Canada could be in for a costly dose of reality on the climate crisis front. published today by global professional services firm GHD cautions that droughts, floods, and storms could cost the country billions in the next three decades. outlines how these events could result in a total loss of CA$139B to Canadian gross domestic product between 2022 and 2050. This equates to an average annual GDP loss of 0.2%.
“The Aquanomics report not only reveals the threat that increasingly frequent and severe water-related events pose to global economies, but also to communities and natural ecosystems that rely on a balanced water cycle for survival,” says Don Holland, Canada water market leader at GHD in a press release. The study wasn’t limited to Canada.
Flooding alone is expected to cost the Canadian economy over CA$40B in the years leading up to 2050, making up almost half of the country’s estimated total direct losses. The agriculture sector, on the other hand — the most water-intensive industry — faces projected losses of $4B by 2050, equating to average output losses of 0.1% each year.
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