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\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TLT5hqeVRSLiKmKL99kUuUfRpyGyHfPpRk22zNptwLscGMu7lcwKRiQdZMZy5\/ZsvVzxY10uGQx8rEw4CtMy0JFrGOm+lcikH+bIB9WHFGGvIXy69kvvmn7uHjC3BAgRSjU7VdEcYik8uXhP+UQhPinh2+rKTIpwIw3zM83LppN1S+5CskKs7KE4USvZaf+aYzLMq9BEjknbWOyjsyKU6Lid9y+xDoAd0wTPkNdYx0emYJMFRiX7NJLALxaw3SO0ycHsU96AJLgyTLN1zfNwDKiepMzDkJVC9XpHCYAwSMcGC\/V1gGrVZV4tJ\/gCLJVoRcI5ArPAEWztF+QLaSbdNWwAzpdWGFxrGZTNNH5kg5GJRAJZs8ZYdvTXPZY6CYW3DHbpBn4o1iVn4DgBWtamdCAidGSZIVFVczDw0GyVeO0gCUJRzLw8PeagcgIKSdec7xzOlr9QfGRGoo+jcJw86E55k89NWGYjpUwiwKhmnEbVSewzC5TI8084kuo1NwMP0abPr9mhxfjpMVxKbMAf957+BM8GF047ZO6YPELO0wIMJ+NjZp\/s6QqH553eTY9eFZaLR+ERzh+uepdMXLdBqaUWluku4AiTa5i9LuXboyNFgsM8mnENFV9wqTUqtasUKTHE2dijQIMpDaiZW54UJ7GWPNJxIEU94APq6\/m0MVziHjov1nPzlp6OXXrwvWuFVIf3tck1n7RkliyCP\/LNp2\/f6i19PVt0BnkV0NE6TLlvVLHfg3j\/MtDXiaVHNfRVX2kFDGqMm7cuwe1W6EJ1sFbQTNpirPBi2zLF1mQRokwOkDPOGWxn0PwYrxleajW630VREE6cVtAlV0GRhxSCCD0bpfvdUJ7p+z1w2yVeRkYobBynJlFDFMS7BLrIcKp1CMQlKMCJHjvoSWch7rvBjWyXqa9QsakixHpxw+UetfhLsqR+pQuwWSMHqWSO9Q5D3xl2oTcdwsiAlBNcM0LVHfFtTLxwm1cXZZrz9aaCwXWSehwO5KhJ\/t\/Vl3++VIqqqUhKcGtjYcd5FLEqOqlRkUUFzd66sfwHJ37iehBpJLttK61E6arvs+oV6iJv4\/uRGhxGFlnhFggBd9R3rpYXfgSp+GXh6IEaFOFCFWGWfRJQsu6T25Snr4KWEzibXGKiag7Rt6vNVI\/ab8gUWPFyP71QyY5UwkoIaK0BlIINGouu1FzAWIFg2lJX6JI+2UjFYi+MV\/fVqwSfFJs3RThcwnl+Di2\/e0UlxAzdLAH+y5DDF\/50aUhZ4hY9az2bNly2t2sTucjyrsrLU8ktvYp\/cVZ1ZtNtjlwQDnzA0RTbE6jYFVL88hX3d1mki12A6v1LYlfqWB8DitOti\/GS3MTWUTUoz08X8qPGfcr0iUTb644hF8eyuzSSkgUfZHQDGrFSTlecJ6SCJ7BOQyvAQyNc1bzhei7iucg7pg+jVDq03kP+iziaW6GFmU5GhFe22KvEWhipRHp9xw91h6yF9c\/YGr3r\/C9nKRQZrebot2HWNjg+wWkIQxr\/8E\/05QjkVJUbJPYBlwz6SeYXJaw7imZ7xYHBvs1Dr\/diiDPksSgpUvWboONqWV20ZHfk\/YL9i9Z+MDfGY+VP9MHkKJwQuqMK8ATvUKjSLJyKjFuKqgt3hGitCWKzoIgRCFqcsfZFvtsPAs1KNyuODQEJQ+mwZGI6rb2QiRvv8bwDWFrv0INfdT+v\/9X+0fU2fzjQXAgbn3TasOkEL6k6LTZ64B8T0fxwZnTYuyqyG8FEWpnLOtFGjrmAAGdfnkAZQKKyk0LGMcrmre9jexVC0f48C125mJg0xjQ2Yf4NAZOiP7ENAYbE\/2NyLJg7hTSLFjeSpIVgk3+QGWFQPkf3O9zloTz3J7mVy6vm3NdpNFk7a3JKthG45v1NMV4oKmjJc1tvhv9kqceaOcP41uuOwEu5\/ZUwLjEHeQxLpmdIUY8SODZZ2+Wy+B2tOc2IQYczN94TBAC48M2F\/d1uFEm6KBn089uDrH73bZkpFjb9IJRT4ugMbezwyCGj2zrFL0e7xQ9XO049GhKTbRQu18Zurs\/geLpKw86XeG90k7dqxvnqJXHoVHC8wVpNtDFfD2nBVa5ncH7k6lbUb6qTNSIRarHU9\/vK9b6Mh7KawSJ5WGzFd01B+sW8J9bNGdzPrnoa0kIYuUdpJZqXHDjN2n7l7lkMyIYsOeODDHraUEMPHMUvci7q2XRH80awRB\/MocImSvnMFx4Zpn8RcXs4RHRwIxWMyLshDgNiGFEk1NxFJFvfk\/wzc4cHRJ1R2o5RB+dKF+133ZRvlqU\/OHmSat7zVqy6sY3vijj4IUORMAFH4cRShvsf1zdAAVMooUvAEy9mBmwl2XfOW79+2KcxjSdoOo2lnlI1P4brIXFcxe7U7iTNNJPGG8mY00c8Ijyg3xLYFSSSLxGETHgH2xtmfjSLoLa+cBqdVcm4m5rL23uK\/WdocOSNSBTbawRS0\/Ww2lnHfvC0EZGmIaLWJwWHphgtJbvt5xcMQZynSOD3bRj3fV4o9\/7nh4cM5vv4948b+c0p1n5hK\/Jf6NfWa2YewKUcVBPKjbpTYP1\/ay+13vnHrPbXKdVgoIG22LyCeYOX4hSk040Uv0J3W+y1knOVigDnmnIP1LV9IDFbHe7e7GFN\/nlad\/98vzTj\/u\/h1MtPbwKJmhkHjDK7HhMOgIssPhvLhxQOx0Piu7wbGdIqi6N5Ke7gcsFghyBjtYpDMXogzUfZSxJvrgw4I5EqO41twn5xTiX11mTpP1Sz1a1xCxluEd6LUkviNdDlQS6cXqQci1tVmzRX4hKcT2vP\/MzGhpKXpUhLEohu6Q8WGaqchMnwVoQnwV3uaP5HF4gKJ9snenH6rvahHxNYs7HX1mz19RlBCAPe\/3t2yCCMM4J9cYurNdz2vraM1klKSMCLmADgV2sZq3\/9RnJEWj3bnlO1y7XeGlGLcEtfl4yrWYVeh3EWV+CURGQjZP4SvMmxdyzvfthcpniLomhtLJYkN+uRRlHH0YjMmLPWsOH5RuEaXv+qbynBkpOqCli5+Au5TBZItqWtbT9cFlDzEl4ZrxjM4pEUpxepIG83X8Y7jKwbGSTYlXj6LSYMiu8xHHAWY\/M\/afY27fTx+h8lM4sdOe6ua\/s4jLBosQvWA1lsiFWXMWs25Nifcfs1q1lqq6wyqcLfZFSgL5pHZvHsd6Omm0ueN1wm1WfezEsUB\/Xr2O2YKeOWVfWye8\/Xk8pCtREIPyPJ+cu7vFMm6y7+iLovUPGxA6YW8WcidNaEcFtR1uEFKHC8O0iIJMOMa3UjLsmm\/74ksOy\/FDGme3z8drKQc68rrhyeUe9bXCa1dHK70lXWoXefAFyU7Snku1OnkbZfN6pYH2whkhJLuvPsoyTJ6qs6zheMXh5+HY3ezkWuZGqj\/gUeYupVuXjEC3qgqZTTWWwYez964hw1ddzSgb0if5RIwf8ldOv6p\/fOrvX7+LSMHEySGeQpvlP6YlkYnBf7D+hL\/j+Yp0tDlSPmIgR8\/P6J4L22qwXs+3N9zIb3x3RJcXS\/qYZ99o8lyQu70iM1wwx2\/DEbH0\/6kwGNrDS5r2a90FKBeSPRDbhFSzjg3jaNwcCp+452s+60e37LtriF\/qIM\/Bpd3jHED\/nCu9r\/PNv8JFTcf8LXHFa7nl\/93VF5fq23E88o597Y2JMgTFU4vOar3zwG4ZlY9\/tXutqfix6+ubzuiU64Hpj1S0ktvPtbGQBBCmO66xz16LSBKTh\/tF27Y0dtIVxuX+0oWM5m6YMgfTC\/aO1tYAFm9IcJeXcP9qBs3bNphRt4P2jZVuu1VZwAkkmNB+nLyhtKoRR+3ZAUpuiMNNtFHpUeQ6Da75\/XHu+WyW7JeVRkmUo9DNyox2gytMMTe3+0fM33tZufvjdMFFO8O3OAVSZtX+EXhBsI6rM3j8CB4T+lipz9o+bKLSCDVXm7h\/tCMAd\/S5SBQpN5yBOUetW6EZbjy220DxuomDHFtv7RzfyHWqCcLGzfwS7nR9FbLG7f4wcuKWKizR7i0CSoGYd33E3pviTtX\/01uu1L\/nJ3j\/u3K0T+uJPzv4xcHwvssWf3P0jjOCO7kYW4y5swRrYJltsoeXYARewxTaaaQCpecLFzv7R8YDj22yxu39E2wW2TZ4gKFGTrm\/Z1O7Exdb+cRfYG9dii+39Y+ivgQ3ZYgfNKnBdjy1Gkx1CD7ATgCfaXa83AVuMJtnfOYHLFuM9FrjQY4ud\/WPowW20YYvdOg9iW1xmOURthlvgrAFXbqEZ94Bjc+X2\/tEGjul4XLmDdvIm3Lhcubt\/9NzQC9qTUBR4cr3IdyBgStFGDtf0\/kalqEXPDqqEnXWpg\/rnenT\/CjKx9tZdtzN4TEBRkLhwy9TJ\/8zn7XbFEKjsjQ0dd9fU7y8fKNO1uTG3FE36A2Lqt6VWPMhAUe4fXbA21zuaUqEh+I6\/9dvJryzOj16wsan1jrLj\/tEMzNCk1gkbcqscpWwpqtj0zcCEFAk+nsoCbyVgg3XA\/2DtHzeO420i\/gcbnaW17a35HxycKxu4W\/4Hl0m\/in54hUd8boALqFsBlaI9HG0jd82U4oPqRx5gSp39IyIpG4spdfePuwiaVGvHywWPM2RaQ6XW\/nGNWmNL7f2jZ\/tbaouiUgeTyQiYTClqzYdO2JYCmFdjMx22tD4qgClFFMFmRoxK0WSaYOuxNeCZDHdUH8IrOSUucCKHK0btmZ7rumwxWkBzZ3rc087+EZq+ueWKUZPbMPCpyQDVtnHWa5MpxdO5BlvAlNqIbm7dgK3B2T\/6OwApqoRKEVn3EPobRXoTUE+obW+5cjylG5c+3bjcxtTKdQKuHE2r60drvn48sdChJjZIsmuI2rUjh66HlFv7RzdYO2vIlaON6mz87ZYrR5epDXbULJJyFxHhEECq3VNCrhQbUNsdlaI2gQeojY1KbcwZ7KgrApUiHsIOPWoLo1JynQBqqyFJnEwu2vFsMVpNuAPU1sbF6DrxQjcEbDGaWS90tpAtRgtqbkxqwqOY3CZRFHqexxZbqBiY1I7FxTYq9kCNCFIX4x3rbB2ubryWO3\/n0wxclkNMcyPf9CLqh+KUX\/39Y7Bj2IDAKMArSFOwfwzDYLehecdjji6KR98NtzuX5ilhSXhdz\/bpzR4YQZ5dEG30t9TdFBjX3Ac46\/Amsmmm8pwVIA72j9DZgYBaViNG5D2Iwi2kS32AQgT2j1u43dIcQYkcVPHaRp7PXLf4B8QS7Xx3veV\/sDHlMR2hKkySPMkPeMId34X0hF9hYkRZUcQJ4b02gP81vQYJBLlkoPjn00eYZzJeHP2IT61kTvGPbzFaBidCzfK\/+XGGV9uhbrzqpyPMJKtBmiuzHBwh5oghfVjJz1l5Qnf0BmzYYQIspqzDtee2m\/ECM5TmjNBsQNHs6geLsLCu8AOiaeaWPkrVD+SuMDfCD+S6MH1XJemWmJ+cEu7CTQjCkBPuok20idascMfzkES4gw60qdcr4Q4A36VYHiLcBVFoU7IZEe64WrFwZ3nW1vJF4c72vcA3xwt34dbyPVMi3G3BzgMOK9xtg7VlcsJduPUdiisiwh3wHT9ghbs18F0QsMKdaXkedZnUwh3XdC3c7WAAoCUIdy7YbUNHEO5sy\/Oo9mrhzvUdsIOCcLcBVgRsqXAX7oJtJBfufHfnQ7lwtw29KIBS4c4Drk\/dOrRw564dcysKd\/52s6Y46Vq4Cze+64nC3S4I1jsgCnfRDvLFLhKZ1+E2EIS7KIQO2AjCXbQBO+oo1sIdRKJGJAh3\/tYGTiAId+vI8qjbuBbugl0YwEgQ7naOH0BbEO7W\/m4dRIJwZ0fehpO38Sh9hxGcauGO29GNcMft6ka4gwH0wkAU7rjd3Qh33A6vhDtub1bC3c4O1iHkhTsIIytyeeEucsF6Kwh3vm1tbV8m3NlrU6\/\/PyzfWTYn30VWZEcOJ9+FDto6vHy3CbY2xQpX8p0L3GjtCfLdFuzM3ZaV7+AGbmnJl8h3mNpuRPkOunANNxL5zvatgNJ8tPLdGvGYUCLfga3rrCOJfAeDLb2NKfnOh84W8PJdZEMY+Lx8F3hhQLGJtXwX+L634+U7x91CN+LlOzNc06q1Sr6DILIDj5fvgBfSq1DJd+stCDzAy3e2szU9n5fvLNuFFLdQyXeRHznhmpfvIjsIKea\/lu+i3dbd8fKd73mmDXj5brN1aP1lLd9FHtyFliDfQS9Y7zaifBfututQkO+A6XnOTpDvPNcJrIiX72AEQ+pWr+S7wPVD6thX8t3O2m4Dk5fv1tHa3AW8fOe4trWORPkuiiIvCET5LgrDaLsV5bto6zvUpDbyHXQ20N6J8p1vuh7NJ9TyXeRGa+o8NfJduA0D6pJt5Dvf9f1gLcp3W3\/n0lJYLd95prfbbAT5zjWttcvLd46\/tre+IN9ZO4u6mCr5bg2DnWdL5LuNLcp3duBAqopavnOiTeSvBfluGwUWpSVu5Dsz8KiR1PJd4K4dxxflOy9wqbutlu9gtKW1MLV8F+7W9GGo5TtgWoEVCPLdOjCBCSTyneV7vgNE+Q54W+C5MvmOE4Ia+W4XBBbDzDfynRNto10kyHfQ20WmKcp34XoNmfJavguCzY5iLCr5Du4gjByJfBdsA9t3JfLdLvKDQCbfRXZob4CKfMetQivfAce2rU75zoMucNxO+U4YKC3fmebG9u0O+U6YU0q+M80d3DhS+W4beKFjSeU7YTVY+W7je5HfJd\/t8D+CfAfdMAhCiXwXhZFJUZBWvou8YLfzJfId3O7oi7eV74L1Gji+RL5D0qrtLA3pKgFv\/UsG\/EsG\/EsG\/EsG\/EsG\/EsG\/EsG\/EsG\/EsG\/EsG\/EsG\/EsG\/EsG\/FFkQJVER2hh37485OCNgy4S4D2dNQPvWQl8K6YEC4ar1QR4jAl9LmGO5JShfnOwpEQmZbuNBdLP6jahTl1AURQBm1I5pnC9deMnJlVNiGR\/5eSZKdVjSttbOX5iStUVse6tvHpmSvWI4vfWjR6YUjG+M3prxk9MqZpcO711k0emVB4HsLfmeGxIFVstuft6ayaPTDqVmFHpqZw8IMD4rM2fprZmDbVmLdmaPdSavWRrzlBrzpKtuUOtuQu1VvNZPe3Vj6ymV28NV2\/NqN4ert6eUb0zXL0zo3p3uHp3SvWIfeulLeiBT2AR0vcvD\/7bffZYXfc9Nlhd9z12V133PbZWXfc99hWqGxzzu60lqvtea4nqvtdaorrvtZao7nutJbEC9FROHphctTVUtTW5anuoanty1c5Q1c7kqt2hqieRekpd0S+Gtc8txa1QqpDhpqsHl2wb61mGW8aPLdkuVuEMt4sfW7JdpB0abhY9tWSrfjxijv140Rk+whFtHuGyq0o0ZSPWlTy4ZNtYDTfcMn5sqXaRb0B\/k+iJKSQJuyP0Vo2fmKT9QB4QXNU9uMSt18RKW6+nIBMzrRO\/CcXmyUsrzeGQkRnuOwTFCYaa9M0JHf2992L\/fZpA93vvlf77NDHu997L\/Pdpwtvvvdf479NEtt97L\/Dfp93exB2GqxcjhTe7A2Eo8NJZ40gzrs1bnSDCeN9rQRJfWs8qkr8A7WKQFyownrJsDzTUNM62NRakWgECE+Q4MXOcJNVEIcn0Be61KqnMP6DjWBU2SaKf13UJ6kaAMHfwXNOlv2UIlhsXKyBEAJQwAIL9owkt16pMKKiwQogwbcf22tKgxBG7trujy4wz+C1DDly+Z9W2e\/RLngHkL2YHjfkYlwJkmYrMyK6N2KjUT0LkPgXsOpKyKjSw9XAN1qHnUG3CJEGuGdtoR\/Wu8i\/bRL4T0h3MrmmJTGi+XQdOo+JLlnzgeO81XTN8RfDnj9Dc7mqHA1xHUhiAxCWvAVtMAhW364AtDvaPO4D+2GIUega2kR\/NjP5qFg66MIgcfuEiO7JgyC5csAs2tS8Au3BgBza7iF84J3IdF\/ALZwUWtG1u4Ty4sWoDNLNw\/s73mTbxwm3ABm7XwsLZkRfR3agWDjje2gr5hQu2QRCKC+dvXWCLC+dEmybEm1o4sN16tdcatXB0zCC1cKR\/n+DW+dfi\/mmLO56Spyj1RJM+XimfSPUqylxe4+PWSHlejWs\/Fp\/fkqLzm24XCrFCzvW6r5ccYnCm5m5EiV5kuWVIJl00hDalE86ONV5T25ubYQgbUG3mbAk0fwfGdIOIzGRnuOTwUAK\/BmdSndNFEoUoXCNpbrzE5WDu9UUyWtbDzIrpudTd\/nRDu61auiHSm7vlG8LVf\/35Ni3DEH67SjHU5DcxlZKbLASdyXVHOzkthdNMcmqGUcMxXLhmrS\/vf7OeHe4oFiAtlDvz8jpuJ1lo2mT7yatSfVOEi0vUod4lLSxvZLhrNFycK+Vv1vNWSnskVHrbmwpmKfpddTVsF3IQoL6RuAjgOkg\/3k4wh6rNJnH6UtwkGbJItejfbWqsunf4FjHZnGV8ZrNJHdHAtLRDDpN2yGSz\/SlA247Pb2Nj5EFpDq6JIx+RM6vuiWoLpyx7YWRnRbp3LY1CmiObXyyclKbOoOZRCYrb3WPkbYmoZ+xbNDrTzCvMyzgASZ3QE+dXVB9Uk0SjhMiGksOHb804pbSa3RDLr5XQKaK9aTtFWqzOGVHqqbdwk6SwEne3Irec59NvVvS2UVzPfXnQfFBAtMmqVGfMPYGOvMciqm+84MSMyZUwk4tyUngQKXXbIA3V3yzpTTOC0FTAo0Z6PcM8DvZaCfwrcshPr+difMfykAhB4xjv3kaRtyhKLKzcgSK75gGDk1rRT2YajvXh5tPXTBvrQHY0fLMzmeq83qR+nZTpiJOdr\/ixqOUnzUOS1edGZZ9UTsPCAdYecQqWh28tv4rzVZrjEfFHVC4DCW5Xzx67fESrcjnueYfkHeOPDA3QfL4YQRKfEWcJVivqCZ96Io+LF8NfjUwwru3j4gmPJ4ApxMuqk6\/tZwq1W6sT3eMfohPZBx0ZbRWS5xbGNY2NMAteuGxvHMvT8jhjwf9XyqvO4u1\/FVJQc7oRS+m4XhIjzMqbnIlAF0ClgK9zplP8xLblJ+gce9sOpkKyJPRWIuQ3jAt0BMOVjL0w1yr8xSUxEniEaTiSsyb59hr22h5mr+crUpYRXpqRanQm3yFrjFL1cZNPcT8wJ3c7DVU3mDH2irieXMJFC+vSogpZavVkHBP6Tp04mkRvFE9snN6UtZ+L7DSZPbCZxw06Q3atmW2bVrGYovEFzW1JZsdxlaYH+9TLcmziyhCDgVHkGZrFmDHxicFbBW2TP4w4DREZtFX7UE2QrvIaiqJBMga4XCDI0fVe5yhv2Xqk8muIsO2yUre3eKrfmYrQA6X5sbt58WteoFoqU\/XEqSbi+5QJrwT\/fpFgWVGT7Tmj5Z40gk\/TkzNHlfpsnOP029d9mpVP7fhWLbEer5fpa0D0P2CIhTmvhSDJChh+m9Jp7gRLCFACo7JiBJpbxqZJjNce661EmTbCoLVdJt10O45fT3EYwnTyjFQ8LOLqyTyfzt\/0ZsbDa9Z8K4wEfGRXlPvlGich8gBD58A4ZWdowPdLkuXkbJOSCPy+au+etWKG9YW7tRohgvUkvsWJXBSMNJ80qciAqZnfZ87qyObITLnUvm9YMXfbb+OyTHPS\/P0ah\/\/PlwfyHRHwVxB8GGSCptdTwvxczK4lgUeQGLTewLEn7fCOMbIy5TIjXrLOevxsnYpWUpdJyLblE7LhvTYxIduIKRZIwjKzvHC19UT3EzDzLpOimNJ99KwsUK90WsRMUxKZfiSYQUfqq8eqffQ2KOEb+BASkGmcCoxOZLeP4hw565ziRJLOsCKX2NcEMwmVZmV2HsIFe73fg6ikT\/p0dqNeT0w+ghLR5LYMfeXvHld297gT9LQjm1\/6zI1tFmu5tTLU79zAiZ3fnWR6dyqzG5ziy9yMlaiOW6e0i39eKYoQfgJh+I3+Gn6rbQitwIweMt6YpPZEsCdLTmQD7vFkxRlsTV5QbwqINmO2\/IMlLJpOVA1X\/mlk0aov7zXknLJkd0zQqzkczyQV4xefPO6XCoqXEBalcczG+z38di3KOPowGjt8VY75CqIAf0d3BObcGsXiO2s8MDkRz76r6oaKShlj+ZSrFrFPksQHA5e8VQNbmyZ3KR5ktm5O5SP34zjgblfXWDscooNBXkznou0iBAVc6bSWRv5E90+TNrGi1olsZeWX\/FJZvVVt69qppUOPh39dWLlFxvgrMlQiH86igOGXhzK\/dgbeVS0Y\/rGzJ\/QjXb+NN\/jyazhN\/1at5dSX0Zp+ntru+YJMvBdogACRq31dcVwVtKY48n2FsEMv0CiySHwYl\/Jv4ML6tSylXspSXaI7rp6M09e9RT4iZ0rjbW8jr1Wq5LS32FAjRS9Zc6SW2jWJE8vfrOe1lPQNKcOH6TfKEHdNyl663fqFoziuibw6Wm\/tZ338o7WDk9IrhFuXX3fju7nHfpNPJ1s\/OfrJ1S96lujXRA8TPQz1KD5ec7iSGiCV28AVr24TXSUvUCtej8\/xreIQ6hzI6OpGJnO6QBqzJsS0TQ1fo4zzynNQGaaAHqeXa6n\/WgIfa6C\/rcaSo4aKzKNHfEbtHCagjF\/h5IPenKLCWVFf1iuJoqfdRfSDXV9aQCay0NhuOOaYL+NujuYKVXPB9g9m95n8bLETYSk0IWo4JB57NsvueaapEg5ScX8tiSMGBkLk2lKYJPGliIvxfS+uSNr7uFGU3JVS8h7vv8r5bdgN73PHpPm3ESw7xX+PbwFgwb7oPYOtQZw+XuMEI4Lv7cPyDcL0IO5d5Z5+JZwbCMovD6h7D99ulJsS64+EjzmRV8e38xtay6pOS7OItNt36PD0CAPHbkaEzvD7QqEv2TVP4Uchl0yZcb+z\/UPOiwtxI0M8D+3A2bjYqI+x9icZLYQLdA6vEn0N01bURkPSvmG3\/Jp5GNAJqcnScvcHB5MjW8pY8tKwhL5MntJZNlyxunG+Er3S5vShjBcp6YjHIb+OVpWFfYOwM7uJjw1\/YJQg8vAAzlkuZxpdnml0lY7NGaZXmZcB8W6qKiYEMABJ8IQogvYLc2BWElcok3ZHkDAW6JAL1NBe157\/TPE5Tp9cZGbTUeNE90mP2DNfT3wQrIQps8bIVTM8mZptQm+EtnlcgK\/xBHysFFeoPnu62mtLnVyqLt6RWbwuJFMvI5Hs5dpKBjRVvC81pZg7V0pNBYl5ooMZN4VKCjj+XVayGtDGLaGG4\/cSJp3BCQYvFOlU4CsRoy\/ZAqyirhUMx\/fSL9OFVO\/MxuW5AUdKuuiwRQmP4K7uzEWNvKN4NmIUEzFBpd5UG15zIwJFuZqkIq+WdZTqWa1GJAa8dp+fijVQrLQOO5AfhyYooXMRK7mxnv80Q9Qnyd5GBwaSftTLLRkdpXCR6cepn\/nyLF1N6kTP2sXVbSvqf8klrNhgcb5Jz2of5z6+hfhHJi+2jLyMukiXk0jGkZJZRENfnLjEY6nLUldpfBfiE0+lPsyCzyE7YVwES8rc4ze8+aNsbrXJ+lTxFzVIGDf4fgFpOJZzG9+CknjKkIHGxXzJc426Ix9w1UnKsT3PUHx+lS9nbBtFLhea6aHzI2egmirdLrLMGReATDdYiH5aIwlXpraZCcNILkld8UbVlUiQrrQh9anam2mSk8AcYEc94abFnnoKpg7g85grInEbIRcsbA460CieWCHSFHw0e68I8ixJfJDXxsPyFKdqQ9d+zbMEfnkoAUq+JKX\/IsvTBQEjLE73vDkS+k\/NoFybUEc4t88Z+Iyq3BGUaae6H9zRzM8sZaww22MukBnVE+pZwAQG5WhBn1+J+UI9Ri6cq7\/ClQi7EysjLwkyLIl7kdVLmr2b0VpGuK90WtTWsqS6qUHD4\/iJuYAUJgJhNBUrmLs8F0ABsTHW9l6LdGONb62ESl4tyLP3cpoAmacFCThfnjBsg257r2+6s3Uv7yvmtifPrD30zMZ+Pekb9FFhbYoSHKHMoCrwELwg1eFT1D4Vn1GaRw1tQZC0AB1BnAcJ1Lt2LtrcNCo5suHjUbcVt9Z+YvKvKeAxB\/6hzK7BqbK\/7rULSI2PQ+MZorZj8Nw8xwXafwjH5kY35MfpcXxVb1nOBDmwcd5mFW1pHhqG0cjyuIYqOrzFSWIEJ5Ci+WweUWwdDeSYxGj\/30ZwxgnSjbCcMSkb32wCUjjS6CO4hssg6GvjydUvkx5sRJjAV4Dvzz6vNRSHWn7stefN+AEhvJZ89IhocxUeIc14mEy0\/khXPUX2TTjCFYtAsHcL1eOAlpP3geqfgV6OtdJKcY4K\/cI4P4MyHk8+VR17qZkrPvBfsHyT+7Ab2ZGPb342vS68XkoDMMYzZ8IKIU+W9La8i0\/bAOfkQ6l0p7v3wPAIi87NhXZH2\/fKNDVzS6MWZcj9XUot0QvyFQZllhswimBQ4lqMIgAJ2sLkYUYLUVEdhtIK6kfyXu8zaiOsQMk\/LvDLwxFNYVrhfFXDQWcD5Dk6qJ7mTq8bg6fDrqqRb5ti5ejKytIbuyrUVmOXw1avPMxSeJMvuiqT21QZn2\/t5aIwYDqNxGxHDlxZNX10lVOEI5gAHyZS5qUlhPgj4mafjLX5k47+tdLQSYBPTctx+rpa0VFEo4Qb0Zg0ylA\/z2xp9zhjymj2PDKUIgxCyfxKsMDCOK\/CGzUiNnQrgjodjJkv9orVJzaTTqIb2EuX\/fH0Wa4uQ7eo6EFBljJOTzCPy1770CiSzIRpDRuQ7mmoRntlBPKvMiRpVbVIwjy1Cjqc3qp90uOaLzUj4xiddkNj3zBmIxto661G\/2DXP6gNSns+hX1Qs6PtrnYNjdNj9pFDi\/fkf5i61tpzUXKKCZmiijU3bHl7AyqgnHsX7yEypdyG+6BacZrdRnjOL6T3JE2+hLdu+WGW2pbUf0xunS7l7Cpi4YmZQXvEKjZ8sHrH8CIO+vQxPUIFilFJqv0qSwb515MAZKiGjzRjNN6g\/xKXOJK6\/owrxyq7vX2gHkDKHhzkWKGIipJ7B3g\/71XPkJpnD55VZ+TMzogjmZH1IkJtlyw6JVKs6nvU4FQyagi8+6fQ7gb+ga5N4hzAPtDDCVV6K8ot1OlRNSxMSJFsQcJEZGqX0cuzAJmKsx4Tnk27sSNmVrZWIwg3xScnZT5jV8WZ5AKyZeRTOYRybPB3nH95yMsEgYJQ3Rpnn96fsqJ8oupYsStB3UVYWvsfT4a1OlzTGGez8uMw3msxyhtcKs8cIlAjVYUGhgxk\/PuF8+b8QKIjp+6qc8X0CI2KikPVub5keTlyrhG+NbObeW6KgspmF8kdhfnRIfB1wWpTWu4pg36O05ts3xhrdZYQ15ddy5sYaKJeHVGMvcRp+OUB4Uw1QtCkXBySSvFA21oZL\/eKxrQL1uMEP4+rpXsESTJw3jpfdcZpO9P+Vs9FdvUTOL3lEAZxEWcp3zwzG0IHyK9LdQGUoIDlg0LwjLCiOOtF\/5I6c\/bhOQshuUYQuVgEWErWDMhLGIFg1lzkKBAAbSfKdQ0lkjxm6ZOpmXobJWbg23elmThuC3+pPpnmT7qJ\/zNnU7\/DPIgLcVmWWJCiBIibC+fMVJCAK9092cGb0kMcwP+tBs2gkzh1W2iQSR6RSvKvcffFmHiUxlJqWAtiFLRjrXInhTh3ElaLLE4iqybi9J\/z7Ii0Y+2KzXZf6m1FHM4iTbyBuIzTI6lfn14PuhvDgV7y6XlzGF4DGBrnrI4UMi6N8UnBVXVw3jDrD1KUNYa4kyDRJ05FTwnjDN5XGslFo8VpFKdxCb9\/\/7sX+BHl4AyL+tVbmcm8gstrnq4UHEL\/yLLzEL8HmROCnED7GWx3dVBzrTfZaPpPCj1raIGjNl1tfI008l50x9uOc8db4ALF3cuu5eU6Rh8rOhNvG6WyO5C5YERAwiJ5xJBzfJzGM7eo7GcGyYhXY+68P2MfCval6R4caNIk+gapcpRVpyq28Xw20g5jcz07E2pcyOLM1Idt9FxPJ1no61pf+f4RI9NILwNr2OVDASUpTseK7ZzFto+Q2ys5MMFQKN9djglPl9QdjSdRfJx3uc\/pNs\/eBFQuwUVZjiLwqUBa2NIe085cXcgTtCezgsOAq96Zrz\/fpihUq7fRoS7ewKW1MZvq0zFkwp9pZSf+DbfFsMrqvNu0cWU739yk4rmHfHgEDxfnfl6OquQZseDXUZmlu2lap7GAsmcJ8L8LzfAlK3rMrwIZdO4A9KaE1Xb7pFy37aFtWr6PkXRaf1AMJ8Gznxr201K17AIlgyTWbsnwsFVIcGmd17JkOIh2qcW0kgpEiyi3Y6ZUOqNXN3K6C5hEDGKdzFaB1YOGpf3MDGAlh9zreFihd7AEN8Gse8eIKsS8jAsp2omJJSdZrdX6poUKKiHyQhOcRTrWZ2kfiH+g7ew9jgyu8pDE69ObfX26\/dcnp4DgJWJbeV3CgdjKHt8AzvdkfMsvr0rhb2jL6sibpdI5rzQrylVaU9p96PGevWcJ+0ixJ7fPWV2kcVJmntSqHw+8IfrjjoC\/ZHKDsm4g9qKhr9MTTYxh4MagWqnNu5K373JgHllQLCf\/JHH6UugqjeMsznJIR8VmNXAbCkQbgxVAQk07vEDk4GWTKUfVb7UwLqnf3RwQ46oXZP+RvgjjvKYhxCleSK+arw3C+rOt4s3SDHwsxstsduqaUBsO5euevGiIHU\/Bq7qfuLU6dDou3skJUUFSbOClFWhH5Y5xk4J0dgMWMkGaY5y3BmL354gs+TVVu047yMhQMI6ruoJ30DHm11TjkMrt5UCbyhwELzKIgRa2nFhy2LWUTKbaiHC+iF+r0EQUO\/\/wTWJWqcAAuwi7HDivzu2hICKC\/KU7tpWKEhfMY67EPW9euBnuizbOOGeyJje721eQ87\/jMW9mCrzXtDaQLmLolNtQab51tKuxCimFMBzVf4ULMzuOp7Kqnuoqxh1HNX0FtxrMIfMUKDUhXO8l8Il\/dJRl5VRdHvtux5UyZFv7ESg6GgjKaK8qEc6junWrd0CQT+ARpmH3cCp2V7BtHTjJ3mTXUgAwk6KVsUkEu7jO\/ggY1aGqY7EDP7vOBrEijRNmfwzQWleExgTzYN30nfaO9ly8DWXCsud4uCvHFEwZweJu5fKqe5zLsUMpPzNTrZLSxuV+5KRd4qY9HyBB3nKvH\/mndKD2Il\/MB7xjipf0apY3gXTEgz6u9RmqITymNJukA8falN\/HKBmsdB+rMqdtRzqRVnriDiaeV7YxGnqlL8ahLFXawjfKkBJw4IYV8qxs7OCkolS5oN+EqNQFbdO4Ac2\/9aQSJmzsvTwH0qxk8th1sxjqPhXwUnxN4tsU\/DDFZmr3lnv7l1DEo9Nq464mmlHISEJYgjgpbvdWreHG6lSAo0xkKHAfg0ggmxjhWMfluhOQb7cUcGJtrODzjB56TLITh7nf144Q1SRjbQTMp\/KrbOXLZvBg6m4QI+j9fT8LP9d2jVRwB88wrqWXcYPsPsILDv8Zu4xQUb8me8ax4wY+Er+QQ\/GLZjNeHM5qQEPsSC6oralyQZXxGaKXZecXnU+jyo1c+V42xbzV2zZx6jFpclhRTGXNAjPsxm\/gFQ5qPGQAuEOWCUeuBbGHpCq1rn9tfRt7p8RSrFdIQ8bmlBvSuDk\/SCKmLmAsr81J5iybdIKavDuhVFEtEDXFfNdKldMevPBuFgNpZOU2qTm3yGEpTyl1Tq9EAEC3ruStaJETcCkgpnf403QDHG5KK0+66hvhbcTxFE\/GFBez2he1rqnMLuoDRHCq5elP8M1WG3Kt9BpCXVaegPA5uHVZXnrEMdV2KooOUOjPFZm5BPZXLb3gtPYrotjtRzGxWjZhYwN43oO3Vz3TOGoo6V7g+VJ+dMDpd1r0lUAhe\/ftcnsQrcZrDN\/GiV85vEBQPhG+Lk4SvWLesP0aM2+rOeE1KARitLqlBydnIPfp9MA81MFKU0KYCIeQKoUrjD1PC1lWExjCm1TTtJyiCOZ5lk\/JIGG3Aeyoi3UcoWk7zzihw00xlUTH3rSi\/CA6WShGzHVDO6A9T1JNM7rVdXv5s9vNVLU5NyRhOK1xGxHoqo2vwzomW5+Nt5m2PPTsbMzXk2LE9Cw9CCMw8wuiEJYKQahPSawizT2lwl2XCbxxxtP8DJJlYBUVUhEji+1NYOzboBPV1Oeclw8R4gWChVjp74NoF+T7+H2p\/awvkSkERVVWzIpZHChQDOYIXXIU0qx2ZHQVNyAlcUDB5ZhkjFF4QXSxmGLu1qcaY9BeVM2gRAxGwEf2XXgp6FxqihgCjJ7867MktOv7DHhC2hkR8Xokn6K+UI2o7yo1cgCMczrXU1XbKzkm4xRfOX0KAsnol6re518esGMb3k0M6OYMFMkO2MrKxbpq+ZhNn3p5VXOnHl9gukoULuKFlV7QVVwDdVUzqK5ktFSO8dNVA+anJeGcnPMTKxR1ZRRpXRllWVdH72VP0yUBSGnxPp4T2cfF0z4B6fEJ5CudfLrmq9WN1f3uWUkO5MBfHVjJTvbI+G7ghiMw0G4EBlqNwGrW0CNAT4KGHmlsCTqT60inEdx1OiWAzoLd6nT4axuKSFvIdZnFTRe1gXqjbF4JmPHYMssr+8Zz95ofxreZAL8XEH69KIRzYT7hNtMVpKplSKBvZLk4pWRtNUkOs0v7NENXUMMzYV714dvqJs2Igl8xTjri7OnUa01aXOJZavjwBF5jNAL0iyIHZ7xz6qHpGAhVfV+fizMZIzz7MAxh+O0mgcHhsadkWDpYQ8CEmi\/RG+25OBPoALoTRH4SMooupWjpX3++XWEP4BScCpolpH3mYAZxmWbb5rnQgqsfB4YP\/4hh\/vRs66Zu6tZK87PyxCEMkpqiPKMSuJjSNE3\/8wnNyPcyax+0DhyR+b5IQi0RSYvKLTM\/hVcK38vRGcIOYloyV\/NmI4beaKUVFvU1UzOQt6g5E3KzGaHMyfewJH6o9ozaKcFxOmQ7Z3MfCdiuHPS3eLKvJXHb7wVVymx3llQg+o+y5BZD+KPoQYQ\/Sh2C2vhj2OZ3xUCmY38Whztgg6p2kAq6Ggf56bTwkQugevKd6MiMNW8byygP+rNoAIXJHjZ9eYPxDbG0rlK8CxUvorcTlOcq7MyEICIpovKB1IatBcJro0HHuwUp+frw+YxHnSI+x1iXn0\/v5pKFmR54xoID4UN0CIHtKS4ZuVWz9BvFjyy\/u8juEHbxeNmpgAkMylttZACXCwQ58vHfI\/UD8p89UGWETRVTouN5pIqJWRlfDuSjFBiGwKm3x31KNpvsTWpe4RAlEOb+QpmsONAlez6aELbNVKpHECffboJzZFPw0UBmCGF9DfYaJ5ahSpC9B8Tp9C61Ts5Nu1OtBHzVjNZKlKgJ7AgfFrlQc7ULDZV0bFago7wxDPXWEvACaUE+JIymOSJpentYjC3mxrfMtTgh88xvBQR5cOrqIJcAvbklLEm2O1nUMwsEIjixyhlq+wfxNqUcMV2JXyO5cfCixH\/gQdQeAtm78gKMdXjCjQfXQvR3slT8nX7D2TBm4xGRatRDe39Dh21uaO9vxzpBHsegmDS\/LjHhsy6r1o8GHIsn5zbAhfF+qL1NS1SIG2+rpEFCetxbP84d0ZGRK6sHOUb08nWUXSqowaM4ie+qFqrpoEiVWb3DlwKmoXJVXzmkmodvcthdFYGWuokucfDyrbriTM1iOYoJIK181ewF3tLzhoSbXQB1c9vEF2vHpcOxEQ7OU9xNEX6U+Ibp7HD3FM0HXVuiF0RZAN8vIA2FPNpCMMVUAR+5yGi\/5lkCvzyUwH8Qdf+uqQqBZsRjLajFGb8w\/mmMCdiGUFUQ\/i1S6PexNd0MozhXmsbGrhhXBXozrZUqsiMf5gFXgpJHCFXgUr4ekmdCcBYdcUeMyttScV6eVJlZ8V6DDPMSZ1p+dOhYi9HrNNp1DT263\/swynKo9ArJbjaLKS3O2h7LsE8nWz85+snVL\/o10bNEj+LjNYcrGXNiKteOq1zd+CBd5XoqHwmgY4A0nag09F9L4GNh5dtqLG\/dHKE5wQTFmfBKilh7LMjPQAjWSFw+Jmp8PS2UainQFzQtROZoUfLIrSxBaF4GprU4y7nF2TnR5+QDH993mlWdiklWxZd8aoc1\/zYqLRcFPDG+DRTaUny6oWahRL91\/\/s5lIE8bZRyxFwWGlq4f1tt+4IxtdJJqKLIBpjjJWAQpM0T5pRcHP8eTFmIsmVZUtwL0NX+sS6OCJzvhASPOPZOJPhpsNqOPfb4\/snQ7\/c63TTE+0InFlXJWZsjkGC0L+lIw7hA3odtRPAUbKqqXe05nQHRqqT7Q3coTOZsxplQJ\/dSapKBVcZGXeEdbJroO2E\/vOGg84B9V50GCl16Z8uUXPZ2K2enO7N4qe1Lac2yiK8Jm2JU5bbtqohhYhDPKOWEhs3AT1g40W3v9U13sLcl4zRKnlnjMOmN93rSt0hRobCo2LVS4pk60QG2rnGWTQWtSAmOUIZtLnjMDule6vvjmAP\/UGbX4FQpvPfaBaTGx6ERwyf0cAGJ3lAS6XGrGhkbnwltOLXt+Hawu37RE7ZsdjixTN42UueiMsPpsBMY4SZl8uNbnCRGcEI49BXvgW4ThXbnbtXkGaaNIspwXGwPN2svHnTA9xrybWKUVN1umwtyYvO8N51uhafa5CBHN3xOpFp26mio4YRIhlqpjZX6l7zeqIUy8VIdPgMzhhr4EA3r2DcqwzzmN3E\/fiY0jjI0BOJ7y2RmpnMBxcPlk\/mOY2gbhxNbqfdGnzOv+ZkaInVpN\/bLdHxqMkFT3JXtScob\/sfXNaHZHCWNLgI\/WZylcO8CLjsqqGM8gmuO5ukfUPMHkskdX+lcmvbndV2Cag7QRsZjoUt\/y9BdSIqVEeuLM5Kbg\/FbbzgH3nhdiDn2bP04OwtN1qfqLVGDHWb0ZfYubmHpfAXF+UdOdlv1Tj6t1VRQN3CeoTCpJ2trhvDY+lVVewd52oK8GO3AXZEnXWl9dCXtlb6kZcJ1ZXcIKv2uIJXf43YjWayE8Jd+8uP+UNqidb+b6ZJ5OMkqLKyj9ct0rkTnl2k9KzepkMGF0o2UZ2IjS3UJe68wuM+Kwvkr9GZG6E29Tp8QetNsiamhN8gdAgFLzZOyxJ+HcnnZc8zcYs5gVx3qd3qmv+JspNlx7DFkjkq\/bOqslgHAHoECOu+q+K7kh9irXaZR17vAH1tTKwWEVAO\/C4nJpKiJn2onRoP++vNtiuSDHT1Pt8Ucjyq4H8bPfDvf9UjJGefGhwhwja8HBahlQuam66bRLCItZnaBaTMqTvs+1ZW9OONqO+QSRY39pITcP7oWMHm9TQM7x+9qPr9SC+3sC6jAxSd1LOoMfJLlxPyT0lQ3\/fxaOwEOZraRZXef2tqiOW0ktRMf5Uame\/jlodtEPQibvox7Aunir4gifOvu6P+ybct+UGBXbsOg0Mv0P8yCQgP9WcUoCWmm9EhaWwr6vZl+7ZosdwNXVSaxkgvAzru8647300oW1FZ7mPaQdh8UOHvOYVqAGd3v50tW6BNeS+