Paying the Price – Atlantic Canada News Release
NRT RELEASES CANADA’S FIRST ANALYSIS OF THE COSTS OF CLIMATE CHANGE
Climate change could have significant economic impacts on Atlantic Canada
Ottawa – September 29, 2011 – Atlantic Canada could be greatly affected by climate change impacts, notably its coastal areas, 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. The report shows that coastal sea-level rise and storm-surges from existing flood risk and climate change combined could expose thousands of
Canadian homes to water damage and destruction. By mid-century, this could translate to per capita costs of between $108 to $364 a year nationally. However, Atlantic Canada could face higher costs than this national average:
- Between $730-$1,803 in New Brunswick
- Between $337-$637 in Nova Scotia
- Between $374-$1,030 in Prince Edward Island
- Between $123-$382 in Newfoundland and Labrador
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