OTTAWA (Reuters) – Canada plans to focus its next budget on tackling climate change and its effects but the insurance industry, amid skyrocketing costs, is concerned the government will move too slowly on the key first step of mapping flood risks. FILE PHOTO: Canadian Forces members build a wall of sandbags outside a home in the flooded Constance Bay area in Ottawa, Ontario, Canada, April 30, 2019. REUTERS/Chris Wattie Flood mapping is used to underwrite flood insurance, assess bank exposure across mortgage portfolios, inform home buyers, and plan new infrastructure. Prime Minister Justin Trudeau pledged sweeping climate action during his re-election campaign last year, including C$150 million ($112.2 million) for flood mapping. The federal budget is expected at the end of March. “Flooding is by far the single greatest peril facing Canadians as a result of climate change,” Craig Stewart, vice president of federal affairs for the Insurance Bureau of Canada, told Reuters. Stewart said the natural resources ministry is proposing doing the mapping itself with the focus only on fluvial – river and lake – flooding, in a process that would take 10 years. The natural resources and finance ministries both declined to say whether such a measure would… Read full this story
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