Human-caused climate change is affecting Canadians already. In March 2019, the Canadian government released ‘Canada’s Changing Climate Report,’ which unnervingly shows Canada’s climate to be warming two-to-three times faster than the global average, with average temperatures possibly rising by 6.3 degrees by the year 2100.
Warming weather due to climate change is causing profound changes to seasonal and annual patterns in terms of precipitation, temperature, and numerous other variables. It is also changing the frequency, intensity, and duration of extreme weather events. These changes can pose significant risks for electricity companies—risks that need to be managed through adaptation. The challenge most industries must now consider is how to adapt to those increasingly severe and frequent weather events.
With inevitable climate change on the horizon, electricity companies understand the unique role the sector plays and the importance of ensuring safe, reliable, and affordable electricity for customers. This means utilities must continue to harden infrastructure against increasingly severe and frequent weather events as the costs of inaction will exceed the costs of adaptation.
While climate adaptation plans for industries are not yet government-mandated, investors and insurers are increasingly interested in assessing the risks posed by a company’s exposure to climate change. Furthermore, as providers of a critical service, a resilient electricity sector is essential to all other sectors abilities to adapt. From responding to power outages promptly, to identifying critical and vulnerable assets and operations and investing in the right infrastructure and technology, climate adaptation for the electricity sector is a multi-faceted battle for which utilities are preparing.
