The effects of climate change are projected to cost Ontario an extra $1.5 billion annually on average in the next few years just to maintain public transportation infrastructure, the province’s financial watchdog said in a report Thursday.
By 2030, changes in extreme weather mean climate-related costs will accumulate to a total of $13 billion, the Financial Accountability Office said.
Over the long term, if global emissions peak by mid-century, climate hazards will increase infrastructure costs by $2.2 billion a year on average, without any climate adaptation, and if emissions instead continue rising beyond 2050, those costs will increase by $4.1 billion a year on average, the report said.
Adaptation would add between $1.4 billion and $2.9 billion a year between now and the year 2100.
“While these additional climate-related costs are significant, they are less expensive for provincial and municipal governments than not adapting over the long term,” the FAO wrote.