Paying the Price: The Economic Impacts of Climate Change for CanadaBy:
Published: December 01, 2011
This report by the National Round Table on the Environment and the Economy (NRTEE) — the fourth in our Climate Prosperity series — sets out what those costs could be. It makes clear that while there is an environmental cost to climate change, there is an economic cost too: a cost of letting climate impacts occur and a cost to adapting to protect ourselves from these impacts.
Having highlighted some of the likely physical impacts of warming temperatures and changing precipitation patterns from climate change in Canada in our second report, Degrees of Change, we undertook new analysis to assess the economic costs in this companion report, Paying the Price.
This report represents the first time a national analysis of this kind, using various climate and growth scenarios, has been conducted to calculate how the economic costs of climate change stack up over time. This is necessary research that allows Canadians to appreciate just how pervasive and pernicious climate change can be. It shows the uncertainty of estimating economic impacts of climate change and increases our understanding of how to assess climate risk and our own willingness to accept — or not — the probability of more damages for future generations. It then identifies how adaptation measures can reduce those costs, saving money and lives.
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National Round Table on the Environment and the Economy. (2011). Paying the price: The economic impacts of climate change for Canada.