Every investment committee spends considerable time assessing demand risk, planning risk, construction risk and capital risk. For investors, lenders, superannuation funds and developers, the question is no longer whether climate adaptation should be considered. Climate adaptation begins before the first sketchThe common perception is that adaptation begins when designers start responding to climate risks. This distinction matters because the costs and opportunities associated with climate adaptation are most effectively managed when considered at the earliest stages of development. Why adaptation creates better investment outcomesThe case for climate adaptation is no longer primarily one of corporate responsibility or ESG compliance.