Global Collaboration for Environmental Protection in the $32.8 Billion Environmental Consulting Services Market - The Business Research Company

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Nov 04, 2019, 07:48 ET

LONDON, Nov. 4, 2019 /PRNewswire/ -- Environmental concerns are leading countries across the globe to collaborate to tackle climate change. For instance, the European Union has extensive environmental laws under its European Environmental Law, and SAARC countries have developed the Agreement for Energy Cooperation (Electricity). In 2015, 195 countries adopted the Paris Agreement during the United Nations Climate Change Conference. It is the first legally binding, internationally coordinated climate deal, to help develop sustainable solutions for global environmental issues such as nuclear cleanup and global warming. Under the agreement, governments will collaborate to provide $100 billion per annum to fund environmentally efficient solutions in developing countries, to which the US government deposited $500 million in March 2016. Since the agreement, countries all over the globe have started to significantly integrate climate change regulations and policies as part of their law-making process. This collaboration between global organizations is driving the environmental consulting services market to grow from $32.8 billion in 2018 to $35.9 billion in 2021 at an annual growth rate of 3.02%.

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Promotion Of Sustainable Development And Living By Global Organizations And Governments

Sustainable development refers to the economic growth of a country or region, without or with minimum depletion of natural resources. The United Nations Organization established Sustainable Development Goals for all its members with an agenda to ensure responsible growth to 2030. These goals include ensuring availability and equitable access to drinking water, improving water quality by reducing pollution and preventing dumping of hazardous waste, building safe and resilient infrastructure, integrating measures to tackle climate change in national policies, and the promotion of sustainable use of marine and terrestrial resources. Meeting these targets is expected to drive demand for the services of environmental services companies.

Governments around the world are investing in the creation of smart cities to promote sustainable living. The overall smart-city experience involves systems and objects interconnected through various technologies like local, wide area and wireless networks. The European Union is actively promoting smart city initiatives, with funds for research and sustainability targets for member states. The concept of smart cities is also becoming more popular in developing nations: China and India alone have planned almost 300 smart cities. Through the next decade, smart cities will introduce numerous climate-sustainable solutions for industries such as energy, technology, and manufacturing. Companies will strive to deliver innovative approaches to manage complex projects, high-risk infrastructure, and protect public health, by preserving the environment and restoring natural resources.

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Environmental Solutions For Low Income Geographies

Environmental consulting services companies are increasingly offering affordable solutions for low income countries. In April 2017, researchers at the University of British Columbia developed a wastewater treatment process to provide access to drinking water to low-income communities. This system is expected to be much cheaper and more effective than conventional wastewater systems. Pierre Bérubé, Professor at UBC, said "This system could help provide clean drinking water to populations where technical expertise or funds are limited." These cost-effective solutions will help environmental consulting companies to access markets in low income geographies which were previously inaccessible due to cost constraints; this is expected to further drive the environmental consulting services market in developing and under developed economies.

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