Eye of the Storm: Investing in Adaptation and Resilience

Allspring

Kofi Mbuk

Research

5 Pages

Allspring argues that U.S. utilities are becoming central to climate adaptation investing as physical risks move from long term externalities to immediate balance sheet issues. The report highlights resilience capex, regulatory recovery, and company execution as key differentiators for investors.

Key Takeaways

Climate Costs Rise: U.S. climate related financial impacts reached about $138 billion in 2025 and may total $900 billion from 2025 to 2030.
Utilities Spend More: U.S. utilities deployed roughly $30 billion toward resilience and grid hardening in 2024, with spending rising 8% annually.
Adaptation Plans Matter: NextEra, Dominion, Duke, and AEP represent over $420 billion in market value and serve roughly 30 million customers.
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