A recent report highlights how adapting infrastructure to deal with rising heat and heavy rain could save Canadian governments up to $10 billion each year. The Canadian Climate Institute’s report, Prepare or Repair: How climate-proofing public infrastructure pays off, emphasizes that failing to adapt now could lead to significant future costs for taxpayers.
By investing approximately $3 billion annually in proactive measures, Canada could prevent major infrastructure damage caused by climate change. This approach not only saves money but also allows public funds to be used for other important needs.
Interestingly, the report suggests that the costs of inaction may be even higher than estimated, as it doesn’t fully account for various climate threats like wildfires or coastal erosion. In fact, as Rick Smith, President of the Canadian Climate Institute, states, “This isn’t a tomorrow problem; it’s happening now.” The urgency is clear: the longer we wait to adapt, the more it will cost.
Municipalities will likely face most of these financial burdens, despite the benefits spreading across the entire economy. This mismatch highlights a need for better financing tools to aid local governments. Rebecca Bligh, President of the Federation of Canadian Municipalities, points out that local governments already face challenges from climate-induced events like floods and heatwaves. Early investments in resilient infrastructure can protect communities and save taxpayers money in the long run.
To effectively bolster Canada’s infrastructure against climate threats, the report suggests several key actions:
- Increase funding for municipalities to adapt.
- Ensure public infrastructure can function safely under future climate conditions.
- Improve climate hazard data nationwide.
- Update infrastructure codes to withstand changing climates.
- Include climate risk considerations in all public spending.
- Design programs to support vulnerable communities.
According to Maximilien Roy, Vice President Strategy at the Insurance Bureau of Canada, significant financial damage from severe weather events has already escalated dramatically, skyrocketing from $14 billion between 2006 and 2015 to $37 billion over the last decade.
By investing now in resilient roads, bridges, and water systems, Canada can enhance its disaster resilience and protect its people from escalating climate threats.
For a deeper dive into the findings, you can read the complete report here: Prepare or Repair: How climate-proofing public infrastructure pays off.
