Climate Change to Significantly Impact Canada's GDP
New economic research suggests that Canada, along with other countries, will experience a more substantial decline in GDP due to climate change than initially anticipated.
A recent study by Timothy Neal, a senior lecturer at the University of New South Wales, indicates that the cost of inaction on greenhouse gas emissions could result in a 21% reduction in Canada's GDP by 2070.
The cost of inaction to curb growing greenhouse gas emissions could mean a 21 per cent hit to Canada’s GDP by the end of 2070.
Previous models underestimated the impact of climate change, as they only considered the direct effects of temperature and rainfall changes within a given country, overlooking broader consequences.
Author's summary: Climate change to hurt Canada's GDP by 21% by 2070.