Paying the Price – Ontario News Release
NRT RELEASES CANADA’S FIRST ANALYSIS OF THE COSTS OF CLIMATE CHANGE
Climate Change Could Have Significant Economic Impacts on Ontario
Ottawa – September 29 2011 – Ontario could see a significant reduction of its timber supply, leading to significant economic impacts according to a new report published today by the National Round Table on the Environment and the Economy (NRT).
Paying the Price: the Economic Impacts of Climate Change for Canada is the first national study to demonstrate that the impacts of climate change could result in billions of
dollars in economic costs for Canada. These costs include losses from the effect of climate change on Canada’s timber supply through changing forest productivity, forest fires, and pest disturbance. Climate change is estimated to reduce Ontario’s timber quantity by between 2% and 4% by the 2050s. Reductions in timber supply will play out across the economy in sectors that rely on timber inputs.
By mid-century the national costs of timber supply losses could be $2 billion to $17 billion per year, reducing Canadian GDP by 0.1% to 0.3%. In Ontario, economic losses are estimated at between $1 billion and $7 billion annually.
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.
Based on NRT original economic modelling, the report finds that the economic impact on Canada could reach:
- 2020: $5 billion per year
- 2050: Between $21 and $43 billion per year
The report also estimates a five per cent chance that costs could escalate to $91 billion in 2050 if Canada’s population and economic growth is rapid and global climate change is high.
Because climate change impacts will manifest themselves sectorally and regionally in different ways across the country, the NRT also focused on the economic impacts and
cost-effectiveness of adaptation strategies for three representative areas: timber supply, coastal areas and human health.
About the Round Table
Through the development of innovative policy research and considered advice, the NRT’s mission is to help Canada achieve sustainable development solutions that integrate environmental and economic considerations to ensure the lasting prosperity and well-being of our nation. The NRT is the only national organization with a direct mandate from
Parliament to engage Canadians in the generation and promotion of sustainable development advice.
The report is available on the Round Table’s website: www.nrt-trn.ca
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Information:
Marie-Josée Lapointe
Director, Communications and Public Affairs
National Round Table on the Environment and the Economy
613.943.2054 / 613.617.4436
mariejosee.lapointe@nrtee-trnee.gc.ca
© 2013