IBC applauds Ontario’s LTIP public infrastructure plan
Published: November 29, 2017
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Industry News
The Insurance Bureau of Canada (IBC) has praised the efforts by the Government of Ontario in attempting to combat climate change with its Long-Term Infrastructure Plan (LTIP).
Announced on Tuesday, the Ontario Liberal government announced LTIP in an effort to direct investment into public infrastructure like schools, transport, hospitals, roads, and bridges. Over the next 13 years, Ontario will invest $190 billion into public infrastructure projects.
LTIP is also important because it aims to overhaul planning processes for major infrastructure projects on the province, improving how developments progress. In a press release, IBC said mitigation and adaption changes will be made, as well life-cycle assessments featuring as importing factors in planning, development, and procurement phases of infrastructure projects.
In its announcement for the plan, the Government of Ontario said it is necessary for climate change risk assessment to be folded into public infrastructure projects. This will help the economy and community growth and safety. Insurance companies have long advocated the creation of a model that allows for more environmentally friendly planning and the IBC praised the announcement of LTIP.
“Climate change is already having a real and lasting impact on communities across the province,” said Kim Donaldson, vice president, Ontario, with IBC. “Severe weather events, like floods, wildfires and storms are happening with more frequency and with greater intensity. They damage homes, businesses and wreak havoc on critical infrastructure. Canada’s property and casualty insurers congratulate the Government of Ontario for including climate change mitigation, adaptation and life-cycle assessments as part of the province’s Long-Term Infrastructure Plan.”