New York, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The climate change consulting market was valued at USD 2.8 billion in 2023. It is expected to reach USD 7.7 billion by 2033, with a CAGR of 7.7% during the forecast period from 2024 to 2033.
The climate change consulting market is undergoing rapid growth, compelled by the growing demand for global sustainability standards and advancements in technology. Key factors pushing this expansion comprise a significant transformation in the climate regulatory landscape, heightened stakeholder interest, and rising awareness of climate change risks to businesses. Organizations are constrained to improve climate change transition tactics, demanding internal investment in management, governance, and implementation techniques while also showcasing performance to external markets.
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The Federal Inflation Reduction Act, declared in August 2022, represents a significant global investment policy for climate change, directing over USD 394 billion towards energy shift and incentivizing private funding through tax credits, loan guarantees, and grants. Climate change consulting providers are developing their services to meet diverse demands, providing expertise in areas such as emission reporting. Major global consulting firms, like EY, are establishing cross-functional teams and cooperating with technology giants to assimilate sustainability specialists and financial reporting professionals, augmenting their service offerings.
Digital tools play a vital role, with providers associating with technology organizations and developing internal platforms for climate risk quantification and emission management. The demand for climate change consulting is anticipated to escalate, compelled by its indispensable role in guiding businesses and organizations through market expansion in the coming years.
Key Takeaways
- Green Building Services rules the service type market segment due to the substantial environmental impact of the construction industry.
- Energy & Power leads the industry-type market segment due to shifting towards renewable energy sources and implementing more efficient technologies to reduce its environmental impact.
- North America rules the global climate change consulting market with a 35.60% share.
Driving Factors
Rising Demand for Green Products and Services
The escalating consumer demand for low-carbon products and services is another significant growth driver for the climate change consulting market. With NielsenIQ reporting that 78% of U.S. consumers prioritize a sustainable lifestyle, the need for green technology and sustainable business models is more pronounced than ever. Consultants play a critical role in this transition, assisting companies in developing and marketing low-carbon alternatives. This trend underscores the importance of consulting services in guiding companies through green innovation and sustainable market positioning.
Strict Regulations Push the Market Expansion
The increasing implementation of environmental regulations by governments is a pivotal driver for the climate change consulting market. Stringent emission limits and guidelines, like those proposed by the EPA in May 2023, necessitate expert guidance for compliance, particularly for fossil fuel-fired power plants. These regulatory pressures compel companies to seek specialized consulting services, ensuring they not only comply with the evolving legal framework but also contribute positively to global climate objectives.
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Restraining Factors
Short-Term Focus of Executives and Investors
There's a prevalent trend where immediate financial performance is prioritized over long-term climate change initiatives. This approach poses a significant challenge for climate change consultants, whose work primarily involves implementing long-term sustainability strategies. The reluctance of companies to invest in long-term environmental sustainability due to immediate financial concerns limits the scope and impact of climate change consulting services in the broader market.
Growth Opportunities
High Impending in Financial Services
This sector's need to integrate climate considerations into their frameworks presents a substantial growth opportunity for climate change consulting. Consultants can offer expertise in assessing climate-related financial risks, advising on green financing projects, and aiding in the development of sustainable investment portfolios. The burgeoning market for green bonds and sustainable investments underscores this trend. Moreover, financial institutions are seeking guidance to comply with climate disclosure regulations and to capitalize on opportunities to fund environmentally beneficial projects, further driving demand for climate change consultancy services.
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| Report Attribute | Details |
| Market Value (2023) | US$ 2.8 Billion |
| Market Size (2033) | US$ 7.7 Billion |
| CAGR (from 2024 to 2033) | 7.7% from 2024 to 2033 |
| North America Region Revenue Share | 35.60% |
| Historic Period | 2016 to 2023 |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
Regional Analysis
North America rules the global climate change consulting market with a 35.60% share, propelled by heightened awareness and response to climate challenges. The region's substantial greenhouse gas emissions, up 18% since 1990, and the United States' significant carbon output mandate robust climate change strategies. Consulting demand is fueled by governmental policies, corporate sustainability goals, and public concern. In Europe, sustainability leadership and strict regulations drive consulting needs, while Asia-Pacific's market grows amid rapid industrialization and environmental challenges, particularly in China and India, emphasizing sustainable development and climate mitigation.
