Adaptive capacity is the meta-capability that decides whether a shock becomes a contained disruption or a cascading crisis. It runs on two engines — infrastructure and institutions — that must be built together.
One asset class cuts seven coupled threats at once. The obstacle is not technology or cost but an appraisal system that credits a single benefit and prices none of the harm.
Systemic vulnerability is built, not given. Two levers — adaptation and clean infrastructure — can lower it, but only if they are financed and sequenced before the concrete is poured.