Bank of Canada weighs in on cost of climate inaction
The Bank of Canada has created a new program that adds climate change to its research agenda. Reporting on it for the Financial Post, journalist Kevin Carmichael writes that “the latest results of [the Bank’s] new research program suggests our refusal to get serious about climate change is setting us up for future economic damage along the lines of what the coronavirus crisis is causing now.”
Carmichael goes on to say, “The Bank’s analysis supports the contention that a carbon tax could cause some pain in the short term, but that half-hearted efforts to meet the Paris targets, never mind firm commitments to do whatever it takes to limit global warming to 2o C by 2100, risk more damage later.
TEspecially harsh is a scenario in which global policymakers wait until 2030 to seriously curb emissions, and then cause significant disruption by attempting to make up for lost time.”
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