Canada Facing the Cost of Climate Change

Climate change is driving extreme weather events, with devastating consequences for communities worldwide. In Canada, the costs are staggering. Weather-related disasters now account for 5–6% of annual GDP growth, compared to 1% in previous decades. By 2025, climate-induced damages are projected to slash $25 billion from Canada’s economy annually, half of the anticipated GDP growth.

Wildfires are a glaring example. In 2024, wildfires ravaged western Canada, burning 5.3 million hectares—an area the size of Nova Scotia—and causing $880 million in insured damages. Heatwaves are becoming more intense and frequent. Canada’s 2024 heatwave was 10 times more likely due to climate change, while the deadly 2021 heatwave in British Columbia was 150 times more likely.

Looking at floods and storms, Toronto’s 2024 summer floods caused $1 billion in insurable claims, and Quebec’s summer floods broke records with $2.5 billion in damages. Scientists warn that one-in-50-year storms could occur every 10 years by late century.

These escalating crises demand urgent action. Borrum Energy Solutions believes that renewable energy is key to help reduce climate change. Their innovative Anorra wind turbines and towers offer sustainable solutions to help mitigate the impacts of climate change as well as empowering dwelling owners to reduce their carbon footprint while reducing their dependency on the electrical grid. Together, we can create a greener, safer future.