Spending money now to avoid the worst effects of climate change later will literally pay for itself, according to a new analysis.
“Investing now can pay off later,” said Sean Cleary, head of the Institute for Sustainable Development at Queen’s University in Kingston, Ont. “The investment is less than the cost.”But much of that work deals with costs that affect businesses, such as retraining workers. And little of it deals specifically with Canada.
Using an advanced modelling program, the team found that even if warming is kept to two degrees Celsius, Canada is in for an annual climate change bill of more than $15 billion a year by 2030. At three degrees of warming — the path most of the world is now on — the tab grows to more than $18 billion.
Cleary predicts the accumulated climate change costs for Canada to the turn of the century are nearly $2.8 trillion.
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