Assessing Climate Preparedness : A Comparative Analysis of Canada's Provinces and Municipalities

Abstract

Climate change poses environmental, economic, and societal risks to Canada, as evidenced by the increasing severity and frequency of wildfires, floods, and storms. While climate mitigation efforts remain paramount, this study underscores the urgent need for improved data transparency to enable better assessments and facilitate more comprehensive adaptation efforts. We assess the preparedness of ten Canadian provinces and six municipalities for climate-related natural disasters by developing a composite index (score) that integrates both financial and qualitative indicators derived from public disclosures. During our analysis, we encountered persistent gaps in natural disaster damage reporting and noted a lack of standardized data-shortcomings that obstruct accurate benchmarking and hinder informed decision-making. We thus provide recommendations for enhanced reporting that can not only guide policymakers and community planners but also support investors in evaluating climate resilience as a factor in their capital allocation and risk assessments. By aligning adaptation strategies with regional risk profiles, ensuring greater data comparability, and integrating resilience metrics into investment criteria, stakeholders can more effectively navigate the evolving landscape of climate-related threats and foster a more adaptable, future-ready Canada.