Ontario's financial watchdog says the dangers of a changing climate could add more than $4 billion per year to the cost of maintaining public infrastructure in the province.
But the Financial Accountability Office says provincial and municipal governments can cut those costs by quickly making roads, hospitals, schools and stormwater pipes more resilient to extreme heat and rainfall.
The report estimates climate hazards will add $4.1 billion per year to public infrastructure costs if governments don't adapt, based on a scenario where global temperatures rise to about 2.3 C above the pre-industrial average.
Those costs are projected to come down to around $3 billion per year if the province and municipalities proactively make all public infrastructure climate resilient by 2070.
The FAO says there's been widespread interest in its report from governments and organizations for its unique effort to match climate risks with projected costs.
The report released today says the effects of extreme heat and extreme rainfall are projected to cost municipalities, who manage the majority of the Ontario's infrastructure portfolio, four times more than the provincial government.