We believe Adaptation– proactive or reactive measures tomitigate impacts of rising temperatures– will become a growingtheme even if global temperature rise is limited to 1.5 degreesCelsius, the most bullish scenario in the Paris Agreement. Webelieve investors and corporates will focus on Adaptationthrough the lens of physical risk,nancial risk, and revenueopportunity. In our report, we segment proactive and reactivedrivers of Adaptation investment– to fully address Adaptationchal