An op-ed by Chad Park, Eloise Duncan, and David Hughes, published on TheFutureEconomy.ca as part of our Wicked Solution Series
Wildfires burning across Canada this spring and summer remind us that the impacts of climate change are in the here and now. Following every major climate-driven disaster, there is a financial reckoning. Last year was the costliest in Canadian history, surpassing $8 billion in insured damages. There were wildfires in Jasper and hailstorms in Calgary, Manitoba, and Saskatchewan. Western Canada’s deep freeze cost $180 million, while there was a $1 billion price tag on Toronto area floods. In Quebec, Hurricane Debby wreaked $2.7 billion worth of damage.
Behind these gigantic numbers are communities filled with people, from farmers to truck drivers to kindergarten teachers. When we hear that climate impacts could cost Canada’s economy $78 billion or more over the next two decades, our eyes might widen. But are we driven to act? Maybe we would be if we understood that these costs are not abstract. They are driving people, particularly those already struggling to get by, into increased financial vulnerability.
Climate vulnerability and financial vulnerability are locked together in a vicious cycle. The challenge in front of us is not only how to break it, but how to reverse it. How do we create an upward spiral where climate and financial resilience feed and reinforce each other? That is a wicked challenge in need of wicked solutions. The good news is, we know what many of the necessary solutions look like. Our opportunity is to implement and scale them.
Read the full op-ed on TheFutureEconomy.ca
