Federal Budget 2016
IBC Applauds the Government of Canada's Commitment to Fighting Climate Change
Toronto - The Insurance Bureau of Canada (IBC) congratulates the Liberal Government on its first budget and applauds its commitment to addressing climate change.
"The budget shows a clear and strong commitment to fighting climate change. IBC is committed to working with this government to strengthen communities facing increasingly severe weather events stemming from climate change," said Don Forgeron, President and CEO, IBC.
As the recent report from the Parliamentary Budget Officer highlighted, the financial costs to the Federal Government due to natural disasters, which are linked to climate change, are far greater than previously estimated. That is why IBC continues to call for a collaborative national flood program that will provide a framework for the financial management of flood risk, with shared responsibilities between the insurance industry, all tiers of government and consumers.
Budget 2016 shows a commitment to building climate resilient communities in Canada. This is highlighted by the investment in helping grow Canada's clean economy while helping communities prepare for severe weather events. One particular example is funding of a Province of Manitoba project to regulate lake levels and provide flood protection to individuals, businesses and communities around Lake Manitoba and Lake St. Martin.
Building a country that is resilient to flooding requires a multi-pronged approach. Aging infrastructure needs to be upgraded to enable it to withstand the increased precipitation. It is also vital to inform Canadians of the physical and financial consequences of floods.
"Now is the time for action. Climate change is a real and present danger costing governments and Canadians hundreds of millions of dollars every year. Because Canada is the only G7 country without a national flood program, Canadians, our government and the insurance industry are dangerously exposed to severe weather risks. We look forward to further working with this government to help minimize the costs to taxpayers and better equip Canadians for the effects of climate change," added Forgeron.