We’ve been building for a world that no longer exists

The author warns that Canadian investors and infrastructure owners are operating in a world that no longer exists, as the financial risks of a warming climate remain underpriced. Citing a Canadian Climate Institute report, the text highlights that annual flood damage to homes and buildings could reach $4.5 billion to $5.5 billion within 30 years. The document contends that a lack of open-access climate risk data leads to flawed financial analysis and calls for regulators to mandate the disclosure of climate risks to prevent a systemic financial shock.

• Annual costs for damage from coastal and inland floods to homes and buildings in Canada are projected to increase to between $4.5 billion and $5.5 billion within 30 years, which is three to four times current rates.
• High-value housing stocks in major Canadian cities, specifically Toronto, Ottawa, Calgary, Edmonton, and Vancouver, are identified as being among the assets most at risk from flooding.
• The absence of open-access climate risk information regarding floods, wildfires, and permafrost creates gaps in financial analysis for institutional investors and leaves homeowners and business owners with a poor understanding of their risks.
• Voluntary disclosure of climate risk is insufficient because asset owners fear value loss or increased insurance and capital costs; therefore, regulators must ensure these risks are analyzed, disclosed, and priced into markets.
• Failure to improve climate risk information and disclosure could lead to a systemic shock to Canada's financial system, characterized by higher costs of capital and insurance, credit defaults, and lower asset values.

APA

Canadian Climate Institute (2021). We’ve been building for a world that no longer exists. https://climateinstitute.ca/weve-been-building-for-a-world-that-no-longer-exists/

Chicago

Canadian Climate Institute. We’ve been building for a world that no longer exists. 2021. https://climateinstitute.ca/weve-been-building-for-a-world-that-no-longer-exists/.

Wikipedia

{{cite press release |author=Canadian Climate Institute |title=We’ve been building for a world that no longer exists |date=8 October 2021 |url=https://climateinstitute.ca/weve-been-building-for-a-world-that-no-longer-exists/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{canadianclimateinstitute2021weve, author = {{Canadian Climate Institute}}, title = {{We’ve been building for a world that no longer exists}}, publisher = {Canadian Climate Institute}, year = {2021}, month = oct, url = {https://climateinstitute.ca/weve-been-building-for-a-world-that-no-longer-exists/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }