Canada害羞草研究所檚 first-ever climate adaptation strategy was little more than six weeks old when fast-moving wildfires swept through communities in British Columbia害羞草研究所檚 southern Interior, forcing thousands to flee and destroying hundreds of homes.

It was part of Canada害羞草研究所檚 record-breaking summer of fire 害羞草研究所� more than 19,000 Yellowknife residents were ordered to escape a threatening blaze, fire ripped into suburban Halifax and smoke from fires in Quebec blanketed New York City and Washington, D.C. Some 200,000 people were evacuated from their homes across Canada.

There was also flooding in Nova Scotia that killed four people.

The disastrous events provided a taste of the worsening impacts of climate change, and recovering from such events costs many times more than adaptation, says the federal government.

Supporters of the preventive approach worry there害羞草研究所檚 a lack of will and funding to implement the national adaptation strategy. And the longerit takes to both mitigate climate change while protecting Canadians from worsening impacts, the more costly it will become to recover from them, experts say.

The national adaptation strategy, released in June, outlines and puts timelines on Ottawa害羞草研究所檚 goals to reduce wildfires, extreme heat, flooding, and a host of other impacts linked to global heating.

害羞草研究所淲e rolled up our sleeves, engaged very directly in the drafting of the strategy, and we害羞草研究所檙e quite pleased with the result,害羞草研究所� said Craig Stewart, vice-president for climate change and federal issues with the Insurance Bureau of Canada.

害羞草研究所淔or the first time, Canada has not only a national adaptation strategy, but one that sets near-term targets for action,害羞草研究所� he said.

But Stewart said the strategy so far lacks the necessary funding and implementation planning to get Ottawa害羞草研究所檚 plans off the ground.

害羞草研究所淲e haven害羞草研究所檛 seen the leadership we would expect in the last six months to actually translate those targets into action, nor do we see any funding on the horizon.害羞草研究所�

The Insurance Bureau of Canada is a member of Climate Proof Canada, a coalition of insurance companies and associations, climate research institutes and non-profits, as well as the Canadian Chamber of Commerce, the Federation of Canadian Municipalities, the Assembly of First Nations, the Canadian Red Cross, and others.

Last month, the coalition met with cabinet ministers and opposition politicians, pressing Ottawa to 害羞草研究所減rovide key funding害羞草研究所� to implement the adaptation strategy.

In a June news release, the federal government said it had allocated more than $6.5 billion toward adaptation measures over the last eight years, including $2 billion in commitments to support the strategy害羞草研究所檚 implementation.

However, Ottawa害羞草研究所檚 economic statement last month did not mention adaptation and there haven害羞草研究所檛 been any new, adaptation-specific funding announcements.

害羞草研究所淚t害羞草研究所檚 a bit dispiriting to be honest, given the (disasters) that have happened, given the tabling of the strategy and the lack of follow-through,害羞草研究所� Stewart said.

Figures from the Insurance Bureau of Canada show the costs of catastrophes in Canada have been markedly rising, from an average of $440 million each year between 1983 and 2000 to $2.3 billion annually between 2011 and 2020.

The federal government has said the average annual cost of disaster-related losses is projected to reach $15.4 billion by 2030. That forecast 害羞草研究所渃an be reduced by ambitious adaptation action,害羞草研究所� Ottawa said in its June statement.

By 2025, climate impacts are expected to slow Canada害羞草研究所檚 economic growth by $25 billion annually, it said, citing research by the Canadian Climate Institute.

In its national strategy, Ottawa acknowledges that 害羞草研究所渁daptation saves money,害羞草研究所� saying 害羞草研究所渆very dollar spent 害羞草研究所� saves up to $15,害羞草研究所� while generating 害羞草研究所渟ignificant benefits.害羞草研究所�

Still, Stewart said the lack of implementation planning and funding for the strategy suggests 害羞草研究所渢here害羞草研究所檚 a lack of political will around adaptation害羞草研究所� after the last federal budget earmarked $40 billion in tax credits and funding for clean energy.

害羞草研究所淭hey made a policy choice to go all-in on essentially transforming the electricity system 害羞草研究所� and that hasn害羞草研究所檛 given them the wiggle room to be bold in other areas.害羞草研究所�

But Stewart said adaptation is key.

害羞草研究所淲hen people witness floods, when they have loved ones who are affected by extreme heat, when they害羞草研究所檙e inhaling wildfire smoke, that害羞草研究所檚 when climate change becomes tangible, in a way that, you know, carbon emissions are not,害羞草研究所� he said.

Climate adaptation is also an affordability issue, Stewart said.

害羞草研究所淚f you are building homes that are not resilient, and you害羞草研究所檙e building them on floodplains, or you害羞草研究所檙e building them in high-risk areas for wildfire, and you害羞草研究所檙e not investing in the protection, then you害羞草研究所檙e actually putting families at financial risk.害羞草研究所�

The cost of rebuilding thousands of homes destroyed by climate-related disasters exacerbates existing housing supply and affordability problems, he added.

Neal Willcott is the co-author of a 2022 report for the Institute for Sustainable Finance at Queen害羞草研究所檚 University in Kingston, Ont., examining the physical costs of climate change, including infrastructure and biodiversity, to the year 2100.

The researcherstook a widely used model and 害羞草研究所渞epurposed害羞草研究所� it for Canada in order to make projections about climate damages and GDP over time, he explained.

The modelling found Canada害羞草研究所檚 total losses ranged from $2.773 trillion with 2 C of global heating to almost double that amount under a 5 C scenario.

Comparing those losses to the costs associated with mitigating climate change, the report says the model found spending to cut greenhouse gas emissions 害羞草研究所渕ore than pays for itself害羞草研究所� in terms of avoiding physical damages alone 害羞草研究所� even without accounting for the potential benefits of transitioning to a low-carbon economy.

害羞草研究所淲e can safeguard the Canadian economy, protect our ideal growth projections, and 害羞草研究所� it will cost less than what the cost of climate change is,害羞草研究所� Willcott said.

害羞草研究所淭he present value lost is so high that we can害羞草研究所檛 afford not to do this, but also, the costs of the solution are low enough that we really should do this.害羞草研究所�

The report says the Intergovernmental Panel on Climate Change has estimated that Earth is on track for around 3 C of global heating. A forecast that is particularly bad news for Canada, which has been warming twice as fast as the global average, it says.

害羞草研究所淲e害羞草研究所檙e talking about three degrees in terms of world heating, which means six degrees in terms of Canada. In the Canadian North, it would be nine,害羞草研究所� said Willcott, an assistant professor at Memorial University害羞草研究所檚 faculty of business administration.

The modelling did not take into account the economic benefits of fighting climate change, nor the health costs associated with climate change, he added.

Given 害羞草研究所渇iscal restraints,害羞草研究所� Stewart said the insurance bureau has been trying to work with government to identify 害羞草研究所渓ow-hanging fruit害羞草研究所� for adaptation measures.

A national flood insurance program is at the top of the list, he said.

害羞草研究所淲e have demonstrated 害羞草研究所� through very sophisticated costing, that a national flood insurance program will actually save governments money,害羞草研究所� he said.

The last federal budget allocated close to $32 million 害羞草研究所渁s a first step害羞草研究所� toward setting up the program, and Stewart said insurers have offered to help by providing product distribution and claims administration services on a not-for-profit basis.

害羞草研究所淏ut the window of action is now, because it has to appear in Budget 2024 if the program is to be operationalized before the next federal election,害羞草研究所� he said.