FxGgwqX0uXIy+bjUW68vxPbcK+q9INnY90h7K6ffM4pxLBm9qZkuF5\/AiO2XIZGlQmvD+iijzevN04RTzb8KwyNjkJ6FLMKNX8yTEbeUICsQhB2Gu29jfNnSXwTtktRR7clGj2RDqTiDpYiS+L7Y5KPGp3pB2lLTGqIlmdDTQC5y8PtSSxXN5RpvpTlsd\/IIiMjgZqC1yLpbRo80GeFcVyaU6RRQOUefyOId8Ft61hDYC7Um3pJmRLKuAF5CiksCY7Dazn9IuRtKXVCVTFhEfL5JATWpIIeRjbtIYYPlT\/NYo4hCopk9qWapTUfRTnRYkMN0l4k+mszEkOEeciyC5wkWCBRkHNuMQ4I+EIKIowBzu1GVLrLzFenT1hcXTlV8LblOxbrAZt3EuT95o64ssIowJjIkbbgE8o5mdlmZ3laurJQyER7vIL7S2PS0QUzhk6nE138uTQadYVFTP2lFt\/RiQ9NUTkxNyzWkKOmiH9cifZ7DMZyPw\/GebUVYnhaw+J6Isk91ASHJnE9GoTml\/YAMqtWM39y7el6NuOgAkOc1AahLN2jsNQRdiSnirRwx8vwMLRo2FWjmFI+b2wbQCmaPZMSjWnKBvDrKTZxBjmKBDjoysycH4TNKM73f49bXQSJrg2YK1He7CzdXKc7SRuNpeb++gNyfsmybYnQgDEmuMqFPMJmdu\/qwF1TOClh1KpreW5iNU6huxMsyVuUpGrmJWbcd9iTapTPaZRP6T56pfmh3BLtX5dBhMzyWF5sjshPfARitBDRxZxh0OSmG4oybJyrJmkk3dwVe0k94geFvJajQshli2vwnLibFjdbVZ3tmhG51DSuPBGARtUAAItT3HKrDpygpvFipKhyJlsBWXsFLN81TTSVwke1aq1KKIUIiKKMpTNdWojac56V3VsZW9Ytz\/gWm5zaqq9hnD7ieJ9AbcSonzptTMtL+33pCpVQUy45qP8rbBHMUNRf9HWNooAZbMeMvqPRk52xuFhiclFKBtTNzUdCeDgrFT9XJfwXRqT6lRtveYePlSHkd4+N6xMsXslc5q80X466qcXN+f3+6pYqyWSx9bHrTu1r6Kf5MT1R4Fs\/EXfn+Lju1LljUf7rAsWuU6Pz6XAg8xIARTZhwRjYItctESCoTrWvieRM5\/rSDUifWIS4toTcpGMzg1viuaK7pCn1KHWOqMIFMk3i+dhodOqkCG5Bh+6JyimriamLJCtWYRUGg8YIbu4bUV8I8b4bGl\/0wxrHCNBEiw82TrTp9VsSCSJ78QgojbFg6qC7JSzEGolnh6qHZgnYtRIQctArdSgKDOgVfBm\/lrVV9kVs8goPy7wNmeyeuqte90C1agOHOPcyE5Cd16IaQAnIpSLgzh83bNfT\/raxXAvEnPyWm1jl8mtQu3A3D5Bp+gKaRN1A3Lc9z9dn0KzPe1SmwdFgqEay8BdfhzqibLvd+seOJrET6i8cWKTbOrpvkmq7y\/HcaxpjmOpUCrtZyGM6jAxYVZx\/iGyAhfnz88KLB+6LCtw7c+iV1RcrwFZ9BqyRG9lZ1104F44g29xnp3Bt0b61VWxapVe0FXVZLpquJCuqjmYlUObySBfb4HJ2ewloD4GYlkw5o0CfMa\/z4RkyA\/pfDZ+U1cyo9fge1xOe5NWkqm9GSRZAWfq14itNz6fYV7Er\/AbpV6N4ncYtqBljXrUpdC95fBpr288flr4ehoMTZ0cZMaPQQIdSPrZh8k2Wb0hbZ1gA\/a0t0D1C698B2+NzeQ0EuD0Buqri2Jmaj5lJbYpZRcbhtpCjDx2b9Ys02X8BeatXt1JpJXQa+Xlask5RgeeJPKuFnAl2yhUNs8uKALB7IHRQ2UABf\/jiYATMAf1HKdPHrKS69hcgs+tZmDIDQVghcpZpPh2G0cFBB3BEFnozOveYX9R77lKPvd5+6xurAM6dGJtHYdWRFhBiXOW0RYPdWCD1vq7LGuZZdoTWoJnH4YhDL+Rg8MdqxVVGhUVKyMsKNESuFt6x4evJ80gnnsrfYOwYFV3\/oSejYrsV5CXpA2zXMJkMFmkolNQ5RZTQvc7aTBWabfa6kp1oTcKaWaI\/VR0vQhQkL7GKMIjoFm6zajncCWHSnHWBCtFbyh4WzbvxmGz2ShqxWttV2WxJh7HMiO2xPkc20Jl11f1A3cbuV23EXXvm+jGRxc+1o6j5KlKuurO+flabzosBOhttpvVLM1NZ3tMghhJAuSZLfCJemyFJItdfAuficfazK0Sz3WDHy51qJ7LayGD0KidSZwTpbkH0d7c2sLedBG\/RW9Or96W6MPc9JJ9I2JtPLxv\/ZINaM\/jdSAD1RUw+cp6oC3BS6Pa0dGtMhO0VojVXeeGQfRHSTktz2xzJfNpP5dc8X4QV91VZ2EkhxKpM27VhbnbzauvMaLQogrO4tUv2NDnEt9EPajgzMmbmmy8u\/8UKPG8TKhdTSCOUEalMP6hXM7rIF4C4cKpD\/ovVdsUBOjJWFBy8bNu\/iftl7p1CjluFqIYP6Hk+wlUyOnUBPPq7hZbTujBfA1Qy3rL1tU1pSuIw7Upyb8vsRgmO7MvSAzBT+9p7GhknOP3pzjVivzo61IWV\/PMn3Rq\/6\/mdiN57TpaxIugZqdx+i0GwWNCEjf5nonDZFD4WN3uu29JH1qhuta84aoXcRTqlhAkFMXu4t95ukSXy039zbbFPPsduNH13ZhFTBAFKrzhWcje4YvOAUIggJxjVAsnGse2LMiBSW93Yd9URdQNjielw5Niwft6n4AmHH\/JUTcXNuMZwiw7USByWuz1GptCehUMwvcmJQp3r\/7PJ8tc\/7S640Ul3\/n4NscjQVKQyfvVt3vgTraCVhuAeAlyHeArdXnPhqV0UzNQZufDMndcNZ3f2ytB1Lvct1FCgmm2\/r7t4TQp92hNmopr2Oo4YPUyVXC3imtSFnTOORzwWilBBzM0L4Sny+Ji3DftSjXkuREnVTXkc0olSp+PnazeiWsizdQuokcqhkZOdOSj5+aY3frlEwFn7wdJm+oO4qBPjQBmp6dGpxgR3zG5iZEYa3h8wbWYB7EmJXI1oZl22uTGK1n6wtFReDPbbgwByICo164A86wAPSY69pplaK3ZRXrdlRirwFLmHlFihnqsbxi0wcFUdRzvqViU81Su6Z6Ka9vL1KiHUeZfem5+ABSMvnnGnNdgeLs9zBi4q+6NObencu57dZuS3lwheJmGAZiAYdqNjDwh\/AFH0xOxYLxh\/pJdDP8mrqViui8OJc6Zi0tQjwUDwClkBLoHVhzdF4VYTv+Ik+K+Ql1EnhrKqNLBGbDx3GrBwf5c7veSXWS375Sdesla9HOeX51Uy9Ko5peMwwu\/jVqRxdLBCe2TdGW0zqo7c5nS2b\/0OsdsZapc2mTjCiqeJgB3CF9GAgdn0kLCJ6Z+H+2fozi3TQSoZC6Uws3a2rClt4+Jk2SsZrbuFNMk136\/+DKZzrKNLBRxiSpN4SvMJ6XxGOJoEC8+LVuEAOOzFM50H2PbRp\/Kr1QBD3BnL8RSozC5GXj\/cRrK7p7RuQZb6cO2pYkOLSUvKNyhKoNkJ+oMu2u3XUu8SO4s3B\/KjCMSAbntSdAgcb12zGXWvz\/mol7PJVoiDtS8y\/MSNWPLTt9l6dKXZV+SMgGYROKb4dFOZT9phsa7lH1irsvx7qucqwifA1Dw\/kAie0f+QKy5ihP8eg0a0JNHkPaNrYvaKjSzQMUztwGSMXknEp0U4BxjmGOjNgvlRsJ7mMjcSpghV4o71THfyTecpq\/9ztRd\/CKHubWVmwY7H+3TJ\/dnn\/7M+PkxkzpTDBsgUMbpJot+3Cx0j3M2fQ6WjLIJ96Rj7Eg6yFzbRZnDMjjNAF7pH4RxvHV0Y5AGLtSDSdqNKea+OpJ0FoxVnw4TQXixHh3IBVPuH8BsBNFrc4Ez295VSyeg7WNvkTmXuh1gcvmmU8\/D9AiOMPy2IpITNXFUFtsF+kEAk3roszOwJIOHV+oBvxaYFRzJRePYNktrHub6yQ6Mf38CxVODhYDRQfUGq3PFhleubovYshfhrZYaP4bDrbpsL1lpk6VebtxdMi31MmaLa34bhf\/puiL+p6fu0BIVHaaeW2eg6jTr5EBzrcC1bNw8snXcI4qBaCHZ6Seec8sn9lZDq8MUWvTPWiZQdtRekYff3dm6zBjsOPUWPkTmPUyhVH+mtaViwqQxuOYhC45XGBQlKONA4gnaIybKJEKp6MjdPCYbpbGXL6MAiHJYUiZRlZYZ\/eyycqywCLUCnaSGhmnYaMJ6TkIVfb2Ir\/3gZl18NrAOVe7zt16i\/s7rQREoEMkn2oxowDHSK+OazQuCefY22\/1cWfrMs7fFBACB6fEW0uJSLJXUA0D09jex6\/VSh6KGppwCJTBUdy8851IuS9QZxLYIc7vUwqARkN\/yLw8JfIUo1Y9oz\/HmN1hxn9i78PdrDEv6Vu9Xgy6iBf7M7s9FyZD7gqvM3WJBk\/dkWtWHxU6nEgoi37rOYagQ1\/oyuwYn7H+jngH9NYZvhfZrniXwy0MJ\/IdvxOuHUIZ5bj80x4XJJbmEsEzcnWGXy9ukYP3GcGB4gvDHLw+XBKQP3ziUKYmLuKAZVWg0ASlOUMuCBQ9CJvHpcVh1fj8Y1FJY903f5fCo8wTduu5OrDKFOUZyIudWwurlwHvNvaitHG+m7QhaJACm5zj52Es95dmE2+RrjlZaIbftxQfovoxRjvV5ASCXIMtTmIuZNjs0o40Tk9y1ifX4pgZnDe7T8V0mEnFnh215hzvnfbBrh7tmZLsgtdeI4YyeanvseO6UcveillZBPn6lA6\/QWPIqMwPgyyf+A5OeerGz9+nwmqhTrDnQ5KKNZL44XSDp3eoYa0Ta3io+ZyBXlZhbViUTwXelBWAFpTEzM5Rxj0u8KOZo6M2DJJkhKu1oE3NOFGQg\/Xg7wZzSCNUOtmjHUJ+NLI\/RKtbpTZvf8KHDyHp7m8Pbb7AulG68pLoJ8P2DHG5fYM9KkwcaVqDlj5\/dtUqjz2F8biWYZ3Or9PIpK29sV6kp57r47B0mWAONS3qbHJV2SbUgzgMURtN5yXZMdeOqzo\/CVWoe1UWn8LLQ1pVuXK6HbCcuCBzbqNRZpEdiv6mrge00ilaoStCu\/S2LsUbmmoYz3fIuKTH4VrOsQMDT57gwTnFZr8\/ITaTCXOEmsNAm2wRCE3NyoV1S7hg5Cgkes7eLWnpPuy\/YhomWHTL6KvFCB8XEiWpTsEi2vIs0AQvjfNJmmKxtCXancZcd\/nQ2gvRNi3nRQwCu5VKQ9ObRpu121HuatTXPlefH4ubFZiDTQB2I1Ags6+PfvjwUZXYxmlQZxcO3gRbUM0mc4jp\/hJ\/Wn85NdokU1p9+a\/JM\/HGqP71k9afy9MPmnmjdoutQ5HvFugjuWshYi17TcVBLh9+Mi5Ejd+br23DgyQKAyePNdDQ2MaXVW3WY7wS7AOVr0efMrP3CMrc\/a\/ZqWXQ3CaL6gPcSwe90cf9U9T24wRR+eUiQqu6BxlEbFc\/3I68xUTixBr4Zq6yo6SJ9SkGeZ2\/fGgmLvnBRTLRE9HD6xUq5XKIUCkJ8\/zrQFibkL2Or2u9BVML81gjLDw+9ySooala7W\/GID9QdOZO77VAuf5VkZG6cHxrr65DF3Vkdlsgwi8JLtSain2Mc8+zNwMyjOa3Crz5tUd9JHXfNLtF6YpPNNctBKshaFg2A2Oo\/qz\/pu3EJkD\/gV\/9alllaFZzjsUHnHRW83zrUUxQ1xI6G6HudQBkXMF\/Y\/MqjxjSu3z\/fiiDPksQHed2d8hSnh7a0n7qr+7r+3EY1N43cqqbpcfPel4s0hNiw4OV2h3pP17N\/6xUohtKVE6SfGX2orAHzPJEv0CiBX4jbQoGKVnXIFnqKnJe+GyGEF3RwkOWkvt3K7MJFzPhZWWZnJeDrpu4BYZwRvX1QQHQiW0x+phu4YxicuFprUtApaZ9AnKPqVsrzceLQujpsVwSni+crGPvr2jRFkeTZsuG5J8f8fOSvZigI+GuEOqSZ61EgYcqdAAzz5Q5rO8jkhDDI8ir34zUNIV5N\/qcuQlqvfkMg8HtNNQ1wlUSHMY120OOtYt6XwOqia1VE6Wp9CioWbg5sV3s6Xm4LblDjXe4H6NQniTpZSzZb5DLxvpajqPuyEz4JaXyC8ol4ZJirGSagBN4MI4HVKjV5P+OqQLKM6klYBk8chWnnYYvQWqpYH4p+XCgAZqJ6MIHaz\/r4R\/d7H0ZZDpVeISKWnP0c38095qKfTrZ+cvSLniX6NdGTWA8TPSz1MNSjGCZhAUudRCWtpPiNyu3hdlZTYXQSqNXdurUhWpOTiCdQm6WobodFZAMd6HF6uZZ6lcSjTu36awl8LOh+W40loc1pnEMyEyhNmTQGCW296voyOtoggQb0R+9s45iMf\/Y0\/lGYAIVOhC+3Qcs05rpGz0GrwIaN2jpq1NawqD+FjQI7LutPl+ZTmtRqazKr1YSRuSAdF\/XRLUPHc4DPpgfPKsvI3rjt5hxfh4B\/iJFNWPn32RacBw9LsDAJVEiajGYWRQAKLKOgntiZwUmhByUor8U822AjoIxiZxt788yeoyMkgCtUqCiNb6A6Ru5IwXkIe27ArWoOV4RHXgWFYSXWl4ciBZfilJXIn7YeBr7FQlCcYKiwHfI7AmnOG\/Upexu8MiqemdFET0A+IK1pWTIurR\/JmP2EFIhGFJd6xWHipHCYy1xNxmCoepLE43qCvWBZBnfg7BK8sz89grs+FzwF4Sixu16K8p5SgXbgib0kIIBC6kUmbR63\/0kBO2SUZkscKsU9caOIjSzVJfNRyx9eg6k969Y3GJ3YGFLvsAwXu3dQyJ9k5\/Dv0G4gnwklk0CUMXUIiH8Gm24ck9uQ\/DiL5KGbRvFunoY9X7V1G40FNwLr1mOTaTH7w7zXrTwohw8j2DMMzCSnwGo2a4THJeBMqyo1LMhxyHRb\/kJmNZaE5BgdrPLcIYLiCfcJW8L3wQkGLzBcrQbPxTw2pbdtwsi83SZ4q6Kq09vEUKEEGglBImIvjOAk5rZwxue26PC8Hp\/qFM2GJB969wFd5kQuchirSXOH3NWNIjjBM9xr2GtEC0H+Mn52QlBCZRFIofpyMl21VmoylQInUKbje9UVbSDdUiLqljeEev7j7LZ1s9vGpC6Zd7v7ZYr+E\/s3fnJMZtW3Kpo1v0wRpip3RXj8FeEp1rnwXYZqDOMC+AkM5VdF\/esQjPtoprFZu+oNFeJ5lB4VpRqaQ8eDjEyqZR\/FeQNi3hwRkJfVv6XngzwG07D7oWmdoQDVmb6gpgZ60vWI1PhlWJdpk66QcGBUCgH2IWFnTpFUWHDf0fYrDXvoPTkII0J3zNc33cG+suMbPoM47W2YgtrqcJEa39irsgDKZ+YZdT1hgmz4sHyDMB2RUeWOUZtoI56yt\/Q2KrBhggaZS4LXwHqD4gIDdMjLONtrtvY3zZIEjw\/pYxgnzOnmR9JNorM8ZyH88nBMMh8dwpoqH3PgH1jAgQtIjQ\/FJhYwZBlKlizcqkamiw+9kGQRmAapjY\/pRb36w7VAGxab\/aolrH2k6F+UbIuoJxV9BZKIN7UQbaq6Yw7K3uDEqcevbiCRxMHzAhYlMtoKLbww9SIhcqUQOWfNUTScX75i8RfrNOOS2N5Akq1urzAos9yAUVSvvlEEIEF8JmlfpZHKN\/8ELvDLQx6nx4dvX0nAW0frnStJZkfsnFJ3tKrBqhk6RWHdmmqVhMPtmsz++E2VdlDAIIZfYneMsuWyqenTurzoHlAeL6pyTI18MOfl\/bDkSUBGx94o2r5z3x1hK8TMDmKDCCbpGXEImDr6MCl6s+lKsaWmswSJrDHsu4p8Q6Oygbqi0K0Ny5Wl4XBsc1JmVGrXfKJi2eG9YdHqSTQJolW1A2Zh\/Jz\/kWXn3vg9KSAKM5d9STjs1VDeY7WuUkJzd2Afmo8EKPLM5XjnNiPNSjgdENweAgS3JZ4QDAy49jMruRgajqwbgXTxwyjWqK2vuEzVpYM+fnlIMhDie0eEZxSg8qt5XuOIZ3H+UblAXdYKHPk+jPOnvExWg32lmlFuRVIxzPMsf\/gmxoWJsWBrlUMRh3CsHoD1MGAlSl7GpLOnsUuwGIQ50rHjjIWD\/iFEe9DqCbqcH5wZ+oFBjaSyiHS6LYOCgBm0tFSNOviu4qc4DNAjrspy7ZcJn8uY9yBxFH35Zgb6oU4lHZkLBaZAcHZRaCQfpzzcBach\/yCVRrWwXG5vourC251Xo8iD8XYvIUeDcFooDpI\/VcI+6460UXD9ey2mEWm54wtLuqWB3BPyS5N+VqRrAYB4JCzERXnjE6O9wpyE+hk+PIHXGC0Lou0gTsXRKfT9fCk\/biNuhTuZZtEevAEkYl4R49KFODfqvCMSOOgQKEl0yM0eyu6hrEcfncVzsvILzVTt7SFz\/VQ6WrFvdxHqOSYP1MeFraeoyvEmrTpeyiiyqByJp+tc3nH81mR1Dcsd93RYaNqY3TaZ8s82BMSl4Dc05M3qrO\/NeyhEFxQ3wUnJneKkpKRyuglRwQvR0MZDvnKQLzPtFeZx9IHksc4gWi3MylLJXf6NgtE\/DPtcHIbsBKSsveiq\/avSI4maltKbjq8pRzFaagRdXW5DjTTIIsOyQ\/+9ZLJ+x7yzzgg1RdfhXatQAjQmwx8f3mZ2x7QdFo72SXI6iGIYeqDLK22E\/KZ+ZknivUF\/8jkcRyOb80qpJZDPay+OBbNP1XoZes93wMBLVSzm4d4HGDPmPM47xmSTJvlZ73aqc6oAEV1FOCwjcoihgaZSiCsJIFp2MzDuM6OdhBSO4Ll2F1YITi1Vnm3ckQWhY7K\/bq\/8E+UKUFecsy4jBCg6OfX5uy7gNsN69yAMUkvRCtRr57H67TzWasK0MAYdafZL0XV+y2nJPNUTmMS3zoQY1kQ+RVfkBPRJN6Ccei0Mt4qgGwQU1EMDmKqUWqaCF3zHJbR5IorfYShB17Mtd+NuHc\/1BA3E6xvvy\/R64kvC11NHXg0pWo+K8mgRzT07H3v07yLIIUxvY0Y7Hrkluqg58+OTi2SR6c7rTavY1bxTAuIjJTFW\/QKZ\/6jmUYq7Tw5YHjlHMLsZBsz+Qq+ZjV4Ds9HoNehRRfQa8soC6DUw60KvmQVS01Y7D6QGZvNQZdp+8Kgy0+FkmuMxB04GZneBk5lk8x3f5dEYNDAbj0GDpmL8owoYNDBDyvplQWhgtjQIDZnWasbIZFQ9vxcKDW6RNVm2e3p8HX8mCg2eoLPCZlwchabaikNYLuZ\/NCSXatz3QHKRVo0kyCSB4cM3fUYtsCiRdICq4XuoojxHp\/PzAF1Iaz8CoEvVk78AXRYFdEGz+icAulD8y58B6AKzv8K4\/+QwbrIES9r3qxr\/fURHI+ZhXnQ0qaHZyxOjo9la\/uToaK4zP2B0NNvDHz06GvXyT4mOhplydDRRLkrdjCc7EcFsUtz02OyYnxcLXQ2k0oyCoPzykMMCIl5XuqPRXCrs6K5IaHb5ZPwAa01p7\/Zc32p\/05zVnxU4XY+KtgAVJQheRAuQh0xApiyC+kCHWCs2XAU2o+9OyOWA6gsVu1cgNMyMKAHlYHpt3EY97iDPigLh3o9v5JOj4VCLatFwpmZYtvnTLKTTYfZ++dg3W5YJYhb7pRLMBbPhYC77U4O5\/oNHcdXrc\/cAJpih5OA+HIR7VA32Ge3EzF8Ra09plsZFX\/1ggVeYjwx+\/IAE0s+vWE2whHeQmp59GCVU4Zr4rDiISuM\/fFzYNVxsoDgIosMd\/16BCGq9IzQtS\/slJoolHHKzn2A5oNzsO3s15GE\/xWBRvE0K9BMUTfZk6BPciQoOtdMBYQIyKq3Sm9qxuJw8O1zuQcVYxaF4g\/FDyMG5Aw2YmuzxLKZaw5rPusgIy6hkHFawbRU3nlcdqa6eQuHO3E3EZktGqcd+YVlFNfKEb7tCV38nQoHUd+sarp2f5YVMAKjultO8Fl8eUAmyVCn7hEjqCrK0gGnZVkblk\/1ftvf3pqY9qPV1TyINp3ljGNllnEZM5L20dXAaqS\/qt79RyX9HbpTDPWDwMNlIj\/DWr2ew3U+h\/tlFy64lvpc4dwlpONU0TGfECtKKdy5eceFVU+jUcWKwu7OYITA5MtbV8RewUhOxmtvjXe5K1I3KOI8ICcXyzXEcSI6aPxUCHZ3Eu4eNVY38hwobq8b0I4aNIf8kP3lrpE7jXVUzX\/rJrbUVJeBSIK1Y9eleN0LpJ1oALuj3G01jGf+ITi3fYlwe6gZyTitPehmubqO1fUr2l4M4wFeYl3EAkrq0zC5qnS5D2nLJ3VKD6X+V1Havoj5fvL8EzbHLHTZ7RP5c4Ry4W5Vz8O89QrG2pC4YNFbrLn\/QCEVRZVZHVC8RnVi7Hi+jUpwTcNg6uC27tkvFsilYMhVi2ThOQFe8a\/VJB\/9TArNQVMJSgVnP6fvJiOKjLAqByhs\/Kmf8HAuTQm9Zh37M1w2AvHcLr3us67S4bDdEJmuIT1aW2XnUDCiMAgVHDVrCxSvJNTkBgtDTZjCN0n8KRETVLw3djDTih9UpoMrQbhWzi7dNPpeXXvjcKVWKKCKTOna+cay7aKhesOc4YAF9SXTyH5v8FwQB+YDENvIJYXi0n9onfJCG5FPx+0od4oM0Pv5Z1PitC5W9Ph6NJZqDOFfpkz3Yypzq0bx2YGOTXc3XXX9HL4I8R2fZ0RyFFtGCqU0zekXoI65I6N3zWqEnaMeojF1llKcskaQDaLwL+tHIZ40qzMoBXH+1yvDssxWSuVc54r\/fFEdsK9Xe2cfDyG2j0txLmgUvYxZXkfr42buu9DQ5vCq7bHny1HRDJAuu0oFBFYmr2DucRUhAflvkRvdBvsRBCcBFpvKiVfUYw9BkuFa7KqmWF\/vJjeFeB5TQS1n38BnNA4G\/EsKvexDV1Fmsz07dLcVZ6IjvVwnuJ8IKs9gqkk6RJdlN4KrX3nhhuu5Cs6H3fLD+qIoqN2fL+vg35OgMQhSygdd9ZAReXwUa9sYtXo864iZ\/1oMshPolh\/qLH+oFOF\/0yu3kxqjq\/jvMQ5AC\/eHvy5c4LbJU+z8+LjBP4BHJEA\/6v4JTdgb63+cxSHQULGMUCDZP+9\/i8yXLS5CW6kMPP4oEvsdg8tC5CiYO\/eH\/usD0P5Oqgge9nolFh1rTF4y6h3n8i57EehjqYamXoV6edHz+fr9mJdSj+FhpqPWTpf\/\/7V17j+M2kv8qggcLjHNSR1bbHo99M9hkks3u5fJAksPdYq73QFu0rW5Z8kpyT3eMfK77\/z7ZoUhKIiXKVkl0dwdIBrvdrQerSJGsYj1+xVEDtmN7O7G3U1DsnZD6lP1CH+kyiT\/ZLC45z7gf8rq3RoioDVufDY8A15PvSdA7Nvj2qMPUlzbZyqCcYjZnDQAPpE2a+yivpnRXRNIy7uAhezQc9vp8aip43y9IKsM7PFZTzTn\/+cpOHPW+7V65E7rr1yVuF4EI8kp3TkyGsoNDxfAPrRhghltn+rPD2zHAUKKZmh34Yc30YmcbbLasgDG3BaeCpxovw2ZIjXIyMa1CgpmBVbIjyZ2yRmq4G+OWUrKB7zCI7oBtcjkOwWx3AsLVzPgzABMYfvaLbaylOibKtfnhMTQGLG1VTEFiC9SXAu0liUP6bsCvDm7yvzOyHNwMRT6sMgV4GIK5Trbq2VFtdP5qvfZJS\/ugqoKQ5I6ZnhOSQr6aGts7f+Wy\/xaVE1zlunoamSebJXntTSZ2\/j\/3ajIZLmq2AuAa\/ltoTiTqPYE1JXpZqYzeuiZ6RXjDVDjRc5m+3HPluq7nrs3+XU21XZYHrtpl+V7eZbiyWumKweP7nGbx3il8LbB4P7NNNIKKQjzfGMesqviE5FVT9R\/J92oJAyxMsN\/G4VMn2JFNIbeC3cbeB6vskFD7PvApFKWE7S8IWY1Nft40SPMji3j67N2g9ETxm0pwPr9UG5FWxEvEohKTqMQpKrGLdDhFySH\/LSuf8wV2Ua52aHXL4XH7uN\/SPJizqOGaX2UX+R\/g8w2DXQBxGyRJ59a0tbH6Yn2T1BepJzsSHUhYhbhfJpTcOZ\/ixOcyXlwlIYlW9Hm7IQRgti1koNDqG7vQmV+Fj2EePyQfBOH3u2B1RxOul+rPF+6VO26JZVWwwKj9U1Fy2Y+UhTm7o68H\/OcH8fML8XM2QNCBIORTdFz3iy\/\/23O9v\/DGvb\/8t+t++WWF8lcD5ACX00D5+OdZGbCfnRnIvymWTjnUyI5qZu+JL1p2J\/+S\/OfbAULHCrcstGg+uppMFvkVcOPDRATwMnaNO1OL69Nciovr3Do\/bxtvyrtIkmE7L8JHePwG95KYrqQDibYv8acPXXpxSIZHFdtmPvjbl99ZP4b0wfqZRKn1RUKWYO1SLw\/swfdxFlce+ZluYmr9x98KK+DgG0p\/JdaPSTyQDGSLkmJuuH9SomAzfzKK5bSeaWb1eKKd1hP9tJ4UAYuPUbalaZAWwQUsuqdyT4L45LfuAaclypzosKNJsAL1NgJncXTYpVxaihgZMNyDHGgvg\/I1wSyKr\/6n5VTs9lqxOroQw75WrJMuxKTX6qJ1UUWUbO\/8LMctSF8z63VhuQYz9j1JbFBymWRnt+GXQxSwn9FhZxfQ0nD3Jv\/zsLuxP65CkqafvRuwWwP5wiEKlL+jw25w03Y8np9RC7nbl\/Plj0HGDnJreVeukz8GGTvIqvCuSLXv4iiuirNChB0C9jhzxtqDn\/8CDzs\/0c0hJMnA\/hBHaRyS1C6eqcfNH6IAmHWWgR\/MrQCez7psXnUrObcDCkl402WtGm3z0JJPNYSwMEeqgt2euO5QjRkoniz1Ahv0gmGHwVzaXFGAI6Zf4mqHdEMjv8tImmvw0IbD02Mo3oQh7DA2p+0jHcbGXIOHNhweG2cNqJf26GrWZVSutiR1ShdUrv\/ZhSFMdk+Jm7AhaW5Ld9mFd4PiSmdF7WVzeHiWMaznoiE09F+3HQ6Jv27rh8Tv6cMhtX4EhLefP9TkTP3SwB78GESbv5Bow+\/+NUjIJojE2eqbLwf24LsAgNbidWb9nfyVBsrh68O\/fcvf+zk+JCtq\/ZVEJanTR8uXzyoX3S+az\/IY+0Z3jEUaZy53iuW472BAhcWRBKtMpDYesriIPUt2JMQtmi7bg\/TaBQ5\/0PofKjNWZVa3sjYqMyyGF6Aui89tSA2dtlVDh12dKCrbBtS+KVLtE5R7KlVvutD8PSkEt10M07fknNX4337USCtFPsl\/f0vuDtY3cbYNVmBE\/X5gD\/6eXxjY39EgeYyrkgsoYEzKz8iRzt78POx0keLPYYtuLcUXYKHOn2TVNvbbBGry9HSp5tO8i9yXXruA3L\/9wx7ZQe6rO1YbuQ\/L5wXI\/VvyLOYnndxvWmsduvMMZqBb8vT6wC353ekDd3EHfeAuPqcPfPuTRtx9sd+H1Pr5q1yyfU9hGX5Hws0hKoRbRapBQxixf3nCOul+Uaq\/YyEu7yB3lO4dEoZGRPVd3ElUS69dQFRD63+IaqyoVjeTNqIaFskLENXic78EUd2B7WcQyYLyk4pkQfP3JJK3QQeRvA3OieSv6D2JyIYkwcmoJ+Wxb+NtEMVxol79PoCjGGERURjZ\/IQc6IT005CXpPXkRQeA4WZkF2krvXYBaQut\/yFtsdJW3SfaSFt55r8AqSs++8uOzxBMPoOMFZT7ytiW3eU0l1EHgbWMNE7mYhP+kkYbEuo26mJH\/pJEm5CgxNGF2hfuXOONdxMlY70oGb8MUbKMOokS6bULiBJo\/Q9RghUl6grWixLNongBMkR8b0MyZHwZGSKYNCBDxkgZIig\/kQzhyWqQ212dq2xy5tMW\/hLdrW1FGVnC7GF7EXpf4ql6Pl8pYZaUJGF+3QyPfaYbx2x0SJKn4K229J794gcSpV0AFe5u7KvwsIIEVfY8R5moXANEjeISNJbEUeXB\/Kry6C6+p9oGD3t+eVhUhjqmKwJ7vzNqC3OWp+6ylF2BpVPk8QbrhOz4tw3jTSx90bjs947sw2CZ0E3o7MiePbwONvA6HzSSZOy3HdnXGUVs9\/A9AJoXijo6kOGb0DVrOP+dfNwmdP2Pd4NX6yihazjTF+Sq1Y04QCt2tET\/E+cuyERyPMfGdXb+HEBE5UsP6XycX+K4wM6apNl85Lm7lF+mJGXY2JDq7s9Xh2Wwcpb014Amr90rj6XMj0TC\/CoJOMQ7RIjNeeb7Lnh4HURWmmyWJahC\/uDQGnl\/splk3ZOEVTlh9\/95IFF22PVBuRIDwP\/Yxmn+awaJ+HxcgjxXv0pmId\/lnak8wi4WzzU1sGy6sWq6IZSphrtxVN4RuAROEN11GBbrMw7VpECADFlOup\/Ee2cdhBkAMDP9LM\/urt5lNzkUgijn1nqlFMzsD8vzderOgeifwP4HnVdF2ZtqUPZa4xUm+yp+ck\/e2xO2SK1oYz47KuAzDrh+7iKaphxQj90u8GgKyJL2RVMZ9Sa4GK+Ocsghaips2qtDAkv8A3RiONSi6FSwvD0ch1fR2jkEUED+WIPjwQCBqm3xqSp0gncDse4GN7WvgV6R50gVs0RDrBPS80lqG9gkmyh1mbDMhcCrPTL8ublVYJs\/LIqCEQJwPP\/bm7lyTSwOLyGhpLMKBH8WtURpYgGx11DZoUB2nCGQHXMmJQLXDNzxBAXOYh8SAKf+G2Ic9TiaOTv7h0WxkymI8sUoOo2omlAEYJW9dhn8vKvH1Myx+F0Ex8Ex524qswd\/SEWqSoDwAldW3iPqqLL5Fdg3VuCeYvuufPU2hg6zywh24Sx4PFdAZnGJswEjv6VJXM6P8YxByY5dzObH2nAArVaHXcvm9Kkp7Xpj3JQuyZ2t7nE1AWwNTallqEetVklo78nSDdx0zAduhltd9JEmcbV6LPyfcIGyRdBYrg0+1shTtiy+SckLEQq+yBYvNHdWGFj\/YoWBptDj\/\/3vIK9OlIhl1lh3CIfgW1InxxPNLXrK2oKIwGgzJOmc5BDSqrIm5juru5jvSm69KocM4qxRb3DFifOJal3txbrhZXVkqTdbbSXsYlMjUBJzQpmcN25dYgqaAYhJ+fWpK3ELU50BX8sq9kynYpvThB2yYvfOrNl8fZa88p0VI8jWZJWl7aqaJnRPSfaaBTKug8wWO94IYJ7ZrjcsGLnuiBaOZfy9H9yrsNUcupyjlV+w1EzOgOVnR3l1jVEyTTThS2WCqmUETS0VVocCi91+0fEDjrQC\/eTs82xF0A6NqsolS6eZGFeZ6NJtde6ybYbNXb7hdGmRbcA7CpGD+vJ+XJq71tTwxCr6M18HSV7AUOam4VyPJQNGx2rPWtWyROsFjBzMaF0Fr0KMXoZ2SldVZRm9jxrVhRWGuBL6G64\/vLqYXJ\/AkxUC0ChnqJ0zb5NNspSuuFVIqB2ihkUug0zN9ILmvk6jan8zpwqk+zDInubMw0m1qWaoO+1gjyVJ\/CnVrq7aaeKCWgQw8V6uXX1KBMF5TttzsXWrNf4urX8A605QlEhkg3Odb0pnj\/nnKriKo895kwCW46xB2Znqqr8ZOyoxyk3HvKJAVN+DXk6m4aDXYM2WoNSxtB74auUzdG55C6Qi2WlHYpR3TZTH8o5oaBoimFvRMEwdz8a+cY1+Y9yu7uuJHXo6RtpZX0DnmtRws5JIsH2GiesqE6Z72UfPBwqqeo982dpiP5u1HR9VRX+Gp7o\/PsUewkidP66MuPHF5EEYKDuH4zNuT7y0cTvTjmp61aqbBpkjiZ\/qVE0mnPvudujTOGfH5D40ct0OLAhX\/rvB9eAGuyMhR7\/7hkES39peHysLZ4ZvZK\/Ys2aVU+4Y3WAZn\/JukCUHVhiAK73GVvQ22LcylU51S8mMFyPNasFNjI9Gt8oUq6mDi1MPNn82ekTj9GzbNeZK9+NMhBbFEX034K7ae7XEgxwmIO4P+xAJonXcRADu9Wp8RQ7wdFP74nYvElzXb6KAtH\/pCET0kCUkbKLQ0R32z\/CInpWGhA87MmlWsR8k3L4zt\/h2u8BFXFyzgAuS7ukqc9iJa255I9f63PLevimXP\/OdeMwAWwbqtDmzFwVuK7E9xfNFcOKwMZaqKD9rbE+E0QSbQGVERaalU7hX2a7gLGn2idJISHsPt8kzUieckdde3UXFHMjGvZCclbuqBttvix15dFdLkDjs9zRZAW6Owdkv2UZGGq\/j9VhnIqm4Id1JrQuOe+VeN4mJwvZRARUg0eOnLU0oug+lTW801mirmhLAY5OeU86EqmGXimypAfBZJwdfCfPiuDIxzRrtSvZg5UW4zdbVqwBe07cVNrxeX5ZIbEOlweoa15rMWmyF3ahzw5osMAzrklAlTxZD5dSp+H+YtdvoWUOQbjhgeMzv0hBkhDK7kyAs+8fUXLPdUNrnk6QM7kuzYHX3uOArqwyPSmm4FtFRTHSrpWdd935rOUyODKUwPzVysgg54GXWoFa66EO2DSLEAGXxytlVRgj3esUIw4JxWrg3IN3E9H6TxSsrDEqBiHyVtHOMXDc7RsqOwzMwIFPVqiG6zUI4GwZCSp84J0uuz8qS3kZ+Ni5tQrkatT32LvYrko\/ghXFE\/Oi7wZ4V2bP7NaIeyGHcT++kZ3SIqnKCXHWR0bOHKtdxOi1wkx6WxbrxcmsK2\/cN2QwEEXmRie2ycP6LJTOWvInzi5n\/+MZXdHmshHAZPglh2Xov0jYrxxmdeeXMEQeEW75fjNWdWbjuD0kKo7mPWUmn+nZdtYpfzGup9Hw+z7OUfJqRIExZeV1ZV+kw\/crWL5\/7gmXtY7yn0U3x4S\/qS2cE9fKbBxXi+Af95ChpUW5dTUHZN8meB9AoGqg3qwRlz0oJeplRKhg5EekLobcLXAiOvKBWIdntX8Mg2df3n2xYoB05LAJ75eX6BmfZgNZ2NCMtjct8\/yg6P31eT\/g+iVNajbnCvm\/tERqG6jqoRci9qatrU5NHfyY8CxbGrnIecORj\/wyZeuJVJkBhJlMF0JKkFDooWx\/HbiXQrTos3rSFVcfTGnW8c0YdTB9L35Ew0bH+yd\/vbQtGr7WMjkwyOlZmWXWSTS4pkKPD7iind2EW9nWVsXETY0J9rVl6UO4oCPeWUxpm1XhLtzJwZqMWWaRuU7yn1o1tLn4WFLaTsaZyrJ44bCLdrUBCOVdrXKUTowPqh+2O4uop\/GTiT884YrQ\/3w8bjVss5l2NJECNDaRhlMGXRSi9a8YD4M6ewAMAnfB18bD8HDZyO2l36BAesx+84btw78ZllVU+nipxFxePEYaN2whP0qgE\/MpOLbGt1LvUzkREQ3pP0OE7SvjWVLPJTlC73N2uZXz2Kj6w6scJZYc9\/u4FvSh3u9Yx2yx\/QmOanNZjtmcdJ2XR\/SBaJXTHbA6cS2yX6tmvounX\/BHbp6tgR0In5JhYzq80iSuGrrHhEHBUHxqju3UJk8bUsrtdPRy57YltvNdbkXq4kI0N5u50XjLGIBFE\/rPnWgATsG77Z0kYONMBM7Kbp+80QQfbMQYC36zJW++N7e3aVzk2NyUdVU+fKkniZyCNpsa2j3Uk24jcqzdwrlaouYt7mnDgrxyS\/LCnydmtAT3CkUX0yD6KlRo1z+AklsrDPFMsEoZ8GYyK1VooN\/iyRwqsRGd5fMZHeN5F2H97YeOBdWgZk8QyD6Bh4jcZ\/SRUPLZT1ID4cYAfjP4xSetgo8x9BXyJ2+IXag52B9SCBa\/AEkRp4NO5Re7jwDciogAr9HQYkzjaj7ENO5+2JHuSTA8gliarhpRZzGxot4zx6db3m4bARRZJmhNk0SZl8InwlGEwPR6OOQjUWQdqBRhKApJCEGRABudIGqIFYT34XYaT6mvuI8sjCh\/xuoFyp+l9T0L8vqaj3gl6ITlWmuoCrJCkVubb2DcApNjKtseqZrQLfB+1LtTm8pjh8Z9q1nJcm6u8qQmEg5dWrLc4uQXc3W+OxbaD28IPESCe+lbuxK7EFmDC9oJIkWRjrw4jiFmvCVML1Mmz3HTIGPA39KjBudMeT7TodkhiPAfi07vBz7\/89MP33wxu6lscfhFEsU+tVZCsQqoZlBzpVN+3wpZX2Uix5KGxZ9tKOBp6Nz+3ez6T6kIGJ861cuxom3yFscTQxwbk6gLdTEFbO5PW0NEcRB\/rM7+k5PRH2JEpfPfDV1\/\/9MUvX6s0SkDOjs3+59dffNvUpDRs+czxSbqlPkoV8DXR22dSvEcsrJhDquCcgIyaFVS1x0JWmMkj8joxxcc8jsoYz8YssdIZYTaWPluGnxQQQJ6YJYcXlie8B6Fh9z82ZcvwKFMsexWSfUpZFhn7TR\/Idwn802wZWqLsw1H8dPhZMYv3FVwpLz99C30KDtvdSPEME3VydmxJpCDSR7oEKNFKAEbnRvkFJzs+WQQH0M+2VZ+k18MnWSxb\/OmnFkuD9TxX50nNTMm7YSo+GMYOc1BgL+SKvcEhH57vOKwrczYMpSOos+ZYF1CgLbd0wdB69t0KHGjkB6zgR5\/T4bquSZYSl\/lHDDhVZeKgYmoDGUmwtKwhAROCjFoiHPvYXtIbSRXGsmksgL4MfvwdhdLLQ2A8kl5p\/EUF0ssTlMfTW08STw90WRkrLZqM4uWRQHtxqsQ+0YJz8vbGsvcg1y2faIXK0Hl97NtnAiRUWI99QtlRvclnsjikIINoSFdgzA5D7NdUcaJPghbhDGRdgenzQDLNVDL8pZEGv8BXcz+qR6BaoQr2WcurNAyDfRqk2mIVZhyKHXZQ6Jk6B2RTS57uiSmhsaw1xfaIfQjSRv3geXKJKxlaqjUI6t9czhs985UfUnU9y6+e8xZ3N+oGS5FH2nDybjpqmPqmwfJliatgWa2u4snVVTy07X1PIhqykH1nSdIgrRghplXLZSk8Xq42V\/TrI98+bjrrLUVLZ6JGkWax4J4eZdVwpCSqPVdwoh\/C+WIekhyf\/NgDFku0Ry5qd4YM76RL1D\/XsqRBFxV33IZpqJ\/PvRME0PCmvMNYwD9k+3VMgzyiQo0E5sHcZ2rf9cUSEBzlUsAUXoBo9mNCQwAKewAcMtlkwuroYNt7SjMdJ0h3++zxXO1EjHhJ04P21O+dAXN5iwVB4ZSasl3GbgNchquvF4UJZtnScI2F8FQLu4ThqcoupgIG90kQZU4chY+dxdeeJFJ2SZHvWUsAxUVz5UoWZl7tWG9qySLdZegqhNzdWhEILdqiKMq41OiF3Qo2cupVm\/+pthcx2DazRx49i6ekqeFQJpRP2ySU9+rpvrH4Uyt6cu9nkw7jXBZ8slpU5Tw5Cxg\/TcwuN40+vp4zpU0PThX7VNhXWZQPGNgIWM5en1Kny83QNNG244D9DNVSXqdDOJTwoQLr5WwIByp6V1oWv\/15R\/2AWK\/3CV3TJHUS6h9W1Bc1uUEGwd8IGWt9dmSH9ECKTxbO4yXdkvsABpZFReW0+SaNL96sKhzzV2v236JyhKtdz1P4ajfY0WX+aj1ej9eThaLkVZ5VJdM82SzJa5cVJHevRuPh4oT8Uh++Fs\/K+tj8lcv+W2iMGvNXIwL\/FpUD1\/zVmMC\/hWQCgGfHayLaKReO2r40s4tOKtiGV5N9VkeGxNfafs\/qfsMMGbLf0vvNsLOKAWB2NhJGxkaX+bORirGNiSxjs97G2\/nsDvZhG7ll2UirQmdNUaNsYsMhWI1jSU+oZOX0wJisgH65WKChTm8Ceo\/dsQTYaLzP0MQqmEG2AdghFUUlW1S+TksGa8qnmrea4YBi1CNyJlJDyDoDgwrLDMGBsqhCtWd7HSB9bFwZVRuXLWyj8wVbyIxFnOy3hOFSguMg\/gS\/YUcJzZmNLyRn9wB0Qe6A62CDi\/v4ZCNz1210IrCNgzawcXUnkLVzbCSGs901SqSeKoYOXwMouEJ6ZGQZUjadaOLAuXCPbS\/pz9SnY5\/MKIjYlNb1DJZ1F9A3G2k74t3mkAtzC1QrxVbkKlDhLtIyJZdCtXES\/b3aLbmlCs\/IrA8OmS37oz13t1NlCgxDxwgTrnqLAJNhd1VLG1bldg14kl1RrgxHnAEMFmqmQciJPupCnr4gpSUbTadMavJxm9D1P94Ntlm2H9zM5+zrlLggA+tfBxbJsuQ1PDe0Bu8HqAP6GyY6m2JFzCQhX7raIsuWb8p7QJVWWWZlnHSTI68hOE5y783UkLhr2afkKl7lNiEKOi8yfMD5xOWNfT7SRp9Wok0Bfs+d0J0STCJiSfjYnUcmUoIheLBDHtEnmWDKF7jpruSO23icNUmzYXmVkpRyvYYk\/tCWrX7IVzu8g50eDXEShsIkEIENBUN+kILkby1bCmskQwDP3y7SQ3JjncvKcfCPHMXgMQzjT+2TcDDW6xMujBaG4T6m2nNccn8sk2bFOA9Pss5dtGc4xPlxzzIJ1qN7iuGSv9GXA9mAre9wT5faeboNH+gUM0V2lWZ80D72Bg43UOauMOv3TTw4TUQ\/BG23dONd90m0oUl1RrD\/d3bBw+sgstJksyw3xlUSsIyNoTWe\/MmWRExtDyieNMRi+9WdU3bSeJ2hyb+HxHGuaDPvu9ALOAAwoMhi9B3eKPE3FLXhQ23EtqoN6DDTq7GqxbBiaKUWM9MpMciMRl3sZanZgFGnrttwBbai2+jzo6rAnPrUEb12U1eSfkOPdoUdZieuMq7o6qdziKQQODMbCimS6KGQ4E2OOYieVpo2ivPJYCBCdqV5L8HPionw9u1bNcZK1pL6LBF9tcoePVSKXlale6dylzU+i5qUvdgsK1tWN9EuNS3rTIoNsS+XRTNHM3t9lU9ePbQXj6IAaYU\/fOnRGm95ZdBe3BXlRSv8dSksWuOwKC3ai8WyQGnzPtyPz38eSJQddj35LFqp8iluDH\/r1jpXtvMDFp5Fdk7bJzRNpWOaXsXV1WjqF4PJ2YCK1A1KY1GxtLU2MDxv4MDVww3uA7\/InZgrcX4Gs9mUILhSTRmBknLltVNTRtNuagqKR8l5eU6xECG7mpzzvKyE7FQbXY0m5iYVY5OvkJDeQ4Ayr2QmeQC8GdIeUm9TeHSVZkf9m4UVobY5qSd4i4oXKFKsygybXWOXg0B8Proaa2eXsd00iqQohFOHAiXLLq+JZPwYUEmT0aKhn1GEF+UIXrMRvJ7obKQdxqmhenjbs65QvmpH3b6clHpU\/2N3T17kqvAteSk0Z7O83MDBW3GacU6CaEuTIDP19Ruo9NW4m7\/xWYIddefmL3mOYtejT5Wi0LXbzhumhJuev5yHcz3G6\/++VIlaAx528oAM0IXFMVi7OeJ3f00IFUJdKCUfr9QGSRb29dUYarVBdZCK4uCOdcLxepKrQ8zvuCQhiVZVmPIoTnYkXGwf91sapfMdiQ4k5PTjvbDKBb9Ckyy3n3eEkuyQUCelWRZEm3Q+uKNJNLDiyB6kqesNrDgPO63CPEnATqKTj1G2pZAzygY\/h4zg93ZxDFWFN3MSZQEJA5JSf+Hs4l+dOH2oPrNJyGO6ImG\/gLRWxiJRPo9\/FA8+CiQutVL6ZnWtr\/6N2vdgR7MkWJ1gveqS9maVhLK22qn+e\/ZE7dpzzBsAl6Uhohc1YCdNL8R5QB1sr\/l8cMH+tetZfVmlqTviywoqkPDfsuiwg98uxS9EaZXpDUVm20g1IZ7NajV3NMx5ev9Z0yEZl6KYt1f84pAwa268S4kgHu\/FxR64kXK7gkrFuhgZNZQJUykJExcSJ2XholEtx1+q0mS4qLHJLH\/ohHNXDRLX1pt7+lz6NdnhM9\/54cyaiPPtibOtEdh5sqtXUxoMFieBXCVlzKprY9aoKSO88yjyJbImu3eDb\/79hy+\/+PdB6UuRKb1avV15a69z4z99\/c3ffvi+uXk6W039WefmP\/zwH9\/\/8tPfm1pfTvxrSju3\/vPXH3754afGxtf0rU+6N\/4L4Nx+87cPjUOz9q+Xfuf2\/+uXrz\/8tbHtlb9erjGBjbt9Z0CI9gGUt8cWWIQnEBDbE+JZNcv4IdflrQKW7GGhwsZKMauzOvS5DD3HyniMz6T0I4sZCk4lKqx4yBQgj9p31yIiOQ1GNNkNi79CiG9qimXkmuEh8mmiYOtgUsqBtBLCZrd\/k3UfgryfACyoD\/jxrXO\/PXKTBESTkmUah4eMLiSM6SJNRIKHK2C4VmEAmPR0lb12mYR1h4s+GDG3zo6k2bE7oqwxdYJzUp\/HBVMylpYALndRIw\/ty+oK0wbOAEnqlJlSP\/icaW4t3CtPU6BVdDE7WeLcq5U5vK6hWk41QL9Ij0HBTLcQ6wYdSI6T98b4r58VODY1qsXehW1zjcJyFwAmmQ6\/pEAtZX0r5x6aI8tvn+p1y3Pyca+kGcG+cncPhXal9TN6qetnbfk+fvjK2pW6yuHj6qJju1mPQscjF+YIRjkQe4PEFcPyUbgaT1G6AqvxihgqkmQsW6iGiMPR18oSaFPczr4dFYPPUcR42ZGyp9c17NLrGWLTk4yMFs7KyLjzTm\/INd48HW8Ygtcni76\/qdEb96MXHZt367xWkldsaE7CaVTEKThDmVbc+syNXt2o5N9bhyxTxNP7k9BKteKg3vT8+lfr5+HUTLJMHVHtTJ7gZsDPbnkswDnlaNZ+cx\/TnaGPzFDTm0qi55w+H5imDLzcKBtwn3qVHHbL1mWRVDTiBihNzf5g5usoGA2eUj21dSVLTfkVFCz3LYtdawsUbRhVThDXwHLqNVw5GfTBVLmepuj209qKXlE3taOIYTELM3krUA4bynkbLyB+6yTxp\/RoespAWF+rQwbYeqzRWhi0vXzGqNvdhbvvBBxUMgGzxcj6nJX4sbyarB9fVNYDI03FY6e6DQ7Z9q6h7ev2ij66TxXwtC6nzcnZ06ZXK5VXCInLTRtAOuiYin8LiFZWHBpfdNAsqQiJsjZE8z7Ni4YZ3U47eJcE\/7y+VkUxu7CancWrE67Ni2lcxdwfnTw3j3A4uZW5eWrNedMmzNwZTnVPMgbqJtmJU6hd\/LgodB3hxExpuBYAvOz4nM+vFQlXr0eue7+1HHb0GkqWZBQeh\/w1hdF1hjMRKMgrRZmT6snmuaph3PYoxVdb0jiqRbW9etWxeu2wF3G04sg+NvIFydoza+yfrjba5cRNAVGU10p7apPkmeMhtitK2Tf5uN+1pjRYeBHfObxvOM1cYtp2OFukWf84C9V4pYm8gEBY7WfNXaQ9q5ALq3sv\/c9zNfpfHzMTY+m9H9wjZgskqKTvw0ABa3y51UwKb0dp4R83WPjNKW\/3CnBkTdpA9OziYsY99oH6zbPZyXlmypJCEr\/i7RxXbN1T07buu\/tjF7\/c3T0skqNizLnkgQq8bZfwSCG02I3xExnZvJfLqJ+al5OpbAgZ1w0h7oU\/ANlIBYvUkZ\/0tPeSjWSDZ\/3n3Z5bHqoVJzhWbTLeZf0vLFD9lC9Mbws3eSgmmybDa805VU6W\/YMMKqKbKXkiVVtLq6xwzi6qcHbZ\/xNW5U5bhWZ8OmQN75bOiZ0LErxeJ8PyL2+dDDGn0N0Dpiw0f36r1CPikcJIkrli3rlYOjTjhPHR2Hlh98CsBkczKzpatT4+mSG4D8KQJOmxZj8wI2FE85ainF5aVAiiTlSVF900lLy5+wbxY1ZR5fWvKtEX05qPcVTdP32SbunTZDQsKt5gbO9kQa5RMS8tsjgP5a95DM8lNP8arejkRmG6YMotvmDK63WcAEnGZjq3BHzgEaUS2MgRspHhCHXF4QPLuvqFPmQdSr\/w+HdTlUmkkFsDpSPygOIKuPCiFmGcmUml0sW1eW59MLwugav90H9ZXJp6jK+xNZrgAskMlm5gcWK93s\/ild05TAV79uvjIVQrg3ioyiBS1GK\/wdIi0C\/w0OG3\/bDobw0D9Iv2kg4GQPuydkbsVi0pf32KDajuBbuPpo9dI4iEmcsCnz9lrGVZ+O2SJVdg\/9JNC1btqm\/5NpjYTKZ33uFEDa3K9orc5OC0epQO85g9KaHrY1tvT9+5ldC1ySwOrummS7W+eIcGmIm3lXnyjSebJxVjk9eRuCa7ojHO45myK0pW\/RNn00sapf2ErLNTwSlui+CUtra+VmfTjidJtJ6sPagrhvmnPNNGNPvdeP\/AnHTK3sT+iVKlhhMAMCruliTUP22IYW6Q6ZMjS4iQh+5WGJYYGpF7OXhbDknCRW+ug03NB4EJKN5tqogXDUngE4gHK2IIWNjTU8\/ybqYF1kc5m53FRWlU4t\/+Hw==\"><style>#nxe-nr-gcri-editions-sr-14-full.nxe{display:block;box-sizing:border-box;max-width:1180px;margin:0 auto;padding:0 16px;font-family:ui-sans-serif,system-ui,-apple-system,\"Segoe UI\",sans-serif;line-height:1.55;overflow-wrap:break-word}#nxe-nr-gcri-editions-sr-14-full.nxe :where(*,*::before,*::after){box-sizing:inherit}#nxe-nr-gcri-editions-sr-14-full.nxe :where(section,header,footer,nav,aside){display:block;margin:0 0 32px}#nxe-nr-gcri-editions-sr-14-full.nxe :where(h1,h2,h3,h4){line-height:1.2;margin:24px 0 12px;font-weight:600}#nxe-nr-gcri-editions-sr-14-full.nxe :where(p,ul,ol,dl,table,figure,details){margin:0 0 16px}#nxe-nr-gcri-editions-sr-14-full.nxe :where(ul,ol){padding-left:20px}#nxe-nr-gcri-editions-sr-14-full.nxe a{color:inherit;text-decoration:underline;text-underline-offset:2px}#nxe-nr-gcri-editions-sr-14-full.nxe table{border-collapse:collapse;width:100%;display:block;overflow-x:auto}#nxe-nr-gcri-editions-sr-14-full.nxe :where(th,td){padding:6px 8px;text-align:left;vertical-align:top;border-bottom:1px solid;border-color:inherit}#nxe-nr-gcri-editions-sr-14-full.nxe svg{display:none}#nxe-nr-gcri-editions-sr-14-full.nxe svg.nx-i{display:inline-block;width:18px;height:18px;vertical-align:-3px}#nxe-nr-gcri-editions-sr-14-full.nxe :where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-nr-gcri-editions-sr-14-full.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><div class=\"nrp\"><div class=\"nrp-wrap\"><p class=\"nrj-draft\" data-nrj-shared=\"draft\" role=\"note\"><strong>Draft, not yet released.<\/strong> In stewardship review. Not indexed until the first approved release.<\/p><article class=\"nrp-flow\"><header class=\"nrp-hero\"><div class=\"nrp-hero-grid\"><div><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\">Reports<\/li><li class=\"nf-ui-eyebrow\">Baseline Edition 2026<\/li><li class=\"nf-ui-eyebrow\">Complete edition<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h1 class=\"pp-hero-title nrp-hero-title-l\">Strategic Systems Report 2026: Global Resilience Investment and National Portfolios<\/h1><p class=\"nrp-lede\"><\/p><div class=\"nrp-actions\"><button class=\"nf-ui-btn\" data-variant=\"primary\" type=\"button\" data-nrp-act=\"print\" hidden><svg class=\"nrp-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M6 18H4a2 2 0 0 1-2-2v-5a2 2 0 0 1 2-2h16a2 2 0 0 1 2 2v5a2 2 0 0 1-2 2h-2\"\/><path d=\"M6 9V3a1 1 0 0 1 1-1h10a1 1 0 0 1 1 1v6\"\/><rect x=\"6\" y=\"14\" width=\"12\" height=\"8\" rx=\"1\"\/><\/svg>Print or save as PDF<\/button><a class=\"nf-ui-btn\" data-variant=\"secondary\" href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/\"><svg class=\"nrp-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M19 12H5\"\/><path d=\"m12 19-7-7 7-7\"\/><\/svg>Edition home<\/a><\/div><p class=\"nrp-note nrp-noprint\">Choose A4 or Letter in the print dialog; running heads and page numbers are added in print. This is a review copy: the signed PDF with its DOI is issued at release.<\/p><\/div><div><div class=\"nrp-cover\"><div class=\"nrp-cover-top\"><span class=\"nf-ui-eyebrow\">Reports<\/span><span class=\"nf-ui-eyebrow\">SR-14<\/span><\/div><span class=\"nrp-cover-rule\" aria-hidden=\"true\"><\/span><p class=\"nrp-cover-k\">Strategic Systems<\/p><p class=\"nrp-cover-t\">Global Resilience Investment and National Portfolios 2026<\/p><p class=\"nrp-cover-s\"><\/p><div class=\"nrp-cover-foot\"><span>Baseline Edition 2026<\/span><span>NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE<\/span><span><abbr title=\"The Global Centre for Risk and Innovation\">GCRI<\/abbr> for the Nexus Consortium<\/span><\/div><\/div><\/div><\/div><\/header><section class=\"nrp-block nrp-imprint\" aria-label=\"Imprint\"><p class=\"nf-ui-eyebrow\">Imprint<\/p><dl class=\"nrp-dl\"><dt>Editor<\/dt><dd>Saeed Valadbaygi, Chief Steward and Managing Editor, the Global Centre for Risk and Innovation (GCRI)<\/dd><dt>Publisher of record<\/dt><dd>The Global Centre for Risk and Innovation (GCRI) for the Nexus Consortium, Toronto<\/dd><dt>Report number<\/dt><dd class=\"nrp-mono\">NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE<\/dd><dt>Evidence close<\/dt><dd>30 September 2026, cut DC-STRATEGIC-INVESTMENT-GLOBAL-2026-B0<\/dd><dt>Status<\/dt><dd>Draft under stewardship review; not yet released<\/dd><dt>DOI and UNI<\/dt><dd>Issued at deposit<\/dd><dt>Licence<\/dt><dd>CC BY 4.0 for Nexus-authored text, tables and figures; third-party material keeps its own licence<\/dd><dt>Cite as<\/dt><dd>Valadbaygi, S. (Ed.). (2026). Strategic <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">Systems<\/a> Report 2026: Global Resilience Investment and National Portfolios (Baseline Edition 2026, Report No. NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE) [Draft under review]. The Global Centre for Risk and Innovation (GCRI). https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/<\/dd><\/dl><\/section><section class=\"nrp-block\" aria-label=\"Contents\"><p class=\"nf-ui-eyebrow\">Contents<\/p><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">\u00b7<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-14-part-summary\">Executive summary<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">1<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-14-part-coupled-system\">Chapter 1. Money meets risk<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">2<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-14-part-findings\">Chapter 2. Key findings<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">3<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-14-part-systems-and-sectors\">Chapter 3. Systems and sectors at baseline<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">4<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-14-part-risk-and-capability\">Chapter 4. Risks and capability<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">5<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-14-part-scenario\">Chapter 5. A loss year that meets tight public budgets<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">6<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-14-part-lenses-and-readings\">Chapter 6. Readings from the other desks<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">7<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-14-part-agenda\">Chapter 7. The 2027 agenda<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">8<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-14-part-systems-in-depth\">Chapter 8. Systems in depth<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">A<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-14-part-methodology\">Annex A. Methodology<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">B<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-14-part-data\">Annex B. Data appendix<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">C<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-14-part-references\">Annex C. References and record<\/a><\/p><\/li><\/ol><\/section><div class=\"nrp-part\" id=\"nx-nrp-sr-14-part-summary\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-14-cs-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/\">Global Resilience Investment and National Portfolios 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Executive summary<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Executive summary<\/h2><p class=\"nrp-lede\">The edition on a few pages: the abstract, the key messages, the headline finding and what each steward reads in it.<\/p><p class=\"nrp-chap-meta\"><span>6 min read<\/span><span>1 figure<\/span><span>0 tables<\/span><span>13 notes<\/span><span>NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cs-s1\" aria-labelledby=\"nx-nrp-sr-14-cs-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cs-s1-h\"><span class=\"nrp-num\">S.1<\/span><span>Abstract<\/span><\/h2><div class=\"nrp-prose\"><p>Resilience investment is the money that decides how well <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a> absorb shocks: grids, assets, adaptation, insurance and recovery funds. The 2025 and 2026 evidence shows large flows and large gaps at the same time. The IEA estimates global energy investment at about USD 3.4 trillion in 2026, with electricity supply and infrastructure at USD 1.6 trillion<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n1\" id=\"nx-nrp-sr-14-cs-r1\" aria-label=\"Note 1\">1<\/a><\/sup>. The 2025 US report card grades national infrastructure C with a USD 3.6 trillion ten-year gap<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n2\" id=\"nx-nrp-sr-14-cs-r2\" aria-label=\"Note 2\">2<\/a><\/sup>. Natural disasters caused about USD 224 billion of overall losses in 2025, of which about USD 108 billion was insured<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n3\" id=\"nx-nrp-sr-14-cs-r3\" aria-label=\"Note 3\">3<\/a><\/sup>. Catastrophe bonds reached a record USD 61.3 billion outstanding<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n5\" id=\"nx-nrp-sr-14-cs-r5\" aria-label=\"Note 5\">5<\/a><\/sup>. Adaptation finance tracked for 2023 was USD 65 billion, against costed needs of USD 215 to 387 billion a year to 2030<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n6\" id=\"nx-nrp-sr-14-cs-r6\" aria-label=\"Note 6\">6<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n7\" id=\"nx-nrp-sr-14-cs-r7\" aria-label=\"Note 7\">7<\/a><\/sup>. The <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">loss and damage<\/a> fund had USD 790.24 million pledged and USD 397.74 million received in September 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n8\" id=\"nx-nrp-sr-14-cs-r8\" aria-label=\"Note 8\">8<\/a><\/sup>. National portfolios use different units and periods: more than 20 trillion yen over five years in Japan, AUD 1 billion over five years in Australia and EUR 100 billion each for a climate fund and the states in Germany<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n16\" id=\"nx-nrp-sr-14-cs-r16\" aria-label=\"Note 16\">16<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n19\" id=\"nx-nrp-sr-14-cs-r19\" aria-label=\"Note 19\">19<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n15\" id=\"nx-nrp-sr-14-cs-r15\" aria-label=\"Note 15\">15<\/a><\/sup>. This baseline reads these figures as mechanisms, not as a list. It places no country in a league table, rates no fund and recommends no investment.<\/p><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cs-s2\" aria-labelledby=\"nx-nrp-sr-14-cs-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cs-s2-h\"><span class=\"nrp-num\">S.2<\/span><span>Key messages<\/span><\/h2><p class=\"nrp-stand\">Six readings that frame the resilience investment baseline, and the eight questions this edition answers, each with its status and source.<\/p><ol class=\"nrp-km\"><li><p class=\"nrp-km-t\">Energy investment is estimated at USD 3.4 trillion in 2026; adaptation finance is a small part of climate finance.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>Is resilience investment growing?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">Grades are mixed: C overall in the 2025 US report card.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>Is the physical base sound?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">About USD 224 billion overall in 2025, about USD 108 billion insured.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n4\" id=\"nx-nrp-sr-14-cs-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>How large are the losses?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">Cat bonds stand at USD 61.3 billion; most losses in emerging economies are uninsured.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n5\" aria-label=\"Note 5\">5<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>How much risk is transferred?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">USD 215 to 387 billion a year to 2030, against USD 65 billion tracked in 2023.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n6\" aria-label=\"Note 6\">6<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n7\" aria-label=\"Note 7\">7<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>What do adaptation needs look like?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">About half of the pledges to the <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">loss and damage<\/a> fund had been received by September 2025.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>Does recovery money move fast?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">No: units, periods and scopes differ.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n16\" aria-label=\"Note 16\">16<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n19\" aria-label=\"Note 19\">19<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n15\" aria-label=\"Note 15\">15<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n18\" id=\"nx-nrp-sr-14-cs-r18\" aria-label=\"Note 18\">18<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>Do national portfolios agree on a basis?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">The share of national portfolios that funds upkeep and adaptation. SCN-SR14-PRT-01<\/p><p class=\"nrp-km-m\"><span>What will 2027 test first?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cs-s3\" aria-labelledby=\"nx-nrp-sr-14-cs-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cs-s3-h\"><span class=\"nrp-num\">S.3<\/span><span>Headline finding<\/span><\/h2><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><span class=\"nrp-find-id\">NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-DEV-007<\/span><\/p><p class=\"nrp-km-t\">Developing countries\u2019 adaptation finance needs are put at USD 215 to 387 billion a year to 2030, while tracked adaptation finance was USD 65 billion in 2023.<\/p><figure class=\"nrp-fig\" id=\"nx-nrp-sr-14-cs-fig1\" aria-labelledby=\"nx-nrp-sr-14-cs-fig1-t\"><figcaption class=\"nrp-figcap\"><span class=\"nf-ui-eyebrow\">Figure S.1<\/span><span class=\"nf-ui-title\" data-level=\"card\" id=\"nx-nrp-sr-14-cs-fig1-t\">Adaptation finance: need and tracked flow (USD billion a year)<\/span><\/figcaption><div class=\"nrp-tblw\"><table class=\"nrp-tbl nrp-bars\"><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\"><span class=\"nrp-sr\">Bar, scaled to the largest value<\/span><\/th><th scope=\"col\">Value<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">Need to 2030, upper end<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"100.0\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">387<\/td><\/tr><tr><th scope=\"row\">Need to 2030, lower end<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"55.6\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">215<\/td><\/tr><tr><th scope=\"row\">Tracked adaptation finance, 2023, all sources<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"16.8\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">65<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nrp-fig-src\">Sources: UN climate finance decision<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n7\" aria-label=\"Note 7\">7<\/a><\/sup>; Climate Policy Initiative<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n6\" aria-label=\"Note 6\">6<\/a><\/sup>. The need covers developing countries; the tracked flow covers all tracked sources. The bases differ and the bars show scale only.