Oil industry putting economy, environment at risk, says former minister C. McKenna

[Hamloc]

“Everyone knows that some bullshit opinion from the Toronto Sun”.

Let me get this straight Chuck2, on one hand you have Lorrie Goldstein, a journalist for over 40 years quoting actual numbers, on the other hand you have Catherine McKenna, who said “If you actually say it louder, we’ve learned in the House of Commons, if you repeat it, if you say it louder, if that is your talking point, people will totally believe it”. Yup it is Lorrie Goldstein and the Toronto Sun that are full of shit. Chuck2 some days you make it to easy!

[chuckChuck]

Climate change damages are projected to cost the global economy approximately $38 trillion per year by 2050, with some estimates ranging between $23 trillion and $38 trillion annually. These costs, driven by extreme weather, reduced agricultural yields, and health impacts, are roughly five times greater than the estimated $6 trillion required to limit global warming to 2°C.

Key Economic and Regional Impacts by 2050

• Global GDP Reduction: Climate change could reduce global GDP by 11% to 18% by 2050 if no mitigating action is taken.
• Damage Areas: Major costs arise from productivity losses due to heat, damage to infrastructure, reduced crop yields, and health impacts.
• Infrastructure & Health: In Canada alone, flood damage to infrastructure could cost billions annually, while health-related costs from ground-level ozone could reach $250 billion per decade, according to the Canadian Climate Institute ([url]https://climateinstitute.ca/reports/the-costs-of-climate-change/[/url]).
• Rising Damages: Extreme weather events, which have cost an estimated $2.8 trillion over the past 20 years, are increasing in frequency and severity.
• Unavoidable Costs: The estimated $38 trillion in annual damage is already "committed" due to past emissions, meaning it will occur regardless of emission cuts made over the next few decades, according to research from the Potsdam Institute for Climate Impact Research.

[chuckChuck]

Climate change impacts could cost Canada between $80 billion and $139 billion per year by 2050, resulting in a significantly slower GDP growth and rising household costs. Key drivers include infrastructure damage from floods and wildfires, with an average household facing roughly $2,000 in yearly costs by 2050.

Key Economic and Structural Impacts by 2050:

• GDP Loss: Climate change could reduce Canada's GDP growth by $80–$103 billion by 2055, as reported by the Canadian Climate Institute ([url]https://climateinstitute.ca/the-gdp-costs-of-climate-change-for-canada/[/url]).
• Extreme Weather/Disasters: Extreme weather damages are projected to reach $100 billion per year, with a CCPA report projecting even higher figures of roughly $139 billion.
• Infrastructure Costs: Coastal flood damages to homes and buildings could increase tenfold, costing hundreds of millions annually by mid-century.
• Sectoral Losses: Forestry could see losses of $2–$17 billion annually by the 2050s, while worker productivity drops due to extreme heat.
• Health Impacts: Health-related costs, including heat-related deaths and reduced air quality, could cost $87 billion per year by 2050 if unmitigated.

[chuckChuck]

As usual there is no discussion about the cost of climate change only about the costs of reducing climate change, building resilience, and mitigating the effects.

No doubt the flat earthers will try again to deny that climate change is even a problem! More CO2 and heat will will be good for the planet!

[chuckChuck]

"Extreme weather events caused $8.5 billion ([url]https://www.ibc.ca/news-insights/news/2024-shatters-record-for-costliest-year-for-severe-weather-related-losses-in-canadian-history-at-8-5-billion[/url]) in damages in Canada in 2024—the most expensive year for insurable losses in Canadian history.

When indirect climate impacts ([url]https://www.climatepolicyinitiative.org/the-cost-of-inaction/[/url]) are considered, such as lost productivity due to extreme heat and supply chain disruptions, the total costs of climate change to the Canadian economy were likely greater than $20 billion last year.

That’s a lot of money—enough to pay for many of the federal parties’ big-ticket election promises ([url]https://www.policyalternatives.ca/news-research/platform-crunch-3-every-party-is-promising-tax-cuts-and-cash-transfers/)—but[/url] it ultimately amounts to less than one per cent of Canada’s GDP. At present, the costs of climate change are small enough to be absorbed by the economy and diffuse enough that they can be—and are being—generally ignored by politicians.

Here’s the problem. That $20 billion figure is the canary in the coal mine for the future of the Canadian economy. Based on current trends, we are on track for $100 billion per year ([url]https://climateinstitute.ca/reports/damage-control/[/url]) in damages by 2050 and up to $1 trillion in damages per year by 2100. Cumulative losses between now and the end of the century amount to $8 trillion in a business-as-usual scenario—a potential loss of a third of GDP ([url]https://www.nature.com/articles/s41586-024-07219-0[/url]) over that period.

To be clear, our economy can’t absorb $8 trillion in losses. Global insurers are already warning ([url]https://www.theguardian.com/environment/2025/apr/03/climate-crisis-on-track-to-destroy-capitalism-warns-allianz-insurer[/url]) that “capitalism as we know it ceases to be viable” within a century if we can’t get the climate crisis under control. Canada is no exception."

[chuckChuck]

"The world is fast approaching temperature levels where insurers will no longer be able to offer cover for many climate risks, said Günther Thallinger, on the board of Allianz SE, one of the world’s biggest insurance companies. He said that without insurance, which is already being pulled in some places, many other financial services become unviable, from mortgages to investments."

[url]https://www.theguardian.com/environment/2025/apr/03/climate-crisis-on-track-to-destroy-capitalism-warns-allianz-insurer[/url]

[furrowtickler]

Yikes you need help

[sumdumguy]

Calling all shrinks.

[chuckChuck]

So the insurance industry is wrong? The guys who make a living from predicting and protecting from risk don't know anything?

[Hamloc]

"The world is fast approaching temperature levels where insurers will no longer be able to offer cover for many climate risks, said Günther Thallinger, on the board of Allianz SE, one of the world’s biggest insurance companies. He said that without insurance, which is already being pulled in some places, many other financial services become unviable, from mortgages to investments."

[url]https://www.theguardian.com/environment/2025/apr/03/climate-crisis-on-track-to-destroy-capitalism-warns-allianz-insurer[/url]

Chuck2 I did an experiment this morning. I looked up media articles saying that a certain country or area of the world was warming faster than the rest of the world. And what a surprise I could find an article on each country I looked up saying it was warming faster than the rest of the world. All these chicken little predictions show a predetermined bias as opposed to scientific fact.