Floods of Concern: Canadian Cities Face Urgent Need for Climate Adaptation

According to Canada's Climate Change Report 2019, both past and expected warming in Canada is, on average, double the magnitude of global warming. Extreme weather events have already increased in frequency and severity, affecting Canada's major cities, and have highlighted the growing need for investment in climate adaptation.

Key Highlights
-- Nine of the 10 highest insured severe-weather loss years in Canada have occurred within the past 15 years.
-- Proactive climate adaptation spending is likely to pressure near- to medium-term debt levels for larger municipalities.
-- The federal and provincial levels of government have programs in place to aid local governments in their climate adaptation initiatives.

"Several large municipalities have already begun to incorporate climate considerations into their budgets and capital plans," said Cheryl Saldanha, Assistant Vice President, Global Sovereign Ratings. "Making this investment now could mitigate economic disruptions and prevent municipalities from drowning in debt in the future."