<\/p><\/figure><p class=\"nrp-p\">The gap is wide on either basis, and tracked adaptation finance is a small part of climate finance. The 2035 goal of USD 300 billion a year covers all climate action, so it is not an adaptation figure<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n6\" aria-label=\"Note 6\">6<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n7\" aria-label=\"Note 7\">7<\/a><\/sup>.<\/p><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cs-s4\" aria-labelledby=\"nx-nrp-sr-14-cs-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cs-s4-h\"><span class=\"nrp-num\">S.4<\/span><span>At a glance<\/span><\/h2><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">3.4<\/span><span class=\"nrp-cell-u\">USD trillion<\/span><p>energy investment, 2026e<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">3.6<\/span><span class=\"nrp-cell-u\">USD trillion<\/span><p>US ten-year gap<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">224<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>overall losses, 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">61.3<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>cat bonds outstanding<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">65<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>adaptation finance, 2023<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">10.3<\/span><span class=\"nrp-cell-u\">SDR billion<\/span><p>IMF resilience commitments<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cs-n9\" id=\"nx-nrp-sr-14-cs-r9\" aria-label=\"Note 9\">9<\/a><\/sup><\/p><\/div><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cs-s5\" aria-labelledby=\"nx-nrp-sr-14-cs-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cs-s5-h\"><span class=\"nrp-num\">S.5<\/span><span>What each steward reads in it<\/span><\/h2><div class=\"nrp-cards\" data-n=\"3\"><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">GCRI \u00b7 KEY T<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Technical Truth<\/h3><p>The evidence supports reading resilience investment as one system.<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\"><abbr title=\"The Global Risks Forum\">GRF<\/abbr> \u00b7 KEY M<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Public Meaning<\/h3><p>For most people resilience investment shows up as a repaired road, a paid claim or a delayed grant.<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\"><abbr title=\"The Global Risks Alliance\">GRA<\/abbr> \u00b7 KEY F<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Capital Meaning<\/h3><p>Readiness implications only. Losses are large, risk transfer is growing, and adaptation finance is small beside need.<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">NEXUS<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Synthesis<\/h3><p>Investment is well described flow by flow and thinly measured as a system.<\/p><\/article><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cs-s6\" aria-labelledby=\"nx-nrp-sr-14-cs-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cs-s6-h\"><span class=\"nrp-num\">S.6<\/span><span>What this edition is, and is not<\/span><\/h2><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><h3 class=\"nf-ui-title\" data-level=\"card\">What this edition is<\/h3><p>A baseline: the 2026 state of the world\u2019s resilience investment and national portfolios and the couplings through which it carries risk into other <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a>. It synthesises published evidence and ranks no country, company or asset.<\/p><\/div><div class=\"nrp-cell\"><h3 class=\"nf-ui-title\" data-level=\"card\">What it is not<\/h3><p>Not an investment rating, a fund recommendation, a credit view or an assessment of any government, bank or insurer. Budget, borrowing and investment decisions rest with parliaments, ministries, institutions and investors.<\/p><\/div><div class=\"nrp-cell\"><h3 class=\"nf-ui-title\" data-level=\"card\">What comes next<\/h3><p>National, regional and sector evidence feeds the 2027 resilience investment edition through the federation. Each edition reports what changed against this baseline: observations, source revisions, method changes, scenario updates and corrections.<\/p><\/div><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cs-notes\" aria-labelledby=\"nx-nrp-sr-14-cs-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cs-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-14-cs-n1\"><span class=\"nrp-notes-n\">1<\/span><span>IEA (ed.), World Energy Investment 2026, launch presentation (11 pages, Paris, 28 May 2026; global energy investment USD 3.4 trillion in 2026 estimate against USD 2.6 trillion in 2015; electricity supply and infrastructure USD 1.6 trillion). International Energy Agency, Paris. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cs-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cs-n2\"><span class=\"nrp-notes-n\">2<\/span><span>ASCE (ed.), 2025 Report Card for America\u2019s Infrastructure (overall grade C; ten-year investment gap USD 3.6 trillion; energy D+, drinking water C\u2212, dams D+). American Society of Civil Engineers, Reston. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cs-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cs-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Munich Re (ed.), Natural disaster figures for 2025 (media information, 2026; overall losses about USD 224 billion; insured losses about USD 108 billion; weather events 92% of overall losses; Los Angeles wildfires about USD 53 billion overall). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cs-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cs-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 catastrophe-bond\" data-tk=\"Nexus risk vocabulary\" data-td=\"A security that transfers a defined catastrophe risk to investors, whose principal is reduced if a specified event occurs.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/catastrophe-bond\/\" data-tgl=\"Global Risks Alliance glossary\">Catastrophe bond<\/a> market records that were broken in 2025 (issuance about USD 25.6 billion; outstanding market just over USD 61.3 billion; 122 new 144A and private deals). Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cs-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cs-n6\"><span class=\"nrp-notes-n\">6<\/span><span>Climate Policy Initiative (ed.), Global Landscape of Climate Finance 2025 (publication page, 23 June 2025; global climate finance USD 1.9 trillion in 2023; adaptation finance USD 65 billion, likely an underestimate; international flows to emerging and developing economies USD 196 billion, 78% public). Climate Policy Initiative, London. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cs-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cs-n7\"><span class=\"nrp-notes-n\">7<\/span><span>UNFCCC (ed.), New collective quantified goal on climate finance, decision text FCCC\/PA\/CMA\/2024\/L.22, 24 November 2024 (at least USD 300 billion a year by 2035; call for USD 1.3 trillion a year from all sources; adaptation finance needs USD 215 to 387 billion a year to 2030). United Nations Framework Convention on <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 climate-change\" data-tk=\"Nexus risk vocabulary\" data-td=\"A change in the state of the climate that persists for decades or longer, identified by shifts in averages and variability; in current practice, mainly the change driven by human emissions.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Climate Change<\/a>, Bonn. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cs-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cs-n8\"><span class=\"nrp-notes-n\">8<\/span><span>UNFCCC (ed.), Report of the Board of the Fund for responding to <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">Loss and Damage<\/a>, addendum FCCC\/CP\/2025\/10\/Add.1, 10 November 2025 (pledges USD 790.24 million and amount received USD 397.74 million at 23 September 2025; 27 contributors). United Nations Framework Convention on Climate Change, Bonn. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cs-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cs-n16\"><span class=\"nrp-notes-n\">16<\/span><span>Tribune India (ed.), Japan approves 20 trillion yen plan for disaster resilient infrastructure (press agency report of 7 June 2025; more than 20 trillion yen over fiscal 2026 to 2030). Tribune India, Chandigarh. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cs-r16\" aria-label=\"Back to the first call of note 16\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cs-n19\"><span class=\"nrp-notes-n\">19<\/span><span>NSW Government (ed.), Disaster Ready Fund (page on the Commonwealth programme; AUD 1 billion nationally over five years from 1 July 2023 to 30 June 2028). New South Wales Government, Sydney. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cs-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cs-n15\"><span class=\"nrp-notes-n\">15<\/span><span>Noerr (ed.), Bundestag approves exemption from the debt brake for defence spending and special funds for investments in infrastructure and climate protection (law-firm note; Bundestag vote 18 March 2025, Bundesrat 21 March 2025; EUR 100 billion for the Climate and Transformation Fund and EUR 100 billion for the states; twelve-year term). Noerr, Berlin. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cs-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cs-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Artemis (ed.), report on the Swiss Re Institute sigma 1\/2026 natural catastrophe figures for 2025 (insured losses USD 107 billion; overall losses USD 220 billion; about 49% insured; 92% of insured losses from secondary perils; 80 to 90% of losses typically uninsured in emerging economies). Read in this trade report, not in the sigma itself. Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cs-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cs-n18\"><span class=\"nrp-notes-n\">18<\/span><span>Scroll (ed.), Budget 2026-27 proposes capital expenditure of Rs 12.2 lakh crore (report of 1 February 2026; 8.9% above the Rs 11.2 lakh crore budgeted for 2025-26; revised estimate Rs 10.9 lakh crore). Scroll.in, Mumbai. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cs-r18\" aria-label=\"Back to the first call of note 18\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cs-n9\"><span class=\"nrp-notes-n\">9<\/span><span>IMF (ed.), 2026 Update of Resource Adequacy of the Poverty Reduction and Growth Trust, Resilience and Sustainability Trust, and Debt Relief Trusts, policy paper, 6 March 2026 (27 RSF arrangements; commitments SDR 10.3 billion, about USD 14 billion; five new RSFs in 2025 for SDR 3.4 billion). International Monetary Fund, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cs-r9\" aria-label=\"Back to the first call of note 9\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-14-part-coupled-system\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-14-c1-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/\">Global Resilience Investment and National Portfolios 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 1<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Money meets risk<\/h2><p class=\"nrp-lede\">Part I describes systems and their couplings. It ranks no country or operator and assesses no authority.<\/p><p class=\"nrp-chap-meta\"><span>6 min read<\/span><span>2 figures<\/span><span>1 table<\/span><span>10 notes<\/span><span>NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c1-s1\" aria-labelledby=\"nx-nrp-sr-14-c1-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c1-s1-h\"><span class=\"nrp-num\">1.1<\/span><span>The questions this part answers<\/span><\/h2><h3 class=\"nrp-h3\">Key questions<\/h3><ul class=\"nrp-list\"><li>Where is resilience investment risk concentrated?<\/li><li>Which couplings carry resilience investment shocks into other <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a>?<\/li><li>Which resilience investment capabilities hold under compound stress?<\/li><li>What must 2027 evidence measure first?<\/li><\/ul><h3 class=\"nrp-h3\">In this part<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">Narrative<\/li><li class=\"nf-ui-chip\">Headline finding<\/li><li class=\"nf-ui-chip\">Lead figure<\/li><li class=\"nf-ui-chip\">Five mechanism chapters<\/li><li class=\"nf-ui-chip\">Twelve-domain reading<\/li><li class=\"nf-ui-chip\">Sector screens<\/li><li class=\"nf-ui-chip\">Dependency matrix<\/li><li class=\"nf-ui-chip\">Risk objects<\/li><li class=\"nf-ui-chip\">Capability ladder<\/li><li class=\"nf-ui-chip\">Scenario<\/li><li class=\"nf-ui-chip\">Three lenses<\/li><li class=\"nf-ui-chip\">Portfolio<\/li><\/ul><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c1-s2\" aria-labelledby=\"nx-nrp-sr-14-c1-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c1-s2-h\"><span class=\"nrp-num\">1.2<\/span><span>The argument<\/span><\/h2><div class=\"nrp-prose\"><p>Resilience investment is usually reported in pieces: energy budgets, infrastructure plans, insurance markets, adaptation funds. The 2025 and 2026 evidence reads them as one system. Energy investment builds the grids, the grids carry the loads, and losses decide how much of each budget goes to repair<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n1\" id=\"nx-nrp-sr-14-c1-r1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n3\" id=\"nx-nrp-sr-14-c1-r3\" aria-label=\"Note 3\">3<\/a><\/sup>.<\/p><p>The signals repeat. Energy investment is estimated at USD 3.4 trillion in 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n1\" aria-label=\"Note 1\">1<\/a><\/sup>. The US report card shows a USD 3.6 trillion ten-year gap<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n2\" id=\"nx-nrp-sr-14-c1-r2\" aria-label=\"Note 2\">2<\/a><\/sup>. Overall disaster losses were about USD 224 billion in 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n3\" aria-label=\"Note 3\">3<\/a><\/sup>. Tracked adaptation finance was USD 65 billion in 2023 against costed needs of USD 215 to 387 billion a year<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n6\" id=\"nx-nrp-sr-14-c1-r6\" aria-label=\"Note 6\">6<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n7\" id=\"nx-nrp-sr-14-c1-r7\" aria-label=\"Note 7\">7<\/a><\/sup>.<\/p><p>National portfolios differ in kind. Japan sets a five-year plan of more than 20 trillion yen<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n16\" id=\"nx-nrp-sr-14-c1-r16\" aria-label=\"Note 16\">16<\/a><\/sup>. Australia holds a AUD 1 billion fund to 2028<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n19\" id=\"nx-nrp-sr-14-c1-r19\" aria-label=\"Note 19\">19<\/a><\/sup>. Germany sets EUR 100 billion for a climate fund and EUR 100 billion for the states<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n15\" id=\"nx-nrp-sr-14-c1-r15\" aria-label=\"Note 15\">15<\/a><\/sup>. The units, periods and scopes differ, so the figures are read side by side and never added.<\/p><p>The edition therefore asks the same four questions of every portfolio: what was the common cause of the need, how does money move between <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a>, what is shared, and what threshold is crossed. It rates no government and recommends no fund.<\/p><\/div><figure class=\"nrp-fig\" id=\"nx-nrp-sr-14-c1-fig1\" aria-labelledby=\"nx-nrp-sr-14-c1-fig1-t\"><figcaption class=\"nrp-figcap\"><span class=\"nf-ui-eyebrow\">Figure 1.1<\/span><span class=\"nf-ui-title\" data-level=\"card\" id=\"nx-nrp-sr-14-c1-fig1-t\">How large are the published investment and gap markers? USD billion<\/span><p class=\"nrp-fig-what\">Investment, gap and loss figures are large and drawn from different sources. The four bars use different periods and methods, so they show scale only and are not added<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n2\" aria-label=\"Note 2\">2<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n6\" aria-label=\"Note 6\">6<\/a><\/sup>.<\/p><\/figcaption><div class=\"nrp-tblw\"><table class=\"nrp-tbl nrp-bars\"><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\"><span class=\"nrp-sr\">Bar, scaled to the largest value<\/span><\/th><th scope=\"col\">Value<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">US infrastructure gap, ten years<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"100.0\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">3600<\/td><\/tr><tr><th scope=\"row\">Global energy investment, 2026 estimate, one year<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"94.4\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">3400<\/td><\/tr><tr><th scope=\"row\">Global climate finance, 2023, one year<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"52.8\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">1900<\/td><\/tr><tr><th scope=\"row\">Overall disaster losses, 2025, one year<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"6.2\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">224<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nrp-fig-src\">Source: as cited in the note to this figure. Year 2025.<\/p><p class=\"nrp-fig-src\">Figure ID FIG-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-01-003<\/p><\/figure><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">3.4<\/span><span class=\"nrp-cell-u\">USD trillion<\/span><p>energy investment, 2026e<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">3.6<\/span><span class=\"nrp-cell-u\">USD trillion<\/span><p>US ten-year gap<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">1.9<\/span><span class=\"nrp-cell-u\">USD trillion<\/span><p>climate finance, 2023<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">224<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>overall disaster losses, 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/p><\/div><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c1-s3\" aria-labelledby=\"nx-nrp-sr-14-c1-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c1-s3-h\"><span class=\"nrp-num\">1.3<\/span><span>Twenty couplings between five systems<\/span><\/h2><p class=\"nrp-stand\">The resilience investment-centred matrix types the twenty couplings between the five core <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a>, read for their resilience investment content. Strengths are Nexus estimates (ESTIMATED) from the cited evidence and analogue events; they set the graph that 2027 evidence will test.<\/p><figure class=\"nrp-fig\" id=\"nx-nrp-sr-14-c1-fig2\" aria-labelledby=\"nx-nrp-sr-14-c1-fig2-t\"><figcaption class=\"nrp-figcap\"><span class=\"nf-ui-eyebrow\">Figure 1.2<\/span><span class=\"nf-ui-title\" data-level=\"card\" id=\"nx-nrp-sr-14-c1-fig2-t\">Couplings between the five systems<\/span><p class=\"nrp-fig-what\">Each line is one coupling from one system to another, drawn by the strength the edition assigns. Strengths are Nexus estimates from the cited evidence and analogue events.<\/p><\/figcaption><svg class=\"nrp-svg nrp-ring\" viewBox=\"0 0 340 340\" role=\"img\" aria-label=\"Coupling ring: 20 typed couplings between water, energy, food, health and biodiversity. The matrix in the next table carries every value.\" data-nx-z=\"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\"><\/svg><ul class=\"nrp-legend\"><li><span class=\"nrp-key\" data-w=\"STRONG\"><\/span>Strong<\/li><li><span class=\"nrp-key\" data-w=\"MODERATE\"><\/span>Moderate<\/li><li><span class=\"nrp-key\" data-w=\"WEAK\"><\/span>Weak<\/li><\/ul><p class=\"nrp-fig-src\">Source: this edition&#8217;s coupling matrix (Table 1.1); status Estimated.