Interest in climate change is becoming an increasingly powerful economic driver, so much so that some see it as an industry in itself whose growth is driven in large part by policymaking.
The $1.5 trillion global “climate change industry” grew at between 17 and 24 percent annually from 2005-2008, slowing to between 4 and 6 percent following the recession with the exception of 2011’s inexplicable 15 percent growth, according to Climate Change Business Journal.
The San Diego, Calif.-based publication includes within that industry nine segments and 38 sub-segments. This encompasses sectors like renewables, green building and hybrid vehicles.
That also includes the climate change consulting market, which a recent report by the journal estimates at $1.9 billion worldwide and $890 million in the U.S.
Included in this sub-segment, which the report shows is one of the fastest growing areas of the climate change industry, are environmental consultants and engineers, risk managers, assurance, as well as legal and other professional services.
Figures for the climate change consulting market are expected to more than double in the next five years, and the report’s authors believe the climate change industry as a whole will have an even steeper and faster growth trajectory than the environmental consulting industry – an industry that in 1976 had billings of $600 million and today generates $27 billion.