The Insurance Bureau of Canada (IBC) extended its congratulations to the federal government for making climate change and risk mitigation a priority in its budget for 2018.

This year’s budget, entitled “Equality and Growth: A Strong Middle Class,” commits $40 million over the course of five years towards the improvement of Canada’s weather forecasting infrastructure. Notably, investments were also proposed towards nature conservancy.

“IBC welcomes the Government of Canada’s continued commitment to addressing our changing climate,” IBC vice-president of federal affairs Craig Stewart said in a statement. “The investments announced in Budget 2018 will help better equip Canadians to deal with the effects of severe weather.”

Stewart explained that extreme weather events, aggravated by climate change, are no joke – they cost Canadians a lot of money, on top of the tragedy and destruction they cause.

“Severe weather is already costing Canadian taxpayers hundreds of millions of dollars annually. By making smart investments in mitigation and adaptation, and by introducing stronger environmental frameworks, Canada is on track to limit future damage while still addressing immediate and current climate challenges.”

“Climate change is affecting our country both environmentally and economically,” Stewart added. “We will continue to work with all levels of government across the country in the areas of mitigation, adaptation, and emergency management – all of which form the basis of a comprehensive climate strategy.”

Related stories:
Lessons learned from latest Canada flooding
IBC submits recommendations on the Highway Safety Code update