<\/p><\/figure><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c1-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 1.1<\/span><span class=\"nrp-tbl-t\">Coupling matrix: from the row system to the column system<\/span><\/caption><thead><tr><th scope=\"col\">From, to<\/th><th scope=\"col\">WAT<\/th><th scope=\"col\">ENE<\/th><th scope=\"col\">FOO<\/th><th scope=\"col\">HLT<\/th><th scope=\"col\">BIO<\/th><\/tr><\/thead><tbody><tr><td><b>WAT<\/b> Water<\/td><td><span aria-label=\"same system\">\u00b7<\/span><\/td><td>MODERATE<br><span class=\"nrp-cell-u\">cooling \u00b7 hydropower capex<\/span><\/td><td>MODERATE<br><span class=\"nrp-cell-u\">irrigation \u00b7 processing<\/span><\/td><td>STRONG<br><span class=\"nrp-cell-u\">safe supply \u00b7 hospitals<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">flows<\/span><\/td><\/tr><tr><td><b>ENE<\/b> Energy<\/td><td>STRONG<br><span class=\"nrp-cell-u\">pumping \u00b7 treatment capex<\/span><\/td><td><span aria-label=\"same system\">\u00b7<\/span><\/td><td>STRONG<br><span class=\"nrp-cell-u\">cold chain \u00b7 processing<\/span><\/td><td>STRONG<br><span class=\"nrp-cell-u\">hospitals \u00b7 cooling \u00b7 telecoms<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">land use<\/span><\/td><\/tr><tr><td><b>FOO<\/b> Food<\/td><td>WEAK<br><span class=\"nrp-cell-u\">withdrawals<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">bioenergy<\/span><\/td><td><span aria-label=\"same system\">\u00b7<\/span><\/td><td>MODERATE<br><span class=\"nrp-cell-u\">nutrition \u00b7 food safety<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">land conversion<\/span><\/td><\/tr><tr><td><b>HLT<\/b> Health<\/td><td>WEAK<br><span class=\"nrp-cell-u\">workforce<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">workforce<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">labour<\/span><\/td><td><span aria-label=\"same system\">\u00b7<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">residues<\/span><\/td><\/tr><tr><td><b>BIO<\/b> Biodiversity<\/td><td>STRONG<br><span class=\"nrp-cell-u\">natural infrastructure<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">hydrology<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">pollination<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">zoonoses<\/span><\/td><td><span aria-label=\"same system\">\u00b7<\/span><\/td><\/tr><\/tbody><tfoot><tr><td colspan=\"6\">Strength: strong, moderate or weak; a Nexus estimate (status Estimated) from cited evidence and analogue events. The scale is defined in Annex A.<\/td><\/tr><\/tfoot><\/table><\/div><h3 class=\"nrp-h3\">Transmission paths<\/h3><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">01<\/span><p class=\"nrp-rows-t\">FIN \u2192 ENE \u2192 INF<\/p><p class=\"nrp-rows-x\">Investment in grids and storage sets how well power, water and hospitals ride out a shock.<\/p><p class=\"nrp-rows-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> IEA 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/p><\/li><li><span class=\"nrp-rows-i\">02<\/span><p class=\"nrp-rows-t\">CLI \u2192 INF \u2192 FIN<\/p><p class=\"nrp-rows-x\">Hazards damage assets and the cost lands on budgets and insurers.<\/p><p class=\"nrp-rows-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> Munich Re 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/p><\/li><li><span class=\"nrp-rows-i\">03<\/span><p class=\"nrp-rows-t\">FIN \u2192 DEV<\/p><p class=\"nrp-rows-x\">Climate finance goals set how much adaptation money reaches developing countries.<\/p><p class=\"nrp-rows-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> UN decision 2024<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n7\" aria-label=\"Note 7\">7<\/a><\/sup><\/p><\/li><li><span class=\"nrp-rows-i\">04<\/span><p class=\"nrp-rows-t\">CLI \u2192 DEV \u2192 FIN<\/p><p class=\"nrp-rows-x\">Recovery funds depend on pledges turning into payments.<\/p><p class=\"nrp-rows-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">loss and damage<\/a> fund 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n8\" id=\"nx-nrp-sr-14-c1-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/p><\/li><li><span class=\"nrp-rows-i\">05<\/span><p class=\"nrp-rows-t\">FIN \u2192 FIN<\/p><p class=\"nrp-rows-x\"><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-transfer\" data-tk=\"Nexus risk vocabulary\" data-td=\"Shifting the financial consequences of a risk from one party to another, typically through insurance, reinsurance, bonds or contracts, without reducing the hazard itself.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Risk transfer<\/a> shifts loss from budgets to markets.<\/p><p class=\"nrp-rows-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> cat bonds 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c1-n5\" id=\"nx-nrp-sr-14-c1-r5\" aria-label=\"Note 5\">5<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c1-notes\" aria-labelledby=\"nx-nrp-sr-14-c1-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c1-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-14-c1-n1\"><span class=\"nrp-notes-n\">1<\/span><span>IEA (ed.), World Energy Investment 2026, launch presentation (11 pages, Paris, 28 May 2026; global energy investment USD 3.4 trillion in 2026 estimate against USD 2.6 trillion in 2015; electricity supply and infrastructure USD 1.6 trillion). International Energy Agency, Paris. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c1-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c1-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Munich Re (ed.), Natural disaster figures for 2025 (media information, 2026; overall losses about USD 224 billion; insured losses about USD 108 billion; weather events 92% of overall losses; Los Angeles wildfires about USD 53 billion overall). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c1-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c1-n2\"><span class=\"nrp-notes-n\">2<\/span><span>ASCE (ed.), 2025 Report Card for America\u2019s Infrastructure (overall grade C; ten-year investment gap USD 3.6 trillion; energy D+, drinking water C\u2212, dams D+). American Society of Civil Engineers, Reston. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c1-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c1-n6\"><span class=\"nrp-notes-n\">6<\/span><span>Climate Policy Initiative (ed.), Global Landscape of Climate Finance 2025 (publication page, 23 June 2025; global climate finance USD 1.9 trillion in 2023; adaptation finance USD 65 billion, likely an underestimate; international flows to emerging and developing economies USD 196 billion, 78% public). Climate Policy Initiative, London. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c1-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c1-n7\"><span class=\"nrp-notes-n\">7<\/span><span>UNFCCC (ed.), New collective quantified goal on climate finance, decision text FCCC\/PA\/CMA\/2024\/L.22, 24 November 2024 (at least USD 300 billion a year by 2035; call for USD 1.3 trillion a year from all sources; adaptation finance needs USD 215 to 387 billion a year to 2030). United Nations Framework Convention on <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 climate-change\" data-tk=\"Nexus risk vocabulary\" data-td=\"A change in the state of the climate that persists for decades or longer, identified by shifts in averages and variability; in current practice, mainly the change driven by human emissions.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Climate Change<\/a>, Bonn. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c1-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c1-n16\"><span class=\"nrp-notes-n\">16<\/span><span>Tribune India (ed.), Japan approves 20 trillion yen plan for disaster resilient infrastructure (press agency report of 7 June 2025; more than 20 trillion yen over fiscal 2026 to 2030). Tribune India, Chandigarh. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c1-r16\" aria-label=\"Back to the first call of note 16\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c1-n19\"><span class=\"nrp-notes-n\">19<\/span><span>NSW Government (ed.), Disaster Ready Fund (page on the Commonwealth programme; AUD 1 billion nationally over five years from 1 July 2023 to 30 June 2028). New South Wales Government, Sydney. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c1-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c1-n15\"><span class=\"nrp-notes-n\">15<\/span><span>Noerr (ed.), Bundestag approves exemption from the debt brake for defence spending and special funds for investments in infrastructure and climate protection (law-firm note; Bundestag vote 18 March 2025, Bundesrat 21 March 2025; EUR 100 billion for the Climate and Transformation Fund and EUR 100 billion for the states; twelve-year term). Noerr, Berlin. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c1-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c1-n8\"><span class=\"nrp-notes-n\">8<\/span><span>UNFCCC (ed.), Report of the Board of the Fund for responding to <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">Loss and Damage<\/a>, addendum FCCC\/CP\/2025\/10\/Add.1, 10 November 2025 (pledges USD 790.24 million and amount received USD 397.74 million at 23 September 2025; 27 contributors). United Nations Framework Convention on Climate Change, Bonn. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c1-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c1-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 catastrophe-bond\" data-tk=\"Nexus risk vocabulary\" data-td=\"A security that transfers a defined catastrophe risk to investors, whose principal is reduced if a specified event occurs.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/catastrophe-bond\/\" data-tgl=\"Global Risks Alliance glossary\">Catastrophe bond<\/a> market records that were broken in 2025 (issuance about USD 25.6 billion; outstanding market just over USD 61.3 billion; 122 new 144A and private deals). Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c1-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-14-part-findings\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-14-c2-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/\">Global Resilience Investment and National Portfolios 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 2<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Key findings<\/h2><p class=\"nrp-lede\">Twelve findings carry the resilience investment baseline. They are grouped by coupling and never ranked. Each resolves to its source or, where Nexus analysis is involved, to its stated method.<\/p><p class=\"nrp-chap-meta\"><span>6 min read<\/span><span>1 figure<\/span><span>0 tables<\/span><span>15 notes<\/span><span>NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c2-s1\" aria-labelledby=\"nx-nrp-sr-14-c2-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c2-s1-h\"><span class=\"nrp-num\">2.1<\/span><span>Headline finding<\/span><\/h2><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-DEV-007\">NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-DEV-007<\/a><\/p><p class=\"nrp-km-t\">Developing countries\u2019 adaptation finance needs are put at USD 215 to 387 billion a year to 2030, while tracked adaptation finance was USD 65 billion in 2023.<\/p><figure class=\"nrp-fig\" id=\"nx-nrp-sr-14-c2-fig1\" aria-labelledby=\"nx-nrp-sr-14-c2-fig1-t\"><figcaption class=\"nrp-figcap\"><span class=\"nf-ui-eyebrow\">Figure 2.1<\/span><span class=\"nf-ui-title\" data-level=\"card\" id=\"nx-nrp-sr-14-c2-fig1-t\">Adaptation finance: need and tracked flow (USD billion a year)<\/span><\/figcaption><div class=\"nrp-tblw\"><table class=\"nrp-tbl nrp-bars\"><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\"><span class=\"nrp-sr\">Bar, scaled to the largest value<\/span><\/th><th scope=\"col\">Value<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">Need to 2030, upper end<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"100.0\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">387<\/td><\/tr><tr><th scope=\"row\">Need to 2030, lower end<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"55.6\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">215<\/td><\/tr><tr><th scope=\"row\">Tracked adaptation finance, 2023, all sources<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"16.8\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">65<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nrp-fig-src\">Sources: UN climate finance decision<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n7\" id=\"nx-nrp-sr-14-c2-r7\" aria-label=\"Note 7\">7<\/a><\/sup>; Climate Policy Initiative<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n6\" id=\"nx-nrp-sr-14-c2-r6\" aria-label=\"Note 6\">6<\/a><\/sup>. The need covers developing countries; the tracked flow covers all tracked sources. The bases differ and the bars show scale only.<\/p><\/figure><h3 class=\"nrp-h3\">Implication<\/h3><p class=\"nrp-p\">The gap is wide on either basis, and tracked adaptation finance is a small part of climate finance. The 2035 goal of USD 300 billion a year covers all climate action, so it is not an adaptation figure<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n6\" aria-label=\"Note 6\">6<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n7\" aria-label=\"Note 7\">7<\/a><\/sup>.<\/p><h3 class=\"nrp-h3\">What would move it<\/h3><p class=\"nrp-p\">The adaptation share of the 2035 goal, better tracking of private flows and a revised flow estimate would each move this finding.<\/p><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c2-s2\" aria-labelledby=\"nx-nrp-sr-14-c2-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c2-s2-h\"><span class=\"nrp-num\">2.2<\/span><span>Energy<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-ENE-001\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-ENE-001\">NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-ENE-001<\/a><\/p><p class=\"nrp-find-t\">The IEA estimates global energy investment at about USD 3.4 trillion in 2026, up from USD 2.6 trillion in 2015, with electricity supply and infrastructure at USD 1.6 trillion.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n1\" id=\"nx-nrp-sr-14-c2-r1\" aria-label=\"Note 1\">1<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c2-s3\" aria-labelledby=\"nx-nrp-sr-14-c2-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c2-s3-h\"><span class=\"nrp-num\">2.3<\/span><span>Infrastructure<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-INF-002\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-INF-002\">NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-INF-002<\/a><\/p><p class=\"nrp-find-t\">The 2025 US report card grades national infrastructure C, with a USD 3.6 trillion ten-year investment gap, energy at D+ and dams at D+.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n2\" id=\"nx-nrp-sr-14-c2-r2\" aria-label=\"Note 2\">2<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-INF-010\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-INF-010\">NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-INF-010<\/a><\/p><p class=\"nrp-find-t\">Japan set a five-year plan of more than 20 trillion yen for fiscal 2026 to 2030, Australia committed AUD 1 billion over five years to June 2028, and the United States opened a USD 1 billion resilience grant round in March 2026.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n16\" id=\"nx-nrp-sr-14-c2-r16\" aria-label=\"Note 16\">16<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n19\" id=\"nx-nrp-sr-14-c2-r19\" aria-label=\"Note 19\">19<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n11\" id=\"nx-nrp-sr-14-c2-r11\" aria-label=\"Note 11\">11<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c2-s4\" aria-labelledby=\"nx-nrp-sr-14-c2-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c2-s4-h\"><span class=\"nrp-num\">2.4<\/span><span>Climate forcing<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-CLI-003\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-CLI-003\">NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-CLI-003<\/a><\/p><p class=\"nrp-find-t\">Munich Re puts overall natural disaster losses in 2025 at about USD 224 billion, with about USD 108 billion insured; weather events made up 92% of overall losses.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n3\" id=\"nx-nrp-sr-14-c2-r3\" aria-label=\"Note 3\">3<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-CLI-008\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-CLI-008\">NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-CLI-008<\/a><\/p><p class=\"nrp-find-t\">The <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">loss and damage<\/a> fund reported USD 790.24 million pledged and USD 397.74 million received at 23 September 2025, from 27 contributors.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n8\" id=\"nx-nrp-sr-14-c2-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c2-s5\" aria-labelledby=\"nx-nrp-sr-14-c2-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c2-s5-h\"><span class=\"nrp-num\">2.5<\/span><span>Finance<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-FIN-004\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-FIN-004\">NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-FIN-004<\/a><\/p><p class=\"nrp-find-t\">Swiss Re Institute reporting puts overall natural catastrophe losses in 2025 at USD 220 billion, about 49% insured, and notes that 80 to 90% of losses in emerging economies are typically uninsured.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n4\" id=\"nx-nrp-sr-14-c2-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-FIN-005\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-FIN-005\">NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-FIN-005<\/a><\/p><p class=\"nrp-find-t\"><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 catastrophe-bond\" data-tk=\"Nexus risk vocabulary\" data-td=\"A security that transfers a defined catastrophe risk to investors, whose principal is reduced if a specified event occurs.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/catastrophe-bond\/\" data-tgl=\"Global Risks Alliance glossary\">Catastrophe bond<\/a> issuance reached USD 25.6 billion in 2025 across 122 new deals, and the outstanding market reached USD 61.3 billion.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n5\" id=\"nx-nrp-sr-14-c2-r5\" aria-label=\"Note 5\">5<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-FIN-009\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-FIN-009\">NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-FIN-009<\/a><\/p><p class=\"nrp-find-t\">By end-February 2026 the IMF Board had agreed 27 resilience and sustainability arrangements with commitments of SDR 10.3 billion, about USD 14 billion.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n9\" id=\"nx-nrp-sr-14-c2-r9\" aria-label=\"Note 9\">9<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-FIN-011\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-FIN-011\">NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-FIN-011<\/a><\/p><p class=\"nrp-find-t\">Germany\u2019s special fund sets EUR 100 billion for a climate fund and EUR 100 billion for the states over twelve years, the UK National Wealth Fund holds GBP 27.8 billion of capital, and the EIB Group Climate Bank Roadmap sets a target of EUR 30 billion for adaptation finance in 2026 to 2030.