On 24 June 2026, Building Bridges launched the Climate Adaptation Activation Circle with its first in-person convening, hosted by Pictet. The session brought together universal owners, insurers, asset managers and thematic experts to identify investable climate adaptation and resilience opportunities, and to establish a more continuous, action-oriented approach to building bridges between flagship conferences.

The discussion took place against a backdrop of rising physical climate risks, increasing insurance pressures and growing recognition that adaptation will shape future capital allocation. Participants highlighted that climate resilience is an investable theme with a wide opportunity set, spanning energy infrastructure, water systems, food, risk analytics and insurance. The challenge lies in translating this into focused, near-term investments.

Investors highlighted the need to prioritise specific sectors and time horizons where climate impacts are already affecting performance and where solutions can be scaled. A recurring issue is how resilience is valued within portfolios. Adaptation is often framed as avoided loss, which makes it harder to price and integrate into investment decisions. At the same time, examples from some participants showed that adaptation solutions are investment opportunities that support revenue, improves asset performance and reduces volatility.

Scaling investment depends on closer coordination across insurance, policy and capital markets. Pooled risk mechanisms, regulatory support and blended finance structures exist, but are not yet consistent across jurisdictions. Participants stressed the importance of using existing tools more effectively and aligning on clearer definitions of adaptation and resilience.

The discussion pointed to the need to mobilise capital into both technology-enabled solutions and physical infrastructure and that much larger capital flows are required for asset-heavy investments such as energy grids, water systems and flood protection. These will depend on clearer policy signals, risk-sharing frameworks and stronger alignment with investor requirements.

This first in-person convening establishes the foundation for the Asset Owner Climate Adaptation Activation Circle as an ongoing platform for coordination and exchange. The next exchange will take place during Building Bridges 2026.