Floods a reminder of the cost of climate change

​The flooding in British Columbia and Atlantic Canada is another reminder that climate change is a 
business issue.
There are many reasons why tackling climate change is a business issue. After all, the very survival of our species requires clean air and ample food. Unfortunately, that bigger picture isn’t always that relatable in the moment in our day-to-day lives. It takes the tangible to create the necessary urgency.
It’s not just a series of localized issues. It’s incredibly sad seeing the devastation to communities — people have been displaced as whole neighbourhoods and commercial districts have been washed away or covered in mud and debris. Multi-generational farms have been knocked out of production. Communities will never be the same.
On a national level, damage to highways, bridges and rail lines have crippled already struggling supply networks. The Port of Vancouver, our nation’s busiest port and a key link in the supply chain for both our imports and exports, is backlogged and isolated.
While we won’t know the full extent of the damage for a while yet, estimates on the cost of rebuilding are in the billions. Peterborough has its own history of flooding. Anyone who has tried to traverse the Bethune Street corridor recently knows first-hand that the City is busy trying to mitigate flood risk through a massive infrastructure project.
The Canadian Chamber of Commerce currently has a number of resolutions on the books to advocate that the federal government address climate change issues, 
including specific 
recommendations regarding 
flood management in a resolution titled: Funding For Climate Change Adaptation – Severe Weather Disaster Mitigation through Flood Protection.
Northern communities are adapting to their new normal of increased wildfires. A study from the University of Alberta found that eight of the world’s worst fire seasons happened in the last decade. In BC, it’s worst five were the last five years.
In short, these catastrophic natural events are a pressing economic issue. They have left us with less production capacity for food and other goods and made it incredibly difficult to both get needed supplies and get our goods to market. 
While floods, wildfires and other natural disasters have always been part of the human experience, the frequency, severity, and unpredictability of them is undeniably impacted by our rising greenhouse gas 
emissions. 
The national Oceanic and Atmospheric Administration estimates catastrophic weather events in the US have cost an average of $128 billion a year for the last 5 years, up from an average of $50 billion annually over the last 40 years. Swiss Re, one of the world’s largest insurance providers, estimates that climate change will reduce global economic output by 11 to 14 percent by 2050, adding up to a cost of 
approximately 23 trillion dollars.
Climate change is costing us massive amounts of money. We’re spending billions on risk mitigation infrastructure projects and property loss. Many businesses know first-hand that insurance can be difficult, if not impossible, to attain in some parts of our community. 
Options for addressing climate change are complex. The recent COP26 summit highlighted some key solutions, though political follow-through has always been problematic when it comes to meeting climate goals.
We can debate the costs, methods, and programs that will get us to where we need to be in our fight against greenhouse gas emissions, but it’s evident that all 
options carry a significant price tag — including the 
status quo.