Climate Strategy: Insurance Bureau of Canada seeks specific goals

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The federal government will soon publish a draft of the country’s climate change adaptation strategy.according to Insurance Bureau of CanadaThe goals you set in your strategy must include specific goals.

Forum was held in Vancouver on March 30th Globe 2022A conference that brings together business leaders and researchers working on a transition to a sustainable growth-based economy.

Many representatives of the Trudeau government, including the Minister, participated in this activity. Stephen Gilbo When Jonathan WilkinsonHolders of each portfolioEnvironment and climate change When Ministry of Natural Resources, Canada..

During the forum, the Insurance Bureau of Canada (IBC) held a roundtable with the two ministers mentioned above, representatives of insurance companies and local governments, expert associations, and Aboriginal organizations nationwide. The activity is Climate Change Institute..

The roundtable focused on developing a national adaptation strategy that outlines how Canada’s economy and society can be more resilient and better prepared to address the effects of climate change.

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Craig Stewart

Craig StewartVice President of Federal Affairs, BAC, Insurance portal The context that led to the organization of the forum and the industry’s expectations for this strategy. The advisory board was established last fall. He published the report in January.

“It deals with goals achieved in five key areas: health, infrastructure, natural ecosystems, economy and resilience to climate change,” he says.

This document will be published by the end of April as soon as the proposed strategy is officially announced for public consultation. Then the national strategy will begin by the end of autumn.

Ministers concerned

In the same forum, Minister Gilbo said his Emissions Reduction Plan for 2030: Canada’s Next Steps for Clean Air and a Strong Economy..

“Minister Gilbo attended the roundtable very much and asked great questions. To be honest, it took a lot of time to launch the GHG emission plan and he is not necessarily well prepared for our discussion. I don’t think he did, but he went in and focused on the right questions, ensuring that the participants had heard their concerns, “said Stewart.

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“When we think about adaptation, we believe that most people are worried about the natural disasters we have experienced in recent years, such as floods, wildfires, tornadoes or hail storms. It turns out that we couldn’t help Canadians prepare to mitigate the damage associated with this type of disaster, “he says.

The Global 2000 Forum Roundtable aims to clarify stakeholder expectations for the most important risks to monitor and the steps they should take to mitigate the damage they cause. According to Stewart, the 90-minute discussion was very beneficial to the government.

The Vice President of BAC believes that a goal to be achieved by 2050 is needed, but it must follow standards and indicators. “We believe in defining specific goals, along with the schedule of each sector of activity and the steps taken to achieve them,” he says.

For example, a national strategy could plan to reduce the number of deaths from the negative effects of heat waves by 90% by 2030. This can mean, for example, subsidizing the purchase and installation of air conditioners and air exchangers for the most vulnerable people, “Craig Stewart suggests.

He added that the government has already promised to sequester carbon by planting 2 billion trees in a short period of time. “We can use some of this investment in green areas to create parks in urban areas where heat waves are most damaging,” he adds.

According to him, it is important that the strategy is associated with a specific program aimed at achieving the goal, and not all of these specific measures are very expensive.

Flood mapping

Craig Stewart is optimistic that Canada will create an accurate and accessible map of the floodplain by the end of 2023. IBC has been asking for this update for several years. “Come, funding is complete and the government is committed,” he says.

The National Flood Insurance Program is also the subject of negotiations between the Government of Canada and the state. According to Stewart, this project also needs to be completed within 18 months. “I believe the job is on the right track because the will is there and the insurance industry is ready to play its role as a partner,” he says.

Floods are the tragedy that the industry has most considered with governments at various levels. Therefore, the national strategy should include very specific goals in this area.

“I am a cautious optimist and believe that in the fall we will make serious plans for climate adaptation, but it is important that the population expresses its expectations for the future and that concerns are taken into account by the authorities. Craig Stewart concludes.