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Cost of future extreme heat events high for humans and the B.C. economy: report

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A new report is painting a bleak picture of the costs of future extreme heat events, both human and financial, if the government doesn’t take action.

The report by the Canadian Climate Institute broke down the costs of the 2021 B.C. heat dome, during which more than 600 people died.

It predicts that factoring in climate change, by 2030 extreme heat could kill more than 1,300 people each year and send 6,000 to the hospital.

The potential financial cost could be $100 million per year in health care and more than $12 billion in annual societal costs.

“Extreme heat is going to get worse. Climate models indicate that sustained temperatures similar to the 2021 heat wave have a 10 per cent chance of reoccurring in B.C. within the next two decades,” the report states.

“By mid-century, B.C. could experience temperatures similar to the heat wave an average of three out of every ten years if global greenhouse gas emissions are not substantially reduced.”

The report states that B.C. is not the only province at risk as many parts of Canada will see a substantial increase in the number of days where heat can harm people and the economy.

“We have to accelerate everything we’re doing to protect people from extreme heat as quickly as possible because the next heat wave could occur at any time as we’re seeing across the country right now,” Ryan Ness with the Canadian Climate Institute told Global News.

“It is the most vulnerable who bear the brunt of extreme heat as they will for many types of climate change impacts.”

A review of the 2021 heat-related deaths in British Columbia made 14 recommendations when it was released last year into preventing similar deaths, including a clearer and more coordinated action plan in the event of another extreme heat event.

The report, produced by the BC Coroners Service recommended that authorities review whether to issue cooling devices such as air conditioners and fans to people most at risk of dying during a heat emergency.

In June, the B.C. government announced it was spending $10 million in funding over three years for free air conditioners for vulnerable residents.

The funds will be administered through BC Hydro as an expansion of its Energy Conservation Assistance Program, Health Minister Adrian Dix said.

The Crown corporation will accept applications from members of the public with a focus on lower-income residents and seniors, and in some cases, health authorities will be able to provide referrals as well. Dix said he expects the program to distribute about 8,000 air conditioners in the next three years.

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

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TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

Statistics Canada reports wholesale sales higher in July

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OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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