Despite the tanking global economy, the climate change sector will grow some in 2009 before roaring back in 2010, according to a new report from research firm Verdantix.

Verdantix expects corporate spending on climate change-related action will dwindle as companies focus on surviving the worldwide economic crisis, according to the report, "Financial Crisis Triggers Climate Change Shake Out." Chief financial officers will find themselves in two categories as they put off cobbling together a climate change plan: the strategy haves and the strategy have nots, while policy makers may weaken regulations and investors look for safer places to put their money.

The climate change sector, however, has several things going for it. For example, it isn't tied directly to the sectors feeling the worst impacts of the economic crisis: property, debt insurance and consumers. Regulatory structures around the world offer some certainty that emissions must be reduced, while initiatives tied directly to cost savings, such as energy efficiency, will continue being funded.

"The climate change sector is not directly affected but will suffer from the economic ripple effects," David Metcalfe, Verdantix director, said in a statement. "CFOs will cut back on discretionary spending, corporate climate change strategy will slip down the priority list and investors will balk at high risk ventures. No sector can escape the downturn -- even fast growing sectors like climate change."

Several factors will push the sector toward robust growth in 2010, such as certainty over the next U.S. president's climate change policies, renewed media interest in climate change once the economic crisis fades from the headlines, and the stronger foothold of climate change sector companies that survive the crisis.

In the short-term, the number of voluntary offset buyers will likely decrease. Offset firms should consider diversifying and adapting to the financial environment by increasing consulting work, Verdantix said.

"The voluntary offset market is already under pressure from standards confusion, reputational challenges and a lack of transparency," the report said. "The voluntary market was worth $330 million in 2007, a year of healthy growth, but growth will be more elusive in 2008 and certainly 2009."