By: Luke Jones, Published on February 28, 2018 05:03 PM, Last Update on February 28, 2018 02:04 PM
After putting mitigating risk from climate change at the top if its priorities list, the federal government has won praise from the Insurance Bureau of Canada (IBC). In its budget for 2018, the federal government said it is placing a focus on the environment.
Specifically, the budget, titled “Equality and Growth: A Strong Middle Class” sets aside $40 million over a five-year period for the improvement of Canada’s weather forecasting capabilities. Alongside mitigation, the government said it will fund more nature conservancy and focus on preventative climate change measures.
The IBC has welcomes the budget:
“IBC welcomes the Government of Canada’s continued commitment to addressing our changing climate,” IBC vice-president of federal affairs Craig Stewart said in a statement. “The investments announced in Budget 2018 will help better equip Canadians to deal with the effects of severe weather.”
Extreme weather is causing increasing damage in Canada, costing customers and the insurance industry money and causing lasting damage.
“Severe weather is already costing Canadian taxpayers hundreds of millions of dollars annually. By making smart investments in mitigation and adaptation, and by introducing stronger environmental frameworks, Canada is on track to limit future damage while still addressing immediate and current climate challenges.”
“Climate change is affecting our country both environmentally and economically,” Stewart added. “We will continue to work with all levels of government across the country in the areas of mitigation, adaptation, and emergency management – all of which form the basis of a comprehensive climate strategy.”