The governments of Canada and Manitoba have signed a memorandum of understanding to support nature conservation and protection, with a focus on addressing biodiversity loss, protecting critical habitats and strengthening climate resilience in the face of extreme weather
The agreement aligns with Canada’s goal of conserving 30% of land and water by 2030 and advancing domestic and international biodiversity commitments.
The initiative comes as extreme weather events continue to pose financial risks. According to the Insurance Bureau of Canada, insured losses from extreme weather reached $8.9 billion in 2024 alone.
The increasing frequency and severity of these events has placed growing pressure on insurers, businesses and governments to invest in climate adaptation and risk mitigation strategies.
According to a survey commissioned by First Onsite Property Restoration, the majority (63%) of Canadians fear winter storms, while another 58% worry about extreme cold, freezing and burst pipes. About 60% of the respondents listed severe rain and flooding as their top concerns.
In addition to the MOU, the federal and Manitoba governments have established bilateral collaboration on climate adaptation, in line with Canada’s National Adaptation Strategy. This agreement is intended to improve resilience against climate-related risks, which have significant financial implications for insurers and policyholders.
The insurance industry plays a key role in responding to climate-driven losses, with severe storms, wildfires, and flooding leading to rising claims. As part of broader adaptation efforts, investments in conservation and natural infrastructure may help reduce these risks by strengthening ecosystems that buffer against extreme weather.
Government officials emphasized that protecting natural spaces is not only an environmental priority but also an economic and risk management strategy. By working with Indigenous communities, conservation groups, and other stakeholders, the initiative seeks to enhance long-term sustainability and mitigate the financial impact of climate-related disasters.
