Navigant Consulting recently published a well-researched blog, “Facing Climate Change and Adapting,” that reminds us of the billions of dollars the UN Green Climate Fund is expected to generate to support climate adaptation in emerging economies. The article also addresses the growing market demand for climate adaptation services, regardless of the $2 billion global multilateral mechanism, that grows at a brisk pace. If this sounds unlikely, just think of the dollars infused when countries have adapted to other mega trends, such as preparing for and recovering from World Wars. While the blog identifies engineering consulting firms, desalinization technology and construction firms among those that stand to benefit from a changing climate, other sectors already have begun to benefit:
- The pharmaceutical industry will grow as vector-borne diseases adapt to geography changes.
- Agricultural innovation in seed and fertilizer already is occurring (see BASF an Monsanto) to accommodate not only different precipitation but also varying temperatures.
- Networking technologies are becoming hotter commodities, especially those that address the growing challenges of resource scarcity, the land-water-food-energy-climate nexus and the increasing impact and frequency of weather extremes.
While corporations involved in climate-change work often have been on both sides of the proverbial coin – either as mitigation leaders, looking to reduce greenhouse gas emissions, or climate avoiders looking to avoid prohibitive policy changes, a new generation of climate leaders is emerging. They see the great value in placing adaptation at the forefront of their work, and they’re well positioned to capture real market value from the billions of adaptation dollars out there.