RC117 MarApr 2025 - Magazine - Page 20
CLIMATE ADAPTATION
future climate conditions is a task that outstrips the
昀椀scal capacity of the public sector. Research by FCM
and the Insurance Bureau of Canada suggests that $5.3
billion is needed in annual investments at the local
government level to prevent the worst consequences of
climate change—damages that research by the Canadian
Climate Institute suggest could exceed $100 billion in
annual losses within the next 30 years.
The challenge lies not in the 昀椀nancial case for
resilience investment—each dollar invested in
climate adaptation can prevent $13-15 in direct and
economy-wide damages later on—but in making these
investments 昀椀nancially viable. Securing diversi昀椀ed
昀椀nancing sources, from large-scale private lenders
to household-level decisions, is key to bridging this
gap. To that end, GMF is working with partners in the
investment and insurance sectors to determine how
to best make use of a $150-million allocation from
LLCA funding so municipalities are able to leverage
diversi昀椀ed funding sources and 昀椀nd innovative ways to
stretch public dollars in addressing climate risk, which
currently accounts for over 95 per cent of adaptation
funding.
Local governments are on the front lines of climate
change, and escalating losses make it clear Canada needs
to get ahead of a cycle of recovery. Communities depend
on local government infrastructure for protection, local
government services for emergency response and daily
needs, and local government planning to prepare for
what lies ahead. Equity-informed, risk-based climate
adaptation planning equips local governments to deploy
the resilient infrastructure and services essential for
building climate-resilient communities. The events of
2024 have underscored the urgent need for coordinated
climate resilience planning and action across all levels of
government.
As the cornerstone of community preparedness and
response, local governments are uniquely positioned to
lead adaptation e昀昀orts. Through initiatives like the Local
Leadership for Climate Adaptation, Canada is beginning
to align its resources and strategies to confront these
challenges head-on. By fostering collaboration,
embracing innovative funding approaches, and
embedding equity into every project, Canada has
an opportunity to not only mitigate the impacts of
climate change but also build stronger, more inclusive
communities for generations to come. The path forward
is clear: investing in climate-ready communities today
will pay dividends in the form of safety, equity, and
prosperity tomorrow.
Helping clients manage risks,
disputes, and uncertainty
For more than 20 years, HKA has helped Canadian owners, developers,
contractors, and counsel navigate pitfalls that could derail large, missioncritical infrastructure projects. Employing over 1,000 experts and consultants
worldwide, HKA’s goal is to mitigate construction problems as early as possible,
from preconstruction through delivery.
• Project Governance
• Testifying Expert Witnesses
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• Quantum
• Dispute Avoidance
• Delay & Disruption
• Dispute Resolution
• Forensic Engineering,
Architectural, &
Technical Services
• Claims Management
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• Forensic Accounting &
Commercial Damages
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RENEW CANADA – MARCH/APRIL 2025
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