May 28, 2012
The Economic Impact of Climate Change on Vulnerable Communities
The physical impacts of climate change are increasingly associated with significant private and public sector costs which have wide-ranging effects across sectors. As part of its work, the Insurance Bureau of Canada (IBC) sought to better understand how the impacts associated with a changing climate may affect various costs across sectors.
This study was undertaken to help IBC: 1) tell the story to public and private sector decision makers about the potential economic impacts of climate change at a local level in terms of property damage, annual loss to the regional/local economy and future economic growth; and, 2) make the case to governments and property owners that investments in climate change mitigation and adaptation related measures will ultimately save costs over the long-term.
This was ultimately focused on understanding the impacts of climate change with respect to economic impact at the local level. In identifying research as well as associated analytic methodologies and relevant data, the project aimed to feed into an informed policy debate focused on addressing the issues and the urgency required to mitigate the most severe impacts of climate change and their effect on people, property and the environment.