Segment Analysis
By Service Type, Green Building Services rules the market segment. This segment's significance is underscored by the substantial environmental impact of the construction industry. It focuses on designing, constructing, and operating buildings more sustainably. This involves utilizing energy-efficient technologies, sustainable materials, and innovative designs to reduce environmental impact. The direct impact and measurable benefits of Green Building Services in reducing carbon footprints and operational costs make them the leading segment in climate change consulting.
By Industry Type, Energy & Power leads the market segment. The sector is undergoing a major transformation, shifting towards renewable energy sources and implementing more efficient technologies to reduce its environmental impact. In mining, consultants help implement sustainable mining practices and reduce environmental impact. The government and public sector seek advice on policy-making, regulatory frameworks, and sustainable urban planning. The ongoing global focus on transitioning to renewable energy and reducing dependence on fossil fuels further underscores the significance of this sector.
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By Service Type
- Green Building Services
- Corporate Strategy for Climate Change
- Supply Chain and Ecosystem Services
- Emission Trading and Offsetting
- Renewable Energy Consulting
- Carbon Trading and Financing
- Policy and Economics
- Energy Audits
By Industry
- Energy & Power
- Mining
- Large Corporations and SME's
- Government and Public Sector
- Manufacturing
- Transportation & Logistics
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Competitive Landscape Analysis
EY and PwC lead the Climate Change Consulting Market, shaping business and government strategies with comprehensive sustainability integration. Deloitte and KPMG excel in environmental advisory, aligning with the industry's trend of incorporating environmental factors into business decisions. McKinsey and BCG, with global reach, provide strategic insights for diverse sectors, highlighting their pivotal roles in addressing complex climate challenges.
Key Players
- Coastal Risk Consulting, LLC
- EY (Ernst & Young)
- A.T. Kearney, Inc.
- PricewaterhouseCoopers LLP (PwC)
- Deloitte LLP
- Ramboll Environ, Inc.
- McKinsey & Company, Inc.
- Booz & Company
- KPMG International
- CH2M HILL Companies, Ltd. (Jacobs Engineering Group)
- Material Economics
- Boston Consulting Group (BCG)
- WSP
- Greenfish
- Trinomics B.V.
- ICF International, Inc.
- Avieco
- ERM Group, Inc.
- Bain & Company
- EY (Ernst & Young)
Recent Development
- In January 2024, El Paso City Council approved a $1.2 million contract with AECOM to develop the region's first comprehensive Climate action plan. This plan, funded by a $5 million bond, aims to address climate change through measures such as high-density development incentives, renewable energy investments, and transitioning fleets to electric vehicles.
- In January 2024, Kenya launched the Building Climate Resilience for the Urban Poor (BCRUP) program at COP28 in Dubai, aiming to enhance adaptive capacity against climate change for urban dwellers. Supported by UN-Habitat, the 10-year initiative targets 12 African countries with an estimated urban poor population of 112 million, requiring approximately $5 billion for implementation.
- In January 2024, Boston Consulting Group (BCG) entered a strategic agreement with 1PointFive, a subsidiary of Occidental, to purchase 21,000 metric tons of carbon dioxide removal (CDR) credits over three years. BCG will also collaborate with 1PointFive on consulting services, including the development of business processes supporting Direct Air Capture CDR credits.
- In December 2023, UNDP emphasized the vital role of migrants in climate adaptation and sustainable growth. Remittances from migrants contribute over 20% of GDP in vulnerable countries, supporting resilience, reducing poverty, and aiding disaster recovery. Initiatives like tree planting in Uzbekistan involve migrants, showcasing their potential in green transitions and skill gaps.
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