Climate change is a serious threat but it also affords some significant business opportunities. According to a 220 page report by Environmental Business International (EBI), companies positioned to help clients prepare for climate change can reap major dividends. Climate change and extreme weather in particular will drive rapid expansion of adaptation work in both the private and public sectors.
For the next two years companies will see modest growth, primarily from adaptation assessments, but once the work moves into the design, engineering and construction phases the growth will begin in earnest.
The US climate adaptation market was valued at $700 million in 2013. By 2016 EBI forecasts the market will grow to $ 1 billion while the global market is expected to reach $ 2 billion in the next couple of years.
The bulk of this work is expected to come from analysis, assessments, mapping and planning projects conducted by consulting, engineering and professional service firms.
Beyond 2016, EBI predicts growth will be driven by major projects like desalination plants, levees, sea walls, port reinforcements and similar projects.
Long term, climate change adaptation projects will represent tens of billions of dollars annually, including design and construction.
According to EBI’s Jim Hight, “now is the time for companies to understand the advantages of being early movers in responding to the challenges and opportunities of climate change.”
To purchase the report click here.