30 October, 2026

‘Capital will flow where resilience is investable, not as a matter of virtue’ 

 That’s the argument made by Anne Imbach, Group Head of Sustainability at Rothschild & Co, in a recent illuminem article. As climate change disrupts supply chains, infrastructure and economies, she argues adaptation can move beyond risk management and become a source of competitive advantage. Companies that show how adaptation protects earnings, assets and competitiveness could ultimately be better positioned to attract investors.  

It’s an interesting shift. For years, the corporate climate conversation was about ambition: targets, commitments and how quickly companies can decarbonise. Focusing on resilience asks a different question: how can your business continue to operate and thrive as the effects of climate change become harder to avoid? And perhaps there’s something positive in that reframing. 

 Companies are increasingly cautious talking about sustainability. But they are comfortable talking about resilience, competitiveness and protecting long-term value. If climate adaptation moves into that space, could it give them greater confidence to talk openly about the practical things they are doing to prepare for climate change? 

 Of course, calling something “resilience” doesn’t automatically make it meaningful climate action. But if the shift encourages companies to invest in adaptation, explain what they’re doing and demonstrate how it strengthens the business, that feels like progress.  

Perhaps the most interesting thing about Imbach’s statement, then, isn’t simply that investors might reward resilience. It’s that climate adaptation could be moving from something businesses feel obliged to do to something they actively want to compete on. 

And that could make for a much more interesting corporate climate conversation.

By Emma Alajarin