Foreword 3

Executive summary 4

Introduction 5

1 The value at stake 7

  1.1 Physical climate risk erodes value 7

  1.2 How resilience investment protects and creates value 9

2 What is holding back adaptation spending? 10

3 The Resilience Capital Ladder: Building the foundation 12

  3.1 Stage 1: Mandate 13

  3.2 Stage 2: Evidence 14

4 Funding resilience: Options appraisal and financing 16

  4.1 Stage 3: Appraisal 17

  4.2 Stage 4: Funding 24

  4.3 Looking beyond the fenceline 29

Conclusion: From ambition to action 30

Contributors 31

Endnotes 32