs of climate change impacts. We need to improve our understanding of the risks and opportunities we could face, including the opportunity to reduce costs by adapting to climate change impacts. So far, the amount of adaptation to future changes in climate taking place in Canada is small relative to what will likely be needed.
This study helps fill this knowledge gap by exploring, for the first time, the costs of climate change for the country as a whole, together with the costs of climate change with and without planned adaptation for three important impact areas: timber supply, coastal areas, and human health. We also discuss the economic implications of ecosystem impacts of climate change.
We undertook this research and analysis with three goals in mind :
First, increase awareness of the costs we can expect from climate change. Climate change will impose costs on Canada. We need to prepare to face these costs and invest in actions that reduce costs to the extent possible. But what might those costs be?
Second, demonstrate that both domestic adaptation and global mitigation can reduce the costs of the impacts of climate change.
Third, encourage further exploration of the costs of climate change at the sectoral and regional level.
© 2013