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n15\" id=\"nx-nrp-sr-14-c2-r15\" aria-label=\"Note 15\">15<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n13\" id=\"nx-nrp-sr-14-c2-r13\" aria-label=\"Note 13\">13<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n44\" id=\"nx-nrp-sr-14-c2-r44\" aria-label=\"Note 44\">44<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c2-s6\" aria-labelledby=\"nx-nrp-sr-14-c2-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c2-s6-h\"><span class=\"nrp-num\">2.6<\/span><span>Development<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-DEV-006\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-DEV-006\">NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-DEV-006<\/a><\/p><p class=\"nrp-find-t\">Climate Policy Initiative tracked USD 1.9 trillion of global climate finance in 2023, of which adaptation was USD 65 billion, a figure it says is likely an underestimate.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-DEV-007\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-DEV-007\">NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-DEV-007<\/a><\/p><p class=\"nrp-find-t\">The 2024 climate finance decision sets a goal of at least USD 300 billion a year by 2035 for developing countries and puts their adaptation finance needs at USD 215 to 387 billion a year to 2030.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c2-n7\" aria-label=\"Note 7\">7<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c2-s7\" aria-labelledby=\"nx-nrp-sr-14-c2-s7-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c2-s7-h\"><span class=\"nrp-num\">2.7<\/span><span>Systemic<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-SYS-012\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-SYS-012\">NRF-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-SYS-012<\/a><\/p><p class=\"nrp-find-t\">The leading test for 2027 is whether national portfolios fund upkeep and adaptation as well as new build, measured on one common basis. \u00a7 scenario<\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c2-notes\" aria-labelledby=\"nx-nrp-sr-14-c2-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c2-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-14-c2-n7\"><span class=\"nrp-notes-n\">7<\/span><span>UNFCCC (ed.), New collective quantified goal on climate finance, decision text FCCC\/PA\/CMA\/2024\/L.22, 24 November 2024 (at least USD 300 billion a year by 2035; call for USD 1.3 trillion a year from all sources; adaptation finance needs USD 215 to 387 billion a year to 2030). United Nations Framework Convention on <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 climate-change\" data-tk=\"Nexus risk vocabulary\" data-td=\"A change in the state of the climate that persists for decades or longer, identified by shifts in averages and variability; in current practice, mainly the change driven by human emissions.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Climate Change<\/a>, Bonn. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c2-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c2-n6\"><span class=\"nrp-notes-n\">6<\/span><span>Climate Policy Initiative (ed.), Global Landscape of Climate Finance 2025 (publication page, 23 June 2025; global climate finance USD 1.9 trillion in 2023; adaptation finance USD 65 billion, likely an underestimate; international flows to emerging and developing economies USD 196 billion, 78% public). Climate Policy Initiative, London. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c2-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c2-n1\"><span class=\"nrp-notes-n\">1<\/span><span>IEA (ed.), World Energy Investment 2026, launch presentation (11 pages, Paris, 28 May 2026; global energy investment USD 3.4 trillion in 2026 estimate against USD 2.6 trillion in 2015; electricity supply and infrastructure USD 1.6 trillion). International Energy Agency, Paris. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c2-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c2-n2\"><span class=\"nrp-notes-n\">2<\/span><span>ASCE (ed.), 2025 Report Card for America\u2019s Infrastructure (overall grade C; ten-year investment gap USD 3.6 trillion; energy D+, drinking water C\u2212, dams D+). American Society of Civil Engineers, Reston. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c2-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c2-n16\"><span class=\"nrp-notes-n\">16<\/span><span>Tribune India (ed.), Japan approves 20 trillion yen plan for disaster resilient infrastructure (press agency report of 7 June 2025; more than 20 trillion yen over fiscal 2026 to 2030). Tribune India, Chandigarh. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c2-r16\" aria-label=\"Back to the first call of note 16\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c2-n19\"><span class=\"nrp-notes-n\">19<\/span><span>NSW Government (ed.), Disaster Ready Fund (page on the Commonwealth programme; AUD 1 billion nationally over five years from 1 July 2023 to 30 June 2028). New South Wales Government, Sydney. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c2-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c2-n11\"><span class=\"nrp-notes-n\">11<\/span><span>FEMA (ed.), Building Resilient Infrastructure and Communities (programme page updated 3 September 2026; fiscal years 2024 and 2025 funding opportunity of USD 1 billion published 25 March 2026; applications closed 23 July 2026). Federal Emergency Management Agency, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c2-r11\" aria-label=\"Back to the first call of note 11\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c2-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Munich Re (ed.), Natural disaster figures for 2025 (media information, 2026; overall losses about USD 224 billion; insured losses about USD 108 billion; weather events 92% of overall losses; Los Angeles wildfires about USD 53 billion overall). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c2-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c2-n8\"><span class=\"nrp-notes-n\">8<\/span><span>UNFCCC (ed.), Report of the Board of the Fund for responding to <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">Loss and Damage<\/a>, addendum FCCC\/CP\/2025\/10\/Add.1, 10 November 2025 (pledges USD 790.24 million and amount received USD 397.74 million at 23 September 2025; 27 contributors). United Nations Framework Convention on Climate Change, Bonn. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c2-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c2-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Artemis (ed.), report on the Swiss Re Institute sigma 1\/2026 natural catastrophe figures for 2025 (insured losses USD 107 billion; overall losses USD 220 billion; about 49% insured; 92% of insured losses from secondary perils; 80 to 90% of losses typically uninsured in emerging economies). Read in this trade report, not in the sigma itself. Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c2-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c2-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 catastrophe-bond\" data-tk=\"Nexus risk vocabulary\" data-td=\"A security that transfers a defined catastrophe risk to investors, whose principal is reduced if a specified event occurs.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/catastrophe-bond\/\" data-tgl=\"Global Risks Alliance glossary\">Catastrophe bond<\/a> market records that were broken in 2025 (issuance about USD 25.6 billion; outstanding market just over USD 61.3 billion; 122 new 144A and private deals). Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c2-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c2-n9\"><span class=\"nrp-notes-n\">9<\/span><span>IMF (ed.), 2026 Update of Resource Adequacy of the Poverty Reduction and Growth Trust, Resilience and Sustainability Trust, and Debt Relief Trusts, policy paper, 6 March 2026 (27 RSF arrangements; commitments SDR 10.3 billion, about USD 14 billion; five new RSFs in 2025 for SDR 3.4 billion). International Monetary Fund, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c2-r9\" aria-label=\"Back to the first call of note 9\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c2-n15\"><span class=\"nrp-notes-n\">15<\/span><span>Noerr (ed.), Bundestag approves exemption from the debt brake for defence spending and special funds for investments in infrastructure and climate protection (law-firm note; Bundestag vote 18 March 2025, Bundesrat 21 March 2025; EUR 100 billion for the Climate and Transformation Fund and EUR 100 billion for the states; twelve-year term). Noerr, Berlin. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c2-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c2-n13\"><span class=\"nrp-notes-n\">13<\/span><span>National Wealth Fund (ed.), About us (capital commitment GBP 27.8 billion; mission to drive more than GBP 100 billion of finance; GBP 3 mobilised per GBP 1 invested over the long term). National Wealth Fund, Leeds. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c2-r13\" aria-label=\"Back to the first call of note 13\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c2-n44\"><span class=\"nrp-notes-n\">44<\/span><span>EIB (ed.), EIB Group Climate Bank Roadmap Phase 2: 2026-2030 (publication page dated 3 October 2025; new target of EUR 30 billion for climate adaptation finance for 2026 to 2030, doubling 2021 to 2025 volumes). European Investment Bank, Luxembourg. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c2-r44\" aria-label=\"Back to the first call of note 44\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-14-part-systems-and-sectors\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-14-c3-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/\">Global Resilience Investment and National Portfolios 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 3<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Systems and sectors at baseline<\/h2><p class=\"nrp-chap-meta\"><span>6 min read<\/span><span>0 figures<\/span><span>2 tables<\/span><span>12 notes<\/span><span>NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c3-s1\" aria-labelledby=\"nx-nrp-sr-14-c3-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c3-s1-h\"><span class=\"nrp-num\">3.1<\/span><span>Where each system stood at evidence close<\/span><\/h2><div class=\"pp-cells nrp-cells-3\"><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">ENE \u00b7 Energy<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Global energy investment, 2026 estimate<\/h3><span class=\"pp-metric\">3.4<\/span><span class=\"nrp-cell-u\">USD trillion<\/span><p>electricity supply and infrastructure 1.6 trillion.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Estimated<\/span><span>2026<\/span><span>IEA<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n1\" id=\"nx-nrp-sr-14-c3-r1\" aria-label=\"Note 1\">1<\/a><\/sup><\/span><\/p><\/article><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">INF \u00b7 Assets<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">US ten-year infrastructure gap<\/h3><span class=\"pp-metric\">3.6<\/span><span class=\"nrp-cell-u\">USD trillion<\/span><p>overall grade C.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2025<\/span><span>ASCE<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n2\" id=\"nx-nrp-sr-14-c3-r2\" aria-label=\"Note 2\">2<\/a><\/sup><\/span><\/p><\/article><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">CLI \u00b7 Losses<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Overall natural disaster losses<\/h3><span class=\"pp-metric\">224<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>about USD 108 billion insured.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2025<\/span><span>Munich Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n3\" id=\"nx-nrp-sr-14-c3-r3\" aria-label=\"Note 3\">3<\/a><\/sup><\/span><\/p><\/article><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">FIN \u00b7 Risk transfer<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Catastrophe bonds outstanding<\/h3><span class=\"pp-metric\">61.3<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>record issuance of 25.6 billion in 2025.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2025<\/span><span>Artemis tracker<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n5\" id=\"nx-nrp-sr-14-c3-r5\" aria-label=\"Note 5\">5<\/a><\/sup><\/span><\/p><\/article><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">DEV \u00b7 Adaptation<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Adaptation finance tracked<\/h3><span class=\"pp-metric\">65<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>likely an underestimate.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2023<\/span><span>CPI<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n6\" id=\"nx-nrp-sr-14-c3-r6\" aria-label=\"Note 6\">6<\/a><\/sup><\/span><\/p><\/article><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">SYS \u00b7 Cross-system<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">IMF resilience commitments<\/h3><span class=\"pp-metric\">10.3<\/span><span class=\"nrp-cell-u\">SDR billion<\/span><p>27 arrangements to end-February 2026.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2026<\/span><span>IMF<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n9\" id=\"nx-nrp-sr-14-c3-r9\" aria-label=\"Note 9\">9<\/a><\/sup><\/span><\/p><\/article><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c3-s2\" aria-labelledby=\"nx-nrp-sr-14-c3-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c3-s2-h\"><span class=\"nrp-num\">3.2<\/span><span>Domain posture<\/span><\/h2><p class=\"nrp-stand\">Each of the twelve coupled domains is read through resilience investment, in words, not scored. The coupling column names the dependency that carries resilience investment risk into each domain.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c3-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 3.1<\/span><span class=\"nrp-tbl-t\">Each domain read in words, not scored<\/span><\/caption><thead><tr><th scope=\"col\">Domain<\/th><th scope=\"col\">Posture at baseline<\/th><th scope=\"col\">Coupling<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td><span class=\"nrp-mono\">WAT<\/span><\/td><td>Water works compete with power for capital; no consolidated series here.<\/td><td><span class=\"nrp-mono\">ENE \u2192 WAT<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">ENE<\/span><\/td><td>Energy investment is estimated at USD 3.4 trillion in 2026; electricity supply and infrastructure at USD 1.6 trillion.<\/td><td><span class=\"nrp-mono\">ENE \u2192 all<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">FOO<\/span><\/td><td>Food <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a> depend on energy and finance; adaptation finance for them is not consolidated here.<\/td><td><span class=\"nrp-mono\">ENE \u2192 FOO<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">HLT<\/span><\/td><td>Hospital upkeep sits in national budgets; not consolidated here.<\/td><td><span class=\"nrp-mono\">ENE, WAT \u2192 HLT<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">BIO<\/span><\/td><td>Natural infrastructure can buffer hazards; investment evidence not consolidated here.<\/td><td><span class=\"nrp-mono\">BIO \u2192 WAT<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">CLI<\/span><\/td><td>Overall disaster losses of about USD 224 billion in 2025; weather made up 92%.<\/td><td><span class=\"nrp-mono\">CLI \u2192 INF<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">INF<\/span><\/td><td>US grade C and a USD 3.6 trillion ten-year gap.<\/td><td><span class=\"nrp-mono\">INF \u2192 FIN<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">FIN<\/span><\/td><td>The core system: cat bonds at USD 61.3 billion and IMF resilience commitments of SDR 10.3 billion.<\/td><td><span class=\"nrp-mono\">the core system<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">DAT<\/span><\/td><td>Public and private investment data are not on a common basis.<\/td><td><span class=\"nrp-mono\">DAT \u2194 FIN<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">AIC<\/span><\/td><td>Approvals for new gas-fired plants rose to a 25-year high in 2025, in a year of strong power demand growth<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n1\" aria-label=\"Note 1\">1<\/a><\/sup>.<\/td><td><span class=\"nrp-mono\">AIC \u2192 ENE<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">MIN<\/span><\/td><td>Grid and storage build-out depends on refined minerals; the evidence sits in the sibling edition on critical minerals.<\/td><td><span class=\"nrp-mono\">MIN \u2192 INF<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">TRD<\/span><\/td><td>Investment flows follow trade in equipment; chokepoint data sit in the sibling edition on supply chains.<\/td><td><span class=\"nrp-mono\">INF \u2194 TRD<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c3-s3\" aria-labelledby=\"nx-nrp-sr-14-c3-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c3-s3-h\"><span class=\"nrp-num\">3.3<\/span><span>Sector screens<\/span><\/h2><p class=\"nrp-stand\">All sixteen sectors are screened for their dependence on resilience investment, on the same grammar as every national edition. The evidence column describes coverage of the baseline evidence, not the performance of the sector.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c3-tab2\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 3.2<\/span><span class=\"nrp-tbl-t\">Sectors: baseline evidence and the exposure to watch<\/span><\/caption><thead><tr><th scope=\"col\">Code<\/th><th scope=\"col\">Sector<\/th><th scope=\"col\">Baseline evidence<\/th><th scope=\"col\">Exposure to watch<\/th><th scope=\"col\">Evidence coverage<\/th><\/tr><\/thead><tbody><tr><td><span class=\"nrp-mono\">GS-00<\/span><\/td><td>Cross-system<\/td><td>investment, losses and cover form one loop<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/td><td>loss year with tight budgets<\/td><td>PARTIAL<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-01<\/span><\/td><td>Water<\/td><td>water works compete for capital<\/td><td>deferred upkeep<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-02<\/span><\/td><td>Energy<\/td><td>USD 3.4 trillion estimated in 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><td>security-driven shifts in spending<\/td><td>GOOD<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-03<\/span><\/td><td>Food and agrifood<\/td><td>adaptation finance for food <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a><\/td><td>loss in a heat year<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-04<\/span><\/td><td>Health<\/td><td>hospital upkeep in national budgets<\/td><td>deferred upkeep<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-05<\/span><\/td><td>Finance and economy<\/td><td>USD 61.3 billion of cat bonds outstanding<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><td>cover withdrawal after losses<\/td><td>GOOD<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-06<\/span><\/td><td>Development<\/td><td>adaptation finance of USD 65 billion in 2023<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/td><td>debt-heavy finance<\/td><td>PARTIAL<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-07<\/span><\/td><td>Climate<\/td><td>losses of about USD 224 billion in 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/td><td>floods, storms, <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a><\/td><td>GOOD<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-08<\/span><\/td><td>Disaster<\/td><td>recovery fund pledges of USD 790.24 million<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n8\" id=\"nx-nrp-sr-14-c3-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><td>slow payment<\/td><td>PARTIAL<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-09<\/span><\/td><td>Infrastructure<\/td><td>US grade C and USD 3.6 trillion gap<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td>ageing assets<\/td><td>GOOD<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-10<\/span><\/td><td>Cities<\/td><td>dense exposure and local budgets<\/td><td>multi-hazard loss<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-11<\/span><\/td><td>Biodiversity<\/td><td>natural buffers for assets<\/td><td>loss of buffers<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-12<\/span><\/td><td>Earth observation<\/td><td>hazard data underpin pricing and planning<\/td><td>data gaps<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-13<\/span><\/td><td>Cyber and digital<\/td><td>investment data systems<\/td><td>poor comparability<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-14<\/span><\/td><td>Policy<\/td><td>budget rules and climate finance goals<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n7\" id=\"nx-nrp-sr-14-c3-r7\" aria-label=\"Note 7\">7<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n15\" id=\"nx-nrp-sr-14-c3-r15\" aria-label=\"Note 15\">15<\/a><\/sup><\/td><td>implementation gaps<\/td><td>PARTIAL<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-15<\/span><\/td><td>Science<\/td><td>adaptation economics is mature<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n22\" id=\"nx-nrp-sr-14-c3-r22\" aria-label=\"Note 22\">22<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n38\" id=\"nx-nrp-sr-14-c3-r38\" aria-label=\"Note 38\">38<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c3-n39\" id=\"nx-nrp-sr-14-c3-r39\" aria-label=\"Note 39\">39<\/a><\/sup><\/td><td>data at portfolio scale<\/td><td>PARTIAL<\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c3-notes\" aria-labelledby=\"nx-nrp-sr-14-c3-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c3-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-14-c3-n1\"><span class=\"nrp-notes-n\">1<\/span><span>IEA (ed.), World Energy Investment 2026, launch presentation (11 pages, Paris, 28 May 2026; global energy investment USD 3.4 trillion in 2026 estimate against USD 2.6 trillion in 2015; electricity supply and infrastructure USD 1.6 trillion). International Energy Agency, Paris. