Climate change is costing the Canadian economy billions | COP27

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Climate change is costing the Canadian economy billions | COP27

Productivity limitations due to extreme heat are among the factors that are depressing Canada's GDP. Above, a property destroyed by a wildfire is seen in Monte Lake, British Columbia, in August 2021.

Parliamentary Budget Officer says climate change is harming already to the Canadian economy.

New analysis released on Tuesday shows that in 2021, Canada's gross domestic product (GDP) was 0.8% lower than it could have been without climate change – representing a drop of $20 to $25 billion in economic activity.

This decrease in real GDP is linked to factors such as the decline in agricultural production, the increase in the consumption of energy, property damage, and productivity limitations due to extreme heat or forced weather-related industry shutdowns.

And even if each action policy announced in the world was fully implemented, the Parliamentary Budget Officer says the impact on the Canadian economy is expected to reach 5.8% by the end of the century.

Federal Environment Minister Steven Guilbeault is in Egypt this week for the annual UN climate conference. He argues that the world has just a few more years to keep the planet livable.

This COP27 meeting is billed as the Implementation COP, which aims to move governments from promises to action.

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