Climate change hurts economy, but creates new business opportunities

Analysis

Photo by Sepp photography/Shutterstock.com

Dynamically progressing climate change causes not only weather anomalies but also affects the global economic situation,  According to the Atradius Economic Research report, the climate crisis has a negative impact on economies, public finances, and international trade, the Warsaw Business Journal reports.

These problems concern especially countries in Africa, the Caribbean, and the Asia-Pacific region, although European countries, including Poland, are not immune to them. 

The report refers to the ND-GAIN index developed by the University of Notre Dame, which is used to assess the vulnerability and preparedness of individual countries to the advancing climate change. The climate crisis is particularly acute where high susceptibility to changes is accompanied by low readiness to respond to their effects.

According to ND-GAIN, the three most vulnerable countries at the moment are Somalia, Niger, and Micronesia. Poland ranks 26th in the ranking, and its preparation for adaptation is assessed as good, despite the challenges that still exist.

However, the Atradius report also shows a positive conclusion – paradoxically, climate change offers opportunities. While some countries are lagging behind the pace of others and responding to the crisis late, many are taking short- and long-term measures that simultaneously create new business opportunities. In these activities, they need the support of partners, i.e. specialized companies that contribute to the fight against climate change, develop their business and create new jobs.

For example, companies dealing with new technologies and the construction of irrigation and desalination systems have a chance of success in Africa, which needs such solutions. The untapped potential of renewable energy also offers many opportunities. There is a growing demand for companies involved in the construction of offshore wind farms or with expertise in the field of water management. 

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