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c3-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c3-n2\"><span class=\"nrp-notes-n\">2<\/span><span>ASCE (ed.), 2025 Report Card for America\u2019s Infrastructure (overall grade C; ten-year investment gap USD 3.6 trillion; energy D+, drinking water C\u2212, dams D+). American Society of Civil Engineers, Reston. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c3-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c3-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Munich Re (ed.), Natural disaster figures for 2025 (media information, 2026; overall losses about USD 224 billion; insured losses about USD 108 billion; weather events 92% of overall losses; Los Angeles wildfires about USD 53 billion overall). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c3-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c3-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 catastrophe-bond\" data-tk=\"Nexus risk vocabulary\" data-td=\"A security that transfers a defined catastrophe risk to investors, whose principal is reduced if a specified event occurs.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/catastrophe-bond\/\" data-tgl=\"Global Risks Alliance glossary\">Catastrophe bond<\/a> market records that were broken in 2025 (issuance about USD 25.6 billion; outstanding market just over USD 61.3 billion; 122 new 144A and private deals). Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c3-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c3-n6\"><span class=\"nrp-notes-n\">6<\/span><span>Climate Policy Initiative (ed.), Global Landscape of Climate Finance 2025 (publication page, 23 June 2025; global climate finance USD 1.9 trillion in 2023; adaptation finance USD 65 billion, likely an underestimate; international flows to emerging and developing economies USD 196 billion, 78% public). Climate Policy Initiative, London. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c3-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c3-n9\"><span class=\"nrp-notes-n\">9<\/span><span>IMF (ed.), 2026 Update of Resource Adequacy of the Poverty Reduction and Growth Trust, Resilience and Sustainability Trust, and Debt Relief Trusts, policy paper, 6 March 2026 (27 RSF arrangements; commitments SDR 10.3 billion, about USD 14 billion; five new RSFs in 2025 for SDR 3.4 billion). International Monetary Fund, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c3-r9\" aria-label=\"Back to the first call of note 9\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c3-n8\"><span class=\"nrp-notes-n\">8<\/span><span>UNFCCC (ed.), Report of the Board of the Fund for responding to <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">Loss and Damage<\/a>, addendum FCCC\/CP\/2025\/10\/Add.1, 10 November 2025 (pledges USD 790.24 million and amount received USD 397.74 million at 23 September 2025; 27 contributors). United Nations Framework Convention on <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 climate-change\" data-tk=\"Nexus risk vocabulary\" data-td=\"A change in the state of the climate that persists for decades or longer, identified by shifts in averages and variability; in current practice, mainly the change driven by human emissions.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Climate Change<\/a>, Bonn. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c3-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c3-n7\"><span class=\"nrp-notes-n\">7<\/span><span>UNFCCC (ed.), New collective quantified goal on climate finance, decision text FCCC\/PA\/CMA\/2024\/L.22, 24 November 2024 (at least USD 300 billion a year by 2035; call for USD 1.3 trillion a year from all sources; adaptation finance needs USD 215 to 387 billion a year to 2030). United Nations Framework Convention on Climate Change, Bonn. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c3-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c3-n15\"><span class=\"nrp-notes-n\">15<\/span><span>Noerr (ed.), Bundestag approves exemption from the debt brake for defence spending and special funds for investments in infrastructure and climate protection (law-firm note; Bundestag vote 18 March 2025, Bundesrat 21 March 2025; EUR 100 billion for the Climate and Transformation Fund and EUR 100 billion for the states; twelve-year term). Noerr, Berlin. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c3-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c3-n22\"><span class=\"nrp-notes-n\">22<\/span><span>World Resources Institute (ed.), 4 things to know about the global adaptation challenge (commentary of 10 September 2019 on the Global Commission on Adaptation; USD 1.8 trillion invested 2020 to 2030 could yield USD 7.1 trillion net benefits; benefit-cost ratios about 2 to 1 to 10 to 1). World Resources Institute, Washington. Observation year 2019. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c3-r22\" aria-label=\"Back to the first call of note 22\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c3-n38\"><span class=\"nrp-notes-n\">38<\/span><span>UNVERIFIED, not opened: Hallegatte, S., Rentschler, J. and Walsh, B., Building Back Better: Achieving Resilience through Stronger, Faster, and More Inclusive Post-Disaster Reconstruction. World Bank, Washington, 2018, cited from memory. Observation year 2018. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c3-r38\" aria-label=\"Back to the first call of note 38\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c3-n39\"><span class=\"nrp-notes-n\">39<\/span><span>UNVERIFIED, not opened: Rozenberg, J. and Fay, M., Beyond the Gap: How Countries Can Afford the Infrastructure They Need while Protecting the Planet. World Bank, Washington, 2019, cited from memory. Observation year 2019. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c3-r39\" aria-label=\"Back to the first call of note 39\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-14-part-risk-and-capability\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-14-c4-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/\">Global Resilience Investment and National Portfolios 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 4<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Risks and capability<\/h2><p class=\"nrp-lede\">Four global risk objects open the portfolio. Order carries no rank. Each is read across driver, exposure, vulnerability, capacity, cascade and consequence; loss metrics are added only where they can be modelled.<\/p><p class=\"nrp-chap-meta\"><span>6 min read<\/span><span>0 figures<\/span><span>1 table<\/span><span>18 notes<\/span><span>NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c4-s1\" aria-labelledby=\"nx-nrp-sr-14-c4-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c4-s1-h\"><span class=\"nrp-num\">4.1<\/span><span>Risk objects<\/span><\/h2><p class=\"nrp-stand\">Each risk is read across the chain from hazard to consequence, with its status and evidence-quality level.<\/p><ol class=\"nrp-find\"><li><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><span class=\"nrp-find-id\">RSK-SR14-FIN-001<\/span><\/p><h3 class=\"nrp-h4\">Loss year with tight public budgets<\/h3><dl class=\"nrp-dl\"><dt>Driver<\/dt><dd>overall disaster losses of about USD 224 billion in 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n3\" id=\"nx-nrp-sr-14-c4-r3\" aria-label=\"Note 3\">3<\/a><\/sup><\/dd><dt>Exposure<\/dt><dd>national budgets, insurers, recovery funds<\/dd><dt>Vulnerability<\/dt><dd>uninsured shares of 80 to 90% in emerging economies<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n4\" id=\"nx-nrp-sr-14-c4-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/dd><dt>Capacity<\/dt><dd>reserve funds; cat bonds; IMF resilience facility<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n5\" id=\"nx-nrp-sr-14-c4-r5\" aria-label=\"Note 5\">5<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n9\" id=\"nx-nrp-sr-14-c4-r9\" aria-label=\"Note 9\">9<\/a><\/sup><\/dd><dt>Cascade<\/dt><dd>CLI \u2192 INF \u2192 FIN<\/dd><dt>Horizon<\/dt><dd>1 to 3 years<\/dd><\/dl><\/li><li><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><span class=\"nrp-find-id\">RSK-SR14-INF-002<\/span><\/p><h3 class=\"nrp-h4\">Deferred upkeep and a widening gap<\/h3><dl class=\"nrp-dl\"><dt>Driver<\/dt><dd>a USD 3.6 trillion ten-year gap in one national report card<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n2\" id=\"nx-nrp-sr-14-c4-r2\" aria-label=\"Note 2\">2<\/a><\/sup><\/dd><dt>Exposure<\/dt><dd>power, water, transport and dams<\/dd><dt>Vulnerability<\/dt><dd>new build favoured over upkeep in some plans<\/dd><dt>Capacity<\/dt><dd>dedicated upkeep funds; asset registers<\/dd><dt>Cascade<\/dt><dd>INF \u2192 CLI \u2192 FIN<\/dd><dt>Horizon<\/dt><dd>1 to 5 years<\/dd><\/dl><\/li><li><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><span class=\"nrp-find-id\">RSK-SR14-DEV-003<\/span><\/p><h3 class=\"nrp-h4\">Adaptation finance far below need<\/h3><dl class=\"nrp-dl\"><dt>Driver<\/dt><dd>USD 65 billion tracked against USD 215 to 387 billion a year needed<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n6\" id=\"nx-nrp-sr-14-c4-r6\" aria-label=\"Note 6\">6<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n7\" id=\"nx-nrp-sr-14-c4-r7\" aria-label=\"Note 7\">7<\/a><\/sup><\/dd><dt>Exposure<\/dt><dd>least developed countries and small island states<\/dd><dt>Vulnerability<\/dt><dd>debt-heavy flows; weak private finance<\/dd><dt>Capacity<\/dt><dd>concessional finance; national adaptation plans<\/dd><dt>Cascade<\/dt><dd>FIN \u2192 DEV \u2192 INF<\/dd><dt>Horizon<\/dt><dd>1 to 5 years<\/dd><\/dl><\/li><li><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><span class=\"nrp-find-id\">RSK-SR14-CLI-004<\/span><\/p><h3 class=\"nrp-h4\">Recovery money that arrives late<\/h3><dl class=\"nrp-dl\"><dt>Driver<\/dt><dd>about half of pledges received at September 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n8\" id=\"nx-nrp-sr-14-c4-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/dd><dt>Exposure<\/dt><dd>countries hit by <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">loss and damage<\/a><\/dd><dt>Vulnerability<\/dt><dd>slow processes from pledge to project<\/dd><dt>Capacity<\/dt><dd>start-up funding cycle; direct budget support under study<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/dd><dt>Cascade<\/dt><dd>CLI \u2192 DEV \u2192 FIN<\/dd><dt>Horizon<\/dt><dd>1 to 5 years<\/dd><\/dl><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c4-s2\" aria-labelledby=\"nx-nrp-sr-14-c4-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c4-s2-h\"><span class=\"nrp-num\">4.2<\/span><span>Capability ladder<\/span><\/h2><p class=\"nrp-stand\">Existence is not readiness. Each of the fifteen capability functions is placed on the ladder by the strongest public evidence at the global level, from a policy listing to performance in real events.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c4-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 4.1<\/span><span class=\"nrp-tbl-t\">Capabilities on the ladder of evidence: listed, exists, demonstrated, tested<\/span><\/caption><thead><tr><th scope=\"col\">Function<\/th><th scope=\"col\">Rung<\/th><th scope=\"col\">Level<\/th><th scope=\"col\">Strongest public evidence at baseline<\/th><\/tr><\/thead><tbody><tr><td>Prevention and mitigation<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>resilience grant rounds and national plans in several countries<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n11\" id=\"nx-nrp-sr-14-c4-r11\" aria-label=\"Note 11\">11<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n16\" id=\"nx-nrp-sr-14-c4-r16\" aria-label=\"Note 16\">16<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n19\" id=\"nx-nrp-sr-14-c4-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/td><\/tr><tr><td>Monitoring and observation<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>ADEQUATE<\/td><td>loss series from reinsurers; flow series from trackers<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 early-warning\" data-tk=\"Nexus risk vocabulary\" data-td=\"Timely, actionable information about an impending hazard that lets people and institutions act to reduce harm before it occurs.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Early warning<\/a><\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>investment-side warning not consolidated<\/td><\/tr><tr><td>Preparedness and planning<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>national plans and risk-management standards<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n16\" aria-label=\"Note 16\">16<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n42\" id=\"nx-nrp-sr-14-c4-r42\" aria-label=\"Note 42\">42<\/a><\/sup><\/td><\/tr><tr><td>Redundancy and reserves<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>reserve funds not consolidated<\/td><\/tr><tr><td>Response<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><\/span><\/td><td>DEMONSTRATED<\/td><td>insurers paid large losses in 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><\/tr><tr><td>Continuity of critical services<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>funding continuity for upkeep not consolidated<\/td><\/tr><tr><td>Recovery<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>recovery funds exist; payment lags pledges<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><\/tr><tr><td>Adaptation<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>adaptation plans in many countries; finance below need<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n6\" aria-label=\"Note 6\">6<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n7\" aria-label=\"Note 7\">7<\/a><\/sup><\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 social-protection\" data-tk=\"Nexus risk vocabulary\" data-td=\"Public policies and programmes that help people manage risk and reduce poverty and vulnerability across their lives.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Social protection<\/a><\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>support funding not consolidated<\/td><\/tr><tr><td>Finance and insurance<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><\/span><\/td><td>DEMONSTRATED<\/td><td>cat bonds at record size; IMF facility in use<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n5\" aria-label=\"Note 5\">5<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n9\" aria-label=\"Note 9\">9<\/a><\/sup><\/td><\/tr><tr><td>Institutional coordination<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>budget rules and fund governance differ by country<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n15\" id=\"nx-nrp-sr-14-c4-r15\" aria-label=\"Note 15\">15<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n20\" id=\"nx-nrp-sr-14-c4-r20\" aria-label=\"Note 20\">20<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n30\" id=\"nx-nrp-sr-14-c4-r30\" aria-label=\"Note 30\">30<\/a><\/sup><\/td><\/tr><tr><td>Technical infrastructure<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>ageing assets in places<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><\/tr><tr><td>Workforce<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>skills for upkeep and delivery not consolidated<\/td><\/tr><tr><td>Research capacity<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>ADEQUATE<\/td><td>adaptation economics mature<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n22\" id=\"nx-nrp-sr-14-c4-r22\" aria-label=\"Note 22\">22<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n38\" id=\"nx-nrp-sr-14-c4-r38\" aria-label=\"Note 38\">38<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c4-n39\" id=\"nx-nrp-sr-14-c4-r39\" aria-label=\"Note 39\">39<\/a><\/sup><\/td><\/tr><\/tbody><tfoot><tr><td colspan=\"4\">A capability listed in policy is not a tested one; each rung is the strongest public evidence at baseline.<\/td><\/tr><\/tfoot><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c4-notes\" aria-labelledby=\"nx-nrp-sr-14-c4-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c4-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-14-c4-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Munich Re (ed.), Natural disaster figures for 2025 (media information, 2026; overall losses about USD 224 billion; insured losses about USD 108 billion; weather events 92% of overall losses; Los Angeles wildfires about USD 53 billion overall). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Artemis (ed.), report on the Swiss Re Institute sigma 1\/2026 natural catastrophe figures for 2025 (insured losses USD 107 billion; overall losses USD 220 billion; about 49% insured; 92% of insured losses from secondary perils; 80 to 90% of losses typically uninsured in emerging economies). Read in this trade report, not in the sigma itself. Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 catastrophe-bond\" data-tk=\"Nexus risk vocabulary\" data-td=\"A security that transfers a defined catastrophe risk to investors, whose principal is reduced if a specified event occurs.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/catastrophe-bond\/\" data-tgl=\"Global Risks Alliance glossary\">Catastrophe bond<\/a> market records that were broken in 2025 (issuance about USD 25.6 billion; outstanding market just over USD 61.3 billion; 122 new 144A and private deals). Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n9\"><span class=\"nrp-notes-n\">9<\/span><span>IMF (ed.), 2026 Update of Resource Adequacy of the Poverty Reduction and Growth Trust, Resilience and Sustainability Trust, and Debt Relief Trusts, policy paper, 6 March 2026 (27 RSF arrangements; commitments SDR 10.3 billion, about USD 14 billion; five new RSFs in 2025 for SDR 3.4 billion). International Monetary Fund, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r9\" aria-label=\"Back to the first call of note 9\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n2\"><span class=\"nrp-notes-n\">2<\/span><span>ASCE (ed.), 2025 Report Card for America\u2019s Infrastructure (overall grade C; ten-year investment gap USD 3.6 trillion; energy D+, drinking water C\u2212, dams D+). American Society of Civil Engineers, Reston. