TORONTO — Canada has an opportunity to leap ahead and reap the economic gains of climate action as the U.S. retreats, said several speakers at the launch of the first Toronto Climate Week on Wednesday.

"There is a massive economic opportunity here. The U.S. just left a huge leadership gap that we could fill," said Becky Park-Romanovsky, founder and executive director of the conference.

Climate change is already hurting the economy, said federal Environment Minister Julie Dabrusin, citing a study that estimated climate-induced damages would cause a $25 billion drag on the economy this year.

Meanwhile, the economic potential in solving the problem is part of why the government is working on its climate competitiveness strategy, she said.

"We're talking about a moral imperative, but we're

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