Link / Media

Free

Plenty of companies say they're managing climate risk. Far fewer are doing anything about it — and the market can tell the difference. Tobias Schimanski built the first large-scale, firm-level measure of climate adaptation, using fine-tuned language models to read every 10-K filing from 13,500+ US public companies between 2003 and 2025. The result is the clearest picture yet of how companies prepare for physical climate risk, and how investors interpret this preparation. Tune in as we unpack the findings and what they mean for anyone investing in, operating within, or building for the Adaptation Economy.