Environment Minister Steven Guilbeault said the government used updated scientific knowledge and economic models to revise its evaluation of how much climate change costs.
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The idea is that growing emissions contribute more to global warming, and every increase in global average temperatures can increase the number and severity of extreme weather events.
The new numbers have been in development for months but come after a recent report from the parliamentary budget officer on the economic costs of the carbon price. That report did not specifically equate the cost of the price on carbon to the costs of climate change itself.
OTTAWA - The economic cost of greenhouse gas emissions is nearly five times higher than previously thought, Environment Minister Steven Guilbeault said Wednesday.