Market Is Estimated To Witness High Growth Owing To Increased Environmental Regulations & Focus on Sustainability
The Climate Change Consulting market is estimated to be valued at US$6.5 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Climate change consulting services include assisting organizations and governments to develop and implement strategies to reduce greenhouse gas emissions, evaluate climate risks and vulnerabilities, perform carbon accounting and management, and advise on compliance with climate regulations. The market caters to various end-use industries such as energy & utilities, mining & metals, transportation, and construction among others.
Market Dynamics:
Increased environmental regulations around the world along with focus on sustainability are expected to be the major drivers of climate change consulting market growth over the forecast period. Regulatory bodies across countries have implemented stringent regulations to curb carbon emissions from industries. For example, the European Union has proposed its 'Fit for 55' package which targets to reduce net greenhouse gas emissions by at least 55% by 2030 from 1990 levels. Similarly, governments are also offering incentives and subsidies for organizations transitioning to clean technologies and operations. Furthermore, investors are increasingly focusing on ESG compliant organizations, thereby driving demand for climate change consulting services to integrate sustainability in business strategies and operations. Consulting organizations assist clients in emission reporting, identifying sustainability goals, designing decarbonization roadmaps, and providing strategies to capitalize on emerging green opportunities.
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