Thread by @Ryan_B_Ness

Climate wonks are (justifiably) focussed on Budget 2023’s investments to accelerate the clean energy economy and upgrade Canada’s electricity systems. But does the budget move #climateadaptation forward? Follow the 🧵...

Crucially, Budget 2023 follows through on the $1.6 billion in federal government funding commitments for adaptation over the next five years, announced with the National Adaptation Strategy last fall.
canada.ca/en/environment…

The budget also announced a national low-cost insurance program to help to protect the 10% of Canadian households at high and growing risk of flooding—most of which are otherwise uninsurable (although this is not a panacea and must consider moral hazard - more in future tweets)

Budget 2023 cements these investments, but they are only a down payment towards the bigger need. Much more investment by governments is required to close the adaptation gap that is already costing Canada tens of billions annually.
climateinstitute.ca/news/canadas-e…

And while $1.6 billion in new funding over 5 years sounds great, many existing federal adaptation programs are ending soon, which means that absent additional investments the amount the government spends on adaptation will shortly be going DOWN

So—climate wonks, watch for the release of the final National Adaptation Strategy later this spring. It should lay out the big-picture game plan we don’t yet have to address Canada’s top climate change risks.
climateinstitute.ca/reports/safer-…

And future budgets should invest in delivering the National Adaptation Strategy on the same scale as in reducing our greenhouse gas emissions and building a green economy—because it is just as important in protecting our future prosperity and wellbeing