Resilience and adaptation assets generate infrastructure-grade returns. They trade at junk spreads. That gap is a structural mispricing — not a risk premium, and not a waiting problem.

Natural capital underwrites more than half of global GDP. Markets price its systematic degradation as externality. It is not. Externalities have a history of becoming line items — abruptly, and on someone else's terms.

Correction doesn't require more risk appetite.
It requires a new product class.

Every inefficiency corrects.
First movers set the terms.
Late movers pay the premium.