mandatory for organizations to implement effective measures to limit carbon emissions and
reduce temperature rise. For instance, as per the data published by Reason Foundation, a non-
profit organization & a free-market policy group in March 2018, federal agencies included the
cost of greenhouse gas emissions while evaluating regulations that affect such emissions since
2008. This measure is known as Social Cost of Carbon (SCC). Also, around 150 large scale
organizations such as The World Bank are taking lead on carbon pricing and are engaging
themselves in policymaking to support carbon-pricing legislations.
The global aim of climate policy is to maintain temperature under 2°C above pre-industrial
temperatures. According to the Intergovernmental Panel on Climate Change (IPCC), all
developed economies are mandated to cut their emissions by 80% below their 1990 levels by
2050. As per The American Action Forum (AAF), which promotes center-right economic and
fiscal policy issues in the U.S., lack of regulations to minimize greenhouse gases will impose costs
between US$ 588 billion to US$ 4.5 trillion based on policy goals by 2050. This led to increased
demand for consulting services for better decisions among large sale organizations.
However, decreasing stringency on policies and regulations on climate change and carbon
emissions hinders the market growth. Federal agencies use social cost of carbon (SCC) to
evaluate the economic harm caused by releasing more carbon dioxide in the atmosphere and
increase in global warming. The Obama administration estimated this cost per ton to be around
US$ 50 by 2020 post adjusting inflation, which led to implementation of stringent regulation
regarding harmful gas emissions. However, the current Trump administration argues with the
aforementioned facts stated by previous administration and stated that each ton of carbon
dioxide emitted by a car or a coal plant in 2020 would only cost US$ 1 to US$ 7 in monetary loss,
as the Obama administration considered the impact within the boundaries of the U.S. and not
internationally. However, refusing to control carbon emissions in the U.S. can negatively impact
the response from other countries, which may also relax their legislations on carbon emissions.
This can result in increased global warming and drastic climate change.
Browse more about study @
https://www.coherentmarketinsights.com/market-insight/climate-change-consulting-market-2537
Key Takeaways of the Market:
Asia Pacific climate change consulting market is projected to witness highest growth rate
of 5.5% during the forecast period. Asia Pacific region is facing severe environmental and
socio-economic challenges. Climate changes are expected to affect water resources,