A recent study from the Climate Institute of Canada is shedding light on the potential cost savings that could be achieved by implementing effective measures to address the impacts of climate change. According to the study, taxpayers could save up to $10 billion annually in infrastructure costs if proactive steps are taken to adapt to extreme heat and heavy rainfall.
The key takeaway from the report is clear: prevention is indeed better than cure. The study emphasizes that failing to adapt public infrastructure to climate change could result in a hefty price tag of up to $14 billion per year for Canadian taxpayers. However, investing around $3 billion annually in climate change adaptation measures could lead to significant long-term savings ranging from $5 to $10 billion each year.
Rick Smith, the president of the Climate Institute of Canada, highlighted the urgent need for action, stating that Canadians are already facing the impacts of aging infrastructure and increasing climate risks. Adapting public infrastructure is not just a future problem but a current reality, with research pointing to substantial cost savings in the long run.
The study underscores the critical importance of addressing climate change impacts on infrastructure, as a significant portion of Canada’s infrastructure is already in poor condition or deteriorating due to decades of underinvestment. With a majority of the country’s infrastructure built before climate change considerations were factored in, the need for adaptation is pressing.
The study, titled “Prevent or Repair: The Case for Adapting Public Infrastructure to Climate Change Pays Off,” projects that without adaptation, infrastructure costs could skyrocket to $14 billion annually by 2050 and $19 billion by 2085. Municipalities are expected to bear the brunt of these costs, underscoring the need for timely and proactive measures to mitigate climate-related damages.
Keyphrase: Climate Change Adaptation Canada
