Climate Adaptation & Value Creation in Real Assets: Investor & Operator Guide

From Climate Risk to Investment Decision

Real assets are increasingly exposed to climate hazards that can disrupt operations and reduce financial performance. In 2024, natural disasters caused about 320 billion dollars in losses worldwide, while only 140 billion dollars were insured, highlighting a widening protection gap. Infrastructure, real estate, and industrial assets depend on conditions that are becoming less predictable, and investors need clearer ways to act.

Many organisations still struggle to integrate adaptation. Physical risks are difficult to model, metrics for adaptation are not standardised, and the benefits often remain invisible because they materialise through avoided losses. These barriers can slow decision making and delay investment in resilience.

A Practical Guide to Structure Adaptation and Create Value

Since 2019, Altitude’s advisory team has been working hand-in-hand with private funds across hundreds of projects, geographies, asset classes, and risk profiles. This experience has shaped a practical approach: not a new complex standard, but a business-oriented methodology to translate physical climate risks into financial impacts, and turn adaptation into a real investment decision.

This document offers a first introduction to our approach and provides a practical overview of our guidance to help turn climate-change adaptation into value for infrastructure and real assets.

The guide is structured around four key phases and eight practical tools, aligned with major international and European frameworks, including IPCC, TCFD, EU Taxonomy, and CSRD. It enables investment, sustainability, and operational teams to:

• Identify exposed assets and geographies
• Stress-test cash flows to quantify climate impacts
• Prioritise adaptation measures without over-engineering
• Integrate resilience into a broader value creation strategy

Download the guide to explore how structured adaptation can protect and enhance value across real assets.

Want to go further?

To access a more detailed version of this guide and explore how it can be applied to your portfolio, please contact : emmanuelle.serhrouchni@axaclimate.com