Adaptation infrastructure is becoming an investable asset class
Flood defence, cooling and resilient logistics now have contracted revenue models.
Mitigation attracted capital because it produced saleable output. Adaptation attracted grants because it produced avoided losses, which nobody could contract on.
That is changing where insurers, municipalities and industrial anchors have begun to write availability-based contracts against resilience infrastructure.
The instrument is unglamorous — closer to a toll road than to a technology bet — which is exactly why long-duration allocators are interested.