Today, the main focus of climate change conversation is mitigation. Solutions for mitigating or even eliminating the causes or effects of climate change are referred to as mitigation.
Although adaptation is just as vital as mitigation in terms of combating climate change, it somehow gets less attention.
Adaptation strategies make the necessary adaptations in response to the assumption that climate change is inevitable.
As a result, they create significant economic opportunities by anticipating the evolving environment and creating new business models.
Given the magnitude of the negative effects that human activity has on the environment today, the case for addressing climate change has never been more critical.
New objectives and better answers for combating climate change in the public and private sectors are being set by growing public concern and significant advancements in clean technologies.
In a bid to adapt to these developments caused by climate change, public and private companies devised new offerings to help capture different business opportunities
Three different business categories can be used to divide climate change adaptation potential:
Climate Diagnostic Businesses
Here they collect and use weather and climate change data to assist businesses and governments with decision-making or just-business-as-usual operations.
News organizations, specialized consultancy firms, and software-as-a-service (SaaS) corporations might be typical enterprises in this industry.
Businesses engaged in climate diagnostics share several distinguishing traits:
(1) they manipulate or use data as a core offering to customers;
(2) most of their sales are made to consumers or to governments; and
(3) they heavily rely on cutting-edge digital technologies, including machine learning (ML), artificial intelligence (AI), blockchain, and others, to maximize efficiency and productivity and provide advantages to clients, such as accessibility, convenience and speed.
Resilience Solution Business
Businesses that provide resilience solutions can be broadly categorized into four groups: prevent, mitigate, recover, and compensate.
Utilities, governments, and manufacturing or infrastructure enterprises that cannot bear the risk of unanticipated technical shutdowns are typical customers.
Small businesses and residential clients may also benefit from resilience solution offerings, particularly in the recover and compensation domains.
Climate Response Business
The third group, climate response, includes companies that offer value by mitigating the effects of slow climate change.
These firms focus on either reviving and developing new business models or maintaining already-existing activities that have been harmed by the change.
The latter is beyond the purview of this Viewpoint to investigate, but one example is Arctic tourism, which is currently an expensive and opulent affair beyond the grasp of most travelers.