In April the parlimentary budget officer (PB0) says the carbon tax will take about $10 billion off GDP growth or 1/2 a percent of growth by 2022. That's 10 billion out of almost a $2 Trillion dollar economy. That is significant, but the economy continues growing but at a slower rate. Not the end of the world by any measure.
In order to put this in perspective what is the cost of climate change to the economy?
"Real and rising costs are now being felt in two key areas: the economic and financial impact of increasingly severe weather, and the impact on public infrastructure.
Climate change is already having a significant effect on the property and casualty-insurance industry, with immediate business implications for insurers and their clients. More frequent extreme weather events have increased the level of weather-related insurance claims for floods, forest fires and other catastrophic events, globally and locally. For example, the Organization for Economic Co-operation and Development reports that annual losses from overland flooding have grown to more than US$40-billion annually in recent years; more flood events occurred in 2010-13 than in the whole decade of the 1980s."
"Governments across Canada are engaged in trying to promote the reduction in GHG emissions at the lowest possible cost. Policy makers and the public can debate the pros and cons of the differing policy choices available; but we must also agree that there are costs to not taking action.
"https://www.theglobeandmail.com/business/commentary/article-the-costs-of-climate-change-are-rising/
Glen Hodgson is a senior fellow at the Conference Board of Canada.
In order to put this in perspective what is the cost of climate change to the economy?
"Real and rising costs are now being felt in two key areas: the economic and financial impact of increasingly severe weather, and the impact on public infrastructure.
Climate change is already having a significant effect on the property and casualty-insurance industry, with immediate business implications for insurers and their clients. More frequent extreme weather events have increased the level of weather-related insurance claims for floods, forest fires and other catastrophic events, globally and locally. For example, the Organization for Economic Co-operation and Development reports that annual losses from overland flooding have grown to more than US$40-billion annually in recent years; more flood events occurred in 2010-13 than in the whole decade of the 1980s."
"Governments across Canada are engaged in trying to promote the reduction in GHG emissions at the lowest possible cost. Policy makers and the public can debate the pros and cons of the differing policy choices available; but we must also agree that there are costs to not taking action.
"https://www.theglobeandmail.com/business/commentary/article-the-costs-of-climate-change-are-rising/
Glen Hodgson is a senior fellow at the Conference Board of Canada.
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