Climate change to cost more than COVID-19: study

One of the world's largest insurers says Canadians will be more than a $100 billion poorer by 2050 if the world doesn't work harder to fight climate change.

Swiss Re, a multinational corporation that insures insurance companies, says that's much higher than the cost of the COVID-19 pandemic.

Chief economist Jerome Haegeli says the world's current path puts Canada on track to lose seven per cent of its gross domestic product.

He says reducing the amount of global warming could cut those costs almost in half.

Haegeli says Canada's northern latitude and well-developed infrastructure makes it one of the countries best placed to adapt to climate change.

We need more and bolder action on climate change! As our new climate economics research shows, the world economy could lose up to 18% of GDP from climate change if no action is taken. The time to act is now. #ClimateRisk #RaceToZero https://t.co/B4mmxJUF4d

— Jerome Haegeli (@JeromeHaegeli) April 22, 2021

The company's report comes on Earth Day and the opening of the climate summit organized by U.S. President Joe Biden.

Prime Minister Justin Trudeau has announced Canada is increasing its goal on cutting greenhouse gas emissions to at least 40 per cent by 2050, up from 36 per cent.