Resilience and adaptation generate infrastructure-grade returns but trade at junk spreads — a structural mispricing, not a risk premium.

Natural capital underwrites more than half of global GDP. Yet markets price its destruction as externality. It isn't. Externalities have a way of becoming line items.

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.