The Global Climate Change Consulting Market was valued at US$ 6.12 Billion in 2021 and is expected to surpass US$ 9.89 Billion by 2030, registering a CAGR of 5.7% during the forecast period (2022-2030), according to the Global Climate Change Consulting Market Report, by Service Type (Corporate Strategy for Climate Change, Carbon Footprint Analysis, Emission Trading and Offsetting, Renewable Energy Development, Energy Efficiency, Policy and Economics, Climate Adaptation Analysis & Planning, Green Building Services), by Industry (Mining, Energy & Utilities, Government, Manufacturing, Transportation & Logistics, Others (Construction, Agriculture, Forestry, etc.)), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
The regulatory framework for climate change has drastically changed since the last three decades, worldwide. Over 1,200 climate change relevant policies have been implemented in around 164 countries across the world who are responsible for around 94% of the global greenhouse gas emissions. Moreover, it has become mandatory for organizations to implement effective measures to limit carbon emissions and reduce temperature rise. For instance, as per the data published by Reason Foundation, a non-profit organization & a free-market policy group in March 2018, federal agencies included the cost of greenhouse gas emissions while evaluating regulations that affect such emissions since 2008. This measure is known as Social Cost of Carbon (SCC). Also, around 150 large scale organizations such as The World Bank are taking lead on carbon pricing and are engaging themselves in policymaking to support carbon-pricing legislations. The global aim of climate policy is to maintain temperature under 2°C above pre-industrial temperatures. According to the Intergovernmental Panel on Climate Change (IPCC), all developed economies are mandated to cut their emissions by 80% below their 1990 levels by 2050.
As per The American Action Forum (AAF), which promotes center-right economic and fiscal policy issues in the U.S., lack of regulations to minimize greenhouse gases will impose costs between US$ 588 billion to US$ 4.5 trillion based on policy goals by 2050. This led to increased demand for consulting services for better decisions among large sale organizations. However, decreasing stringency on policies and regulations on climate change and carbon emissions hinders the market growth. Federal agencies use social cost of carbon (SCC) to evaluate the economic harm caused by releasing more carbon dioxide in the atmosphere and increase in global warming. The Obama administration estimated this cost per ton to be around US$ 50 by 2020 post adjusting inflation, which led to implementation of stringent regulation regarding harmful gas emissions. However, the current Trump administration argues with the aforementioned facts stated by previous administration and stated that each ton of carbon dioxide emitted by a car or a coal plant in 2020 would only cost US$ 1 to US$ 7 in monetary loss, as the Obama administration considered the impact within the boundaries of the U.S. and not internationally. However, refusing to control carbon emissions in the U.S. can negatively impact the response from other countries, which may also relax their legislations on carbon emissions. This can result in increased global warming and drastic climate change.
Key Development
- In August 2021, Deloitte LLP, an international professional service provider launched climate learning program to their 330,000 people across the world. The programs aims to increase climate literacy and help in building the skills that will be useful to address climate change issue.
Global Climate Change Consulting Market- Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 pandemic has severely impacted several companies across the globe. Lockdowns were imposed to stop the spread of the virus. Owing to COVID, consulting projects were either postponed or canceled which impacted the business of consulting service providers. Hence, the global climatic change consulting market witnessed slow growth during the pandemic.
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https://www.coherentmarketinsights.com/market-insight/climate-change-consulting-market-2537
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Key Trends and Analysis of the Global Climate Change Consulting Market:
- North America held dominant position in the global climate change consulting market in 2020 and is projected to retain its dominance throughout the forecast period. The U.S. accounted for the largest share in terms of revenue in the region, owing to supportive government legislations in most of the states in the country and initiatives taken by organizations in response to tackle climate change risks.
- Among industry, energy and utilities sector contribute significantly in global warming and climate change. Therefore, companies operating in the sector are seeking guidance via consultancy to tackle climate change risks by implementing them into their strategic roadmap. In 2020, energy and utilities sector accounted 17.4% of global climate change consulting market.
- Major players operating in the global climate change consulting market include ICF International, Inc., A.T. Kearney, Inc., McKinsey & Company, Inc., PricewaterhouseCoopers LLP (PwC), ERM Group, Inc., KPMG International, Coastal Risk Consulting, LLC, CH2M HILL Companies, Ltd. (Jacobs Engineering Group), Deloitte LLP, Ramboll Environ, Inc.
