Climate damages inflating costs of living for every Canadian

Climate change is increasing the average Canadian household's annual cost of living by $700 through higher grocery prices, insurance premiums, and taxes. Between 2010 and 2019, insured losses for catastrophic weather events exceeded $18 billion, with the frequency of such events tripling since the 1980s. The author contends that while Canada's National Adaptation Strategy is a start, the country lags behind peer nations in adaptation funding despite a high return on investment, where every dollar spent generates $13-$15 in economic returns. Specifically, using climate-resilient road materials could save up to $5 billion nationally over several decades by reducing damage costs by up to 98 per cent.

• Climate-related damages increase the annual cost of living for the average Canadian household by $700, manifesting as higher grocery bills, increased home insurance premiums, and tax hikes for disaster recovery.
• The economic impact of weather-related disasters in Canada has escalated from tens of millions to billions of dollars annually over 50 years, with insured losses for catastrophic events totaling over $18 billion between 2010 and 2019.
• The frequency of catastrophic weather events in Canada was more than three times higher between 2010 and 2019 than it was during the 1980s.
• Strategic up-front investment in climate-resilient road materials could reduce future damage costs from heat and rainfall by up to 98 per cent, potentially saving $5 billion nationally over the coming decades.
• Investment in climate change adaptation provides significant economic returns, generating $13-$15 for every dollar spent, yet Canada lags behind peer nations in prioritizing and funding these efforts.

APA

Canadian Climate Institute (2023). Climate damages inflating costs of living for every Canadian. https://climateinstitute.ca/climate-damages-inflating-costs-of-living-for-every-canadian/

Chicago

Canadian Climate Institute. Climate damages inflating costs of living for every Canadian. 2023. https://climateinstitute.ca/climate-damages-inflating-costs-of-living-for-every-canadian/.

Wikipedia

{{cite press release |author=Canadian Climate Institute |title=Climate damages inflating costs of living for every Canadian |date=5 June 2023 |url=https://climateinstitute.ca/climate-damages-inflating-costs-of-living-for-every-canadian/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{canadianclimateinstitute2023climate, author = {{Canadian Climate Institute}}, title = {{Climate damages inflating costs of living for every Canadian}}, publisher = {Canadian Climate Institute}, year = {2023}, month = jun, url = {https://climateinstitute.ca/climate-damages-inflating-costs-of-living-for-every-canadian/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }