Paying the Price – British Columbia News Release
NRT RELEASES CANADA’S FIRST ANALYSIS OF THE COSTS OF CLIMATE CHANGE
Climate Change Could Have Significant Economic Impacts on BC
Ottawa – September 29 2011 – British Columbia’s economy could be greatly affected by climate change impacts on it timber supply and coastlines 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.
British Columbia’s coastal communities already face flooding risks and climate change will add new risks from sea-level rise and storm surges. The NRT estimates that 3,000 to 12,000 BC homes could be at risk of flooding due to climate change by mid-century. The economic damages from existing flooding risks and climate change-related risks
could translate into an annual per capita cost of $565-$2,146 in BC by the 2050s, relative to per capita costs of $108 to $364 nationally.
British Columbia could also face costs from the effect of climate change on forest productivity, forest fires, and pest disturbance. Climate change is estimated to reduce British Columbia’s timber quantity by between 5% and 8% by the 2050s. Reductions in timber supply will play out across the economy in sectors that rely on timber inputs. This could translate to annual economic losses for the province at between $500 million and $3 billion, and losses between $2 billion to $17 billion nationally.
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