Canada Offers Lesson in the Economic Toll of Climate Change

By Lydia DePillis
The New York Times
July 3, 2023
Category: Business & Politics
Region: Canada

Canada’s wildfires have burned 20 million acres, blanketed Canadian and U.S. cities with smoke and raised health concerns on both sides of the border. …The fires have upended oil and gas operations, reduced available timber harvests, dampened the tourism industry and imposed uncounted costs on the national health system. …That incurs billions of dollars in costs, and has longer-reverberating consequences, such as insurers withdrawing from markets prone to hurricanes and fires. …The consulting firm Oxford Economics has forecast that it could knock between 0.3 and 0.6 percentage points off Canada’s economic growth in the third quarter. …It’s not clear how widespread the damage will be to forest stocks, but provincial governments tend to reduce the amount of timber they allow to be harvested after large blazes, according to FPAC’d Derek Nighbor. …“It’s safe to say there’s going to be a supply crunch in Canada as we work through this,” Mr. Nighbor said.. [to access the full story a NY Times subscription is required). 

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