Smoke pours from the stacks at the Portlands Energy Centre in Toronto on Thursday January 15, 2009. THE CANADIAN PRESS/Frank Gunn

Smoke pours from the stacks at the Portlands Energy Centre in Toronto on Thursday January 15, 2009. THE CANADIAN PRESS/Frank Gunn

Risk experts say climate change to take big chunk of Canadian economy by 2050

Jerome Haegeli says the world’s current path puts Canada on track to lose 7% of its gross domestic product

One of the world’s largest insurers says Canadians will be more than a $100 billion poorer by 2050 if the world doesn’t work harder to fight climate change.

Swiss Re, a multinational corporation that insures insurance companies, says that’s much higher than the cost of the COVID-19 pandemic.

Chief economist Jerome Haegeli says the world’s current path puts Canada on track to lose seven per cent of its gross domestic product.

He says reducing the amount of global warming could cut those costs almost in half.

Haegeli says Canada’s northern latitude and well-developed infrastructure makes it one of the countries best placed to adapt to climate change.

The company’s report comes on Earth Day and the opening of the climate summit organized by U.S. President Joe Biden.

Prime Minister Justin Trudeau has announced Canada is increasing its goal on cutting greenhouse gas emissions to at least 40 per cent by 2050, up from 36 per cent.

The Canadian Press

Climate changeeconomy

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

From now to November, WildsafeBC will be educating the public through its various programs in the community of Bella Coola. (Black Press Media file photo)
Bears are back, and so is WildSafeBC

Rae will be working hard to reach out to community members in new and innovative ways

Bella Coola’s new WildSafeBC co-ordinator, Rae Kokeš, has spent the last 10 years in Africa working in lion, human, conflict, and is a wildlife biologist by trade. (Photo submitted)
From the savannas of Africa to the Bella Coola Valley

New Wildsafe BC coordinator ready to tackle wildlife conflict

RCMP crest. (Black Press Media files)
Stolen truck found broken down on Highway 97C, Williams Lake suspect arrested near Ashcroft

A security guard first noticed the truck, and thought it looked suspicious

This will be the second year the Bella Coola Valley Rodeo won’t take place due to the pandemic. (Michael Wigle file photo)
Bella Coola Valley Rodeo cancelled for 2021

Club organizers say next year’s rodeo will be bigger and better than ever

Cameron Lang, (left) poses with his brothers Casey Lang and Colton Lang and their father Scotty Lang while volunteering at 100 Mile’s first Heavy Metal Rocks program in 2019. (Photo submitted)
Heavy Metal Rocks prepares alumni for professional world

Casey Lang got a new perspective from the class

(The Canadian Press)
Trudeau won’t say whether Canada supports patent waiver for COVID-19 vaccines

‘Canada is at the table to help find a solution’

Gord Judson steers his log truck down a forest service road, using two-way radio and call signals to mark his position for oncoming traffic. (B.C. Forest Safety Council)
Planning some B.C. wilderness fishing? Don’t catch a log truck

Remote recreation areas bracing for heavy pandemic pressure

Former University of British Columbia student Stephanie Hale, 22. THE CANADIAN PRESS/Jeff Bassett
Human Rights Tribunal to hear complaint against UBC Okanagan for ‘mishandling’ sexual assault report

Stephanie Hale did not return to campus after the student she alleges attacked her was cleared of wrongdoing

Jennifer Coffman, owner of Truffle Pigs in Field, B.C., poses beside her business sign on Thursday, May 6, 2021, in this handout photo. Her restaurant and lodge have been hit hard by a closure of a section of the Trans-Canada Highway and by the British Columbia government discouraging Alberta residents from visiting during the pandemic. THE CANADIAN PRESS/HO-Jennifer Coffman, *MANDATORY CREDIT*
‘Why we survive’: B.C. boundary towns struggle without Albertans during pandemic

Jennifer Coffman’s restaurant is located in the tiny community of Field, which relies on tourism

A sign indicating face coverings are required by the establishment is pictured on the front door of a business in Vancouver, B.C., Friday, April 9, 2021. COVID-19 cases have been on a steady increase in the province of British Columbia over the past week. THE CANADIAN PRESS/Jonathan Hayward
A sign indicating face coverings are required by the establishment is pictured on the front door of a business in Vancouver, B.C., Friday, April 9, 2021. COVID-19 cases have been on a steady increase in the province of British Columbia over the past week. THE CANADIAN PRESS/Jonathan Hayward
B.C. to start releasing neighbourhood-specific COVID numbers after data leak

Documents obtained by the Vancouver Sun show cases broken down by neighbourhoods

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Provincial health officer Dr. Bonnie Henry and Health Minister Adrian Dix update B.C.’s COVID-19 situation at the B.C. legislature, April 29, 2021. (B.C. government)
B.C.’s COVID-19 case count creeps up, seven more deaths

445 people in hospital, 157 in intensive care

Summerland’s positive test rate is much higher than surrounding local health areas, according to internal BC CDC documents. (BC CDC)
Summerland 3rd behind Surrey, Abbotsford in daily per capita COVID-19 cases

Interior Health is rolling out additional vaccine availability to the community

Amazon is pausing its Prime Day marketing event in Canada this year amid ongoing COVID-19 outbreaks at its facilities in Ontario. THE CANADIAN PRESS/Nathan Denette
Amazon Prime Day halted in Canada due to COVID-19 outbreaks in warehouses

The event was postponed to protect the health and safety of employees and customers, the company says

Most Read