British Columbia unveils climate resilience investment
British Columbia unveils climate resilience investment | Insurance Business Canada
Catastrophe & Flood
British Columbia unveils climate resilience investment
Insurance Bureau of Canada welcomes the move
Catastrophe & Flood
By
Terry Gangcuangco
The government of British Columbia is pouring new funding into climate resilience – a move welcomed by the Insurance Bureau of Canada (IBC).
“From wildfires to heat waves, British Columbia has faced the very real effects of climate change on our planet,” reads part of the BC government’s strategic plan as in its 2024 budget.
“Budget 2024 makes strong investments in building climate-resilient communities, such as helping more farmers and ranchers upgrade their water infrastructure to prepare for drought, ensuring food sources for people and livestock are secure.
“To keep people safe and secure, Budget 2024 further increases the people and equipment – including planes and helicopters – needed to fight wildfires and broadens support for people when they are evacuated as a result of a climate emergency.
“While we need to adapt and prepare for more events such as this in the future, we know we can’t lose sight of fighting the root cause of the problem. BC continues to lead on climate action and sustainable job growth through the CleanBC Roadmap to 2030.
“Budget 2024 continues to fund grant and rebate programs for clean transportation, energy-efficient buildings and communities, heat pumps to help people cut pollution and their power bills and supports a green and sustainable economy with good jobs for people.”
In response, IBC vice president for Western and Pacific Aaron Sutherland said the association welcomes the $405 million being allocated towards loss mitigation and better disaster response.
“This substantial investment to improve wildfire and flood mitigation, response, and recovery efforts will help build resilience to the climate-related risks we face moving forward,” Sutherland said.
“Insurance coverage for wildfire is widely available and included in standard home insurance policies, yet financial protection for flood remains unavailable for many British Columbians living in areas of highest risk.
“That is why IBC has been calling on the federal government to urgently move forward with the National Flood Insurance Program to help ensure all Canadians have access to affordable flood insurance to mitigate the financial risk they face from flood events.”
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