>"Climate change and the transition to a low-carbon net zero economy will have significant macroeconomic consequences, touching every region and sector of the Canadian and global economies," the bank said in a statement tied to the United Nations' COP26 global climate summit in Scotland.
And:
>Separately, Bank of Canada Deputy Governor Toni Gravelle said the steps needed to mitigate the effects of global warming would lead to massive restructuring and the risk that some parts of the economy would shrink.
>"Asset values across the financial system could be subject to sharp declines in valuation, which might generate credit and market losses, and it might increase the stress on the financial system," he told a climate panel in Toronto.
Nothing in that quote mentioned anything about the cost of doing nothing.
>"_Climate change and_ the transition to a low-carbon net zero economy will have significant macroeconomic consequences ... "
>Separately, Bank of Canada Deputy Governor Toni Gravelle said the steps _needed to mitigate the effects of global warming_ ...
>It would be great news if we can sacrifice some economic growth
The bank of Canada is projecting "significant macroeconomic consequences, touching every region and sector" and "asset values across the financial system could be subject to sharp declines in valuation, which might generate credit and market losses, and it might increase the stress on the financial system".
https://www.reuters.com/business/cop/bank-canada-plans-new-t...