Canada Could Lose 8.5% Annual GDP Due To Climate Change

Canada has been quite adamant about turning itself into a green economy, going as far as slicing a substantial share of its latest budget for sustainable development.

G7 nations, which comprise Canada, Japan, Germany, France, Italy, the US and the UK, saw an average GDP fall of 4.2 per cent during the first wave of the COVID-19 pandemic.

If global temperatures rise by 2 to 2.6 degrees Celsius, Canada could lose about six to seven per cent of its GDP by 2050. If the temperatures climb by 3.2 degrees Celsius, then the loss may be up to nine per cent, the report points.

Oxfam Great Britain CEO Danny Sriskandarajah has said that while the effects of climate change will be more pronounced on poorer countries, developed economies won’t be immune either.

*If global temperatures rise by 2 to 2.6 degrees Celsius, Canada could lose about six to seven per cent of its GDP by 2050, according to a study.

*In May 2021, environment ministers of the G7 nations revealed new climate change targets and committed to limiting the rise in global temperatures to 1.5 degrees Celsius.

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