Wild winter and mid-spring storms in the American mid-west, wild fires on the West Coast, major overland flooding in Eastern Canada and extreme winter temperatures are just a few of the climate impacts affecting the North American economy. This past year has seen numerous climate-related catastrophes which have caused serious problems for several industrial sectors, including transportation, tourism, agriculture, forestry, insurance, etc., etc. Several large corporations have taken a hit to their bottom lines, including Canadian Pacific Railways Ltd., United Parcel Service Inc., Tim Hortons Restaurants, Disney Enterprises and Air Canada.
No one can estimate exactly how much these climate events are actually costing our economies, but a rough guess would be in the billions of dollars annually to both the private and public sectors. However, we are all paying for limiting the damage, recovery and restoration activities and higher insurance premiums. Governments are forced to allocate increasing funds to enhanced emergency services and disaster assistance to victims. Then there is the lost in productivity due to temporary business shutdowns and loss of workforce in the aftermath of the destruction to communities and businesses, not to forget the regretful but inevitable loss of life.
Such extreme climate events appear to be becoming the norm. Governments, industries, communities and people are going to have to adapt and adjust behaviours in order to cope with this new reality. The impact on existing infrastructure has been especially significant and costly, and will now require major investments. People may have to move from vulnerable regions such as flood plains and potential wild fire areas. Enhanced building codes will have to be developed and implemented, just as they are in zones prone to earthquakes. New technologies will have to be developed to assist in preparing for and alleviating the negative outcomes associated with climate change, including those related to agriculture.
A fundamental question is just who should pay for the needed changes — tax payers, individual households or corporations? Indeed, the insurance industry has now formally recognized the impact of climate change and its associated societal costs. Can we afford to ignore these costs. If we do so, it’s at our own peril! By the way, if one still doesn’t believe in climate change, one might want to check out the web site for the Canadian Center for Climate Services.
FROLITICKS 