In a move that the P&C industry is wholeheartedly supporting, the federal government announced yesterday that it would dedicate more funding toward disaster mitigation efforts to address climate change concerns.
The Government of Canada made the declaration as it tabled the 2017 Federal Budget. As part of the budget, the government will set aside $2 billion for a Disaster Mitigation and Adaptation Fund. This fund would “support the national, provincial and municipal infrastructure required to deal with climate change,” a news release said.
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Aside from disclosing plans to appropriate more money for anti-disaster measures, the government also said that it would use $182 million from the Green infrastructure Fund to implement new building codes to focus on climate resilience.
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“Canada’s property and casualty insurers have been highlighting the need for a comprehensive climate strategy that includes measures for adaptation and mitigation,” commented
Insurance Bureau of Canada (IBC) president and CEO Don Forgeron in a statement.
“The infrastructure initiatives announced in the Budget include tangible measures to identify at-risk federal infrastructure, elevate building codes and invest significantly in mitigating climate risk across this country. The government has also recognized that a climate-safe community is a community that is stronger for job growth and investment.”
It was also revealed that over the span of five years, Environment Canada will invest a total of $73.5 million to relaunch the Canadian Centre for Climate Services; the policymaking body will support climate adaptation decision-making across the country. Transport Canada similarly announced that it would invest $16.4 million to ensure that the country’s federal-managed transportation infrastructure can withstand natural disasters.
“The P&C insurance industry congratulates the Government of Canada on making the most significant disaster-proofing investments in our country’s history,” Forgeron said. “By investing in strong infrastructure and resiliency now, the government is helping to mitigate the economic and physical impacts of future severe weather events. Our industry will support the government as it works to create safer, more resilient communities for all Canadians.”
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