Toronto, Sept 30(ANI): An advisory panel has warned that climate change would cost Canada about one percent of its economy by 2050 and two per cent of gross domestic product (GDP) by 2080.
The National Roundtable on the Environment and Economy said even a low-emission scenario would result in economic costs equal to 0.8 percent of GDP by 2050, and nearly 1.5 percent by 2080, the Globe and Mail reports.
The national roundtable is a federally appointed agency that conducts research and provides policy advice.
It predicted that climate change would result in flooding of low-lying coastal regions, threaten timber supply, and lead to health problems due to worsening air quality.
The panel's warning came in the wake of Canada's Environment Minister Peter Kent being criticized by the opposition over proposed cuts to his department's task of monitoring potential climate change impacts.
"We are already affected by climate change and will be by the carbon already in the atmosphere, so we already face physical changes to our environment and economic costs as a result," Chief Executive David McLaughlin said.
"The sooner we move to invest in the right kind of adaptation strategies where these impacts are going to be the greatest, then the better we will be in a position to reduce those economic impacts and make those costs lower to Canadians," he added.
He stressed on the need for an international treaty to limit the emission of greenhouse gases into the atmosphere to reduce the cost of climate change impact. (ANI)
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