Market Size And Forecast: Climate Risk Consulting 2022-2028 (Global)

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Executive Summary

This report presents the Verdantix market size and forecast for climate risk consulting services. It provides an overview of the market, including regional and industry breakdowns, for service providers and investors, and identifies the main trends and drivers that will shape the market to 2028. The Verdantix model incorporates analysis of macroeconomic drivers, disclosed and estimated revenue data from consulting providers, and insights from survey data and interviews. The climate risk consulting market consists of solutions across four segments: climate risk strategy and governance; climate mitigation and adaptation; climate risk quantification and scenario analysis; and climate risk, opportunity and adaptation disclosure management. Verdantix calculates a market value of $2.0 billion based on data from the latest full financial year available (2022) and forecasts the market to grow at a CAGR of 29%, reaching $9.1 billion by 2028.

Table of contents

Regulatory pressure and cost of climate events drive spending on consulting services over the next five years
Market size data reflect the revenues of climate risk consulting services across four service lines
The climate risk consulting services market was worth $2.0 billion in 2022
Climate-related regulations and shortage of climate talent accelerate demand for risk consulting services
Impacts of physical and transition climate risks reinforce each other and prompt more corporate attention
The climate risk consulting services market will be worth more than $9.1 billion in 2028

Table of figures

Figure 1. Climate risk consulting service lines and definitions
Figure 2. Verdantix market size and forecast methodology
Figure 3. Regional breakdown
Figure 4. Relationship of climate risk consulting to climate change consulting
Figure 5. Scope of the climate risk consulting market
Figure 6. 2022 climate risk consulting services spend by region ($ millions)
Figure 7. Industry breakdown
Figure 8. 2022 climate risk consulting services spend by industry ($ millions)
Figure 9. 2022 climate risk consulting services spend by service line ($ millions)
Figure 10. Firms' plans for supporting in-house projects along the climate risk service lines
Figure 11. Expected change in spend on consulting services in 2024 compared with 2023 
Figure 12. Climate risk consulting forecast by region 2022-2028
Figure 13. Climate risk consulting forecast by industry 2022-2028
Figure 14. Climate risk consulting forecast by service line 2022-2028

About the authors

Katelyn Johnson

Senior Manager, Risk Management
Katelyn is the Senior Manager in the Verdantix Risk Management practice. Her current research agenda focuses on climate risk and its integration into risk management frameworks. Prior to joining Verdantix, Katelyn was a climate scientist at GNS Science in New Zealand. She has previously held roles in the energy industry, where she helped projects manage risk due to weather and ocean phenomena. Katelyn holds a PhD in Geology from Victoria University of Wellington and an MS in Earth Sciences from Ohio State University – both focusing on climate science – as well as a BS in Meteorology from Texas A&M University.

Christine O'Donnell

Industry Analyst
Christine is an Industry Analyst in the Verdantix Risk Management practice. Her current research agenda focuses on reputational risk, third-party risk, ESG risk, GRC solutions and regulatory change. Prior to joining Verdantix, Christine worked at Gartner, where she specialized in organizational design and change management. Christine holds a first-class BSc in Geography from the University of Birmingham.

Daniel Garcia

Senior Manager
Daniel is a risk and compliance subject-matter expert (SME), with over 16 years of global experience, having worked for major financial institutions and consulting firms in Latin America, Europe and Asia. He leads the Verdantix Risk Management practice, where he steers market research intelligence and provides Advisory services on risk and compliance matters. Daniel has a BA in Economics and an MSc in Capital Markets and Financial Engineering.

Ryan Skinner

Research Director, Net Zero & Climate Risk
Ryan is the Research Director for the Verdantix Net Zero & Climate Risk practice. He guides the research team to develop compelling research at the intersection of net zero strategies, carbon management, climate risk and technology. Prior to joining Verdantix, Ryan was a principal analyst at Forrester Research, where he initiated the research into ESG data and analytics offerings. He also has extensive experience of helping software companies with their messaging, positioning, market and technology strategies. Ryan studied at Duke University, the University of Manchester and the University of Oslo, and speaks Norwegian fluently.

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