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n6\"><span class=\"nrp-notes-n\">6<\/span><span>Climate Policy Initiative (ed.), Global Landscape of Climate Finance 2025 (publication page, 23 June 2025; global climate finance USD 1.9 trillion in 2023; adaptation finance USD 65 billion, likely an underestimate; international flows to emerging and developing economies USD 196 billion, 78% public). Climate Policy Initiative, London. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n7\"><span class=\"nrp-notes-n\">7<\/span><span>UNFCCC (ed.), New collective quantified goal on climate finance, decision text FCCC\/PA\/CMA\/2024\/L.22, 24 November 2024 (at least USD 300 billion a year by 2035; call for USD 1.3 trillion a year from all sources; adaptation finance needs USD 215 to 387 billion a year to 2030). United Nations Framework Convention on <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 climate-change\" data-tk=\"Nexus risk vocabulary\" data-td=\"A change in the state of the climate that persists for decades or longer, identified by shifts in averages and variability; in current practice, mainly the change driven by human emissions.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Climate Change<\/a>, Bonn. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n8\"><span class=\"nrp-notes-n\">8<\/span><span>UNFCCC (ed.), Report of the Board of the Fund for responding to <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">Loss and Damage<\/a>, addendum FCCC\/CP\/2025\/10\/Add.1, 10 November 2025 (pledges USD 790.24 million and amount received USD 397.74 million at 23 September 2025; 27 contributors). United Nations Framework Convention on Climate Change, Bonn. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n11\"><span class=\"nrp-notes-n\">11<\/span><span>FEMA (ed.), Building Resilient Infrastructure and Communities (programme page updated 3 September 2026; fiscal years 2024 and 2025 funding opportunity of USD 1 billion published 25 March 2026; applications closed 23 July 2026). Federal Emergency Management Agency, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r11\" aria-label=\"Back to the first call of note 11\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n16\"><span class=\"nrp-notes-n\">16<\/span><span>Tribune India (ed.), Japan approves 20 trillion yen plan for disaster resilient infrastructure (press agency report of 7 June 2025; more than 20 trillion yen over fiscal 2026 to 2030). Tribune India, Chandigarh. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r16\" aria-label=\"Back to the first call of note 16\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n19\"><span class=\"nrp-notes-n\">19<\/span><span>NSW Government (ed.), Disaster Ready Fund (page on the Commonwealth programme; AUD 1 billion nationally over five years from 1 July 2023 to 30 June 2028). New South Wales Government, Sydney. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n42\"><span class=\"nrp-notes-n\">42<\/span><span>UNVERIFIED, not opened: ISO 14091:2021, Adaptation to climate change: guidelines on vulnerability, impacts and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-assessment\" data-tk=\"Nexus risk vocabulary\" data-td=\"The overall process of identifying, analysing and evaluating risk to inform decisions.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/nexustandards.com\/glossary\/risk-assessment\/\" data-tgl=\"Nexus Standards glossary\">risk assessment<\/a>. International Organization for Standardization, Geneva. Observation year 2021. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r42\" aria-label=\"Back to the first call of note 42\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n15\"><span class=\"nrp-notes-n\">15<\/span><span>Noerr (ed.), Bundestag approves exemption from the debt brake for defence spending and special funds for investments in infrastructure and climate protection (law-firm note; Bundestag vote 18 March 2025, Bundesrat 21 March 2025; EUR 100 billion for the Climate and Transformation Fund and EUR 100 billion for the states; twelve-year term). Noerr, Berlin. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n20\"><span class=\"nrp-notes-n\">20<\/span><span>European Parliament (ed.), European Competitiveness Fund, legislative observatory summary (proposed envelope EUR 234.3 billion for 2028 to 2034; multiannual financial framework described as a EUR 2 trillion budget). European Parliament, Brussels. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r20\" aria-label=\"Back to the first call of note 20\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n30\"><span class=\"nrp-notes-n\">30<\/span><span>UNVERIFIED, not opened: Australian National Audit Office, Award of funding under the Disaster Ready Fund, audit report, taken from search-result summaries; the page returned a service error. Australian National Audit Office, Canberra. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r30\" aria-label=\"Back to the first call of note 30\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n22\"><span class=\"nrp-notes-n\">22<\/span><span>World Resources Institute (ed.), 4 things to know about the global adaptation challenge (commentary of 10 September 2019 on the Global Commission on Adaptation; USD 1.8 trillion invested 2020 to 2030 could yield USD 7.1 trillion net benefits; benefit-cost ratios about 2 to 1 to 10 to 1). World Resources Institute, Washington. Observation year 2019. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r22\" aria-label=\"Back to the first call of note 22\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n38\"><span class=\"nrp-notes-n\">38<\/span><span>UNVERIFIED, not opened: Hallegatte, S., Rentschler, J. and Walsh, B., Building Back Better: Achieving Resilience through Stronger, Faster, and More Inclusive Post-Disaster Reconstruction. World Bank, Washington, 2018, cited from memory. Observation year 2018. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r38\" aria-label=\"Back to the first call of note 38\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c4-n39\"><span class=\"nrp-notes-n\">39<\/span><span>UNVERIFIED, not opened: Rozenberg, J. and Fay, M., Beyond the Gap: How Countries Can Afford the Infrastructure They Need while Protecting the Planet. World Bank, Washington, 2019, cited from memory. Observation year 2019. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c4-r39\" aria-label=\"Back to the first call of note 39\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-14-part-scenario\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-14-c5-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/\">Global Resilience Investment and National Portfolios 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 5<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">A loss year that meets tight public budgets<\/h2><p class=\"nrp-lede\">A conditional statement under stated assumptions, never a prediction.<\/p><p class=\"nrp-chap-meta\"><span>2 min read<\/span><span>0 figures<\/span><span>0 tables<\/span><span>2 notes<\/span><span>NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c5-s1\" aria-labelledby=\"nx-nrp-sr-14-c5-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c5-s1-h\"><span class=\"nrp-num\">5.1<\/span><span>Assumptions<\/span><\/h2><p class=\"nrp-stand\">Scenario SCN-SR14-PRT-01: what is assumed, and what is held constant.<\/p><dl class=\"nrp-dl\"><dt>Baseline<\/dt><dd>the 2026 reference state in this edition<\/dd><dt>Drivers<\/dt><dd>a year of large insured and uninsured disaster losses, coinciding with competing claims on public budgets<\/dd><dt>Analogues<\/dt><dd>loss year 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c5-n3\" id=\"nx-nrp-sr-14-c5-r3\" aria-label=\"Note 3\">3<\/a><\/sup>; delayed US grant round 2025 to 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c5-n11\" id=\"nx-nrp-sr-14-c5-r11\" aria-label=\"Note 11\">11<\/a><\/sup><\/dd><dt>Interventions<\/dt><dd>none modelled: the specification describes the unmitigated case<\/dd><dt>Run state<\/dt><dd>narrative specification; quantified run scheduled for 2027<\/dd><\/dl><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c5-s2\" aria-labelledby=\"nx-nrp-sr-14-c5-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c5-s2-h\"><span class=\"nrp-num\">5.2<\/span><span>The cascade, step by step<\/span><\/h2><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">1<\/span><p class=\"nrp-rows-t\">CLI \u2192 INF<\/p><p class=\"nrp-rows-x\">storm, flood and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> losses damage assets and homes<\/p><p class=\"nrp-rows-m\">2025<\/p><\/li><li><span class=\"nrp-rows-i\">2<\/span><p class=\"nrp-rows-t\">INF \u2192 FIN<\/p><p class=\"nrp-rows-x\">insurers pay; uninsured losses fall on households and budgets<\/p><p class=\"nrp-rows-m\">2025<\/p><\/li><li><span class=\"nrp-rows-i\">3<\/span><p class=\"nrp-rows-t\">FIN \u2192 FIN<\/p><p class=\"nrp-rows-x\">cover is repriced and risk moves to bond markets<\/p><p class=\"nrp-rows-m\">2025<\/p><\/li><li><span class=\"nrp-rows-i\">4<\/span><p class=\"nrp-rows-t\">FIN \u2192 INF<\/p><p class=\"nrp-rows-x\">repair claims compete with planned upkeep and adaptation grants<\/p><p class=\"nrp-rows-m\">2026<\/p><\/li><li><span class=\"nrp-rows-i\">5<\/span><p class=\"nrp-rows-t\">FIN \u2192 DEV<\/p><p class=\"nrp-rows-x\">recovery pledges are slow to turn into payments<\/p><p class=\"nrp-rows-m\">2025<\/p><\/li><li><span class=\"nrp-rows-i\">6<\/span><p class=\"nrp-rows-t\">DEV \u2192 INF<\/p><p class=\"nrp-rows-x\">delayed adaptation leaves assets exposed to the next loss year<\/p><p class=\"nrp-rows-m\">2026<\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c5-s3\" aria-labelledby=\"nx-nrp-sr-14-c5-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c5-s3-h\"><span class=\"nrp-num\">5.3<\/span><span>The scenario as a table of steps<\/span><\/h2><p class=\"nx-p\">How the shock in scenario SCN-SR14-PRT-01 would travel through Global Resilience Investment and National Portfolios&#8217;s coupled <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a>, step by step, under the assumptions the edition states.<\/p><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Step<\/th><th scope=\"col\">What happens<\/th><th scope=\"col\">Source<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Step\">01 Climate to infrastructure<\/td><td data-label=\"What happens\">Storm, flood and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> losses damage assets and homes. Analogue or source: 2025.<\/td><td data-label=\"Source\">Edition SR-14, scenario SCN-SR14-PRT-01, step 1<\/td><\/tr><tr><td data-label=\"Step\">02 Infrastructure to finance<\/td><td data-label=\"What happens\">Insurers pay; uninsured losses fall on households and budgets. Analogue or source: 2025.<\/td><td data-label=\"Source\">Edition SR-14, scenario SCN-SR14-PRT-01, step 2<\/td><\/tr><tr><td data-label=\"Step\">03 Finance to finance<\/td><td data-label=\"What happens\">Cover is repriced and risk moves to bond markets. Analogue or source: 2025.<\/td><td data-label=\"Source\">Edition SR-14, scenario SCN-SR14-PRT-01, step 3<\/td><\/tr><tr><td data-label=\"Step\">04 Finance to infrastructure<\/td><td data-label=\"What happens\">Repair claims compete with planned upkeep and adaptation grants. Analogue or source: 2026.<\/td><td data-label=\"Source\">Edition SR-14, scenario SCN-SR14-PRT-01, step 4<\/td><\/tr><tr><td data-label=\"Step\">05 Finance to development<\/td><td data-label=\"What happens\">Recovery pledges are slow to turn into payments. Analogue or source: 2025.<\/td><td data-label=\"Source\">Edition SR-14, scenario SCN-SR14-PRT-01, step 5<\/td><\/tr><tr><td data-label=\"Step\">06 Development to infrastructure<\/td><td data-label=\"What happens\">Delayed adaptation leaves assets exposed to the next loss year. Analogue or source: 2026.<\/td><td data-label=\"Source\">Edition SR-14, scenario SCN-SR14-PRT-01, step 6<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-note nx-mt-2\">A teaching model of a conditional scenario under the edition&#8217;s stated assumptions: not a forecast, not a prediction and not a warning. Sources: <a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/scenario\/\" rel=\"noopener\">Global Resilience Investment and National Portfolios 2026, scenario SCN-SR14-PRT-01<\/a> (2026); Global Resilience Investment and National Portfolios 2026, references (NR-CIT-1) (2026).<\/p><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c5-notes\" aria-labelledby=\"nx-nrp-sr-14-c5-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c5-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-14-c5-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Munich Re (ed.), Natural disaster figures for 2025 (media information, 2026; overall losses about USD 224 billion; insured losses about USD 108 billion; weather events 92% of overall losses; Los Angeles wildfires about USD 53 billion overall). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c5-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c5-n11\"><span class=\"nrp-notes-n\">11<\/span><span>FEMA (ed.), Building Resilient Infrastructure and Communities (programme page updated 3 September 2026; fiscal years 2024 and 2025 funding opportunity of USD 1 billion published 25 March 2026; applications closed 23 July 2026). Federal Emergency Management Agency, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c5-r11\" aria-label=\"Back to the first call of note 11\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-14-part-lenses-and-readings\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-14-c6-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/\">Global Resilience Investment and National Portfolios 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 6<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Readings from the other desks<\/h2><p class=\"nrp-lede\">The global baseline is read through each steward\u2019s lens, then once as a whole. Each lens is a projection of reviewed findings, not a separate argument. The other desks&#8217; own editions of this subject are listed first, as cross-references, not copies.<\/p><p class=\"nrp-chap-meta\"><span>17 min read<\/span><span>0 figures<\/span><span>8 tables<\/span><span>42 notes<\/span><span>NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c6-s1\" aria-labelledby=\"nx-nrp-sr-14-c6-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c6-s1-h\"><span class=\"nrp-num\">6.1<\/span><span>The other desks&#8217; editions of this subject<\/span><\/h2><p class=\"nrp-stand\">Federation: each desk writes its own edition for the subjects in its remit. Until a desk releases, its edition shows its frame and the reading this edition printed for it.<\/p><div class=\"nrp-tblw\"><table class=\"nrp-tbl\"><thead><tr><th scope=\"col\">Desk<\/th><th scope=\"col\">Edition<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Identifier<\/th><\/tr><\/thead><tbody><tr data-host=\"true\"><th scope=\"row\">GCRI Systems Evidence<\/th><td>No edition of this subject at this desk in the 2026 Baseline cycle<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in this cycle<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><tr><th scope=\"row\">GRF Public Deliberation<\/th><td>Outside this desk&#8217;s remit<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in remit<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><tr><th scope=\"row\">GRA Capital Readiness<\/th><td>No edition of this subject at this desk in the 2026 Baseline cycle<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in this cycle<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><tr><th scope=\"row\">Standards Progress<\/th><td>Outside this desk&#8217;s remit<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in remit<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><tr><th scope=\"row\">Academy Capability<\/th><td>Outside this desk&#8217;s remit<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in remit<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><tr><th scope=\"row\">Index Measurement<\/th><td>Outside this desk&#8217;s remit<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in remit<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c6-s2\" aria-labelledby=\"nx-nrp-sr-14-c6-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c6-s2-h\"><span class=\"nrp-num\">6.2<\/span><span>Three lenses<\/span><\/h2><p class=\"nrp-stand\">One edition, read by each steward. The lens of this site comes first.<\/p><div class=\"nrp-cards\" data-n=\"3\"><article class=\"nf-ui-card nrp-card\" data-host=\"true\"><p class=\"nf-ui-eyebrow\">GCRI \u00b7 KEY T<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Technical Truth<\/h3><p>The evidence supports reading resilience investment as one system. Needs, losses and cover recur across sectors, money moves between budgets, markets and recovery funds, and thresholds such as fiscal space and payment speed limit what gets built. Evidence is strongest for single flows and weakest for comparable national portfolios.<\/p><p class=\"nrp-note\">ENE-001 \u00b7 CLI-003 \u00b7 DEV-007 \u00b7 SYS-012<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">GRF \u00b7 KEY M<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Public Meaning<\/h3><p>For most people resilience investment shows up as a repaired road, a paid claim or a delayed grant. The baseline asks that public debate treat upkeep and adaptation as investment, and keep recovery in view.<\/p><p class=\"nrp-note\">INF-002 \u00b7 CLI-003 \u00b7 CLI-008<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">GRA \u00b7 KEY F<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Capital Meaning<\/h3><p>Readiness implications only. Losses are large, risk transfer is growing, and adaptation finance is small beside need<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n3\" id=\"nx-nrp-sr-14-c6-r3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n5\" id=\"nx-nrp-sr-14-c6-r5\" aria-label=\"Note 5\">5<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n6\" id=\"nx-nrp-sr-14-c6-r6\" aria-label=\"Note 6\">6<\/a><\/sup>. These show where finance-readiness evidence will matter. Nothing here is advice, a rating or an approval.<\/p><p class=\"nrp-note\">FIN-005 \u00b7 DEV-006<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">NEXUS<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Synthesis<\/h3><p>Investment is well described flow by flow and thinly measured as a system. The 2027 programme should put national portfolios on one basis, test the loss-year scenario, and track money from pledge to project.<\/p><p class=\"nrp-note\">SYS-012 \u00b7 P-01 \u00b7 P-05<\/p><\/article><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c6-s3\" aria-labelledby=\"nx-nrp-sr-14-c6-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c6-s3-h\"><span class=\"nrp-num\">6.3<\/span><span>Standards, Academy and steward contributions<\/span><\/h2><p class=\"nrp-stand\">How the <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/\" data-tc=\"Nexus Standards\" data-tk=\"Nexus Standards\" data-td=\"The foundation standards\">Nexus Standards<\/a> drafts, the Risk Academy and the three stewards feed each quarterly edition for resilience investment. The standards are a preparatory working draft (2026) and are cited as drafts, never as adopted standards.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c6-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.1<\/span><span class=\"nrp-tbl-t\">The quarterly rhythm every edition follows<\/span><\/caption><thead><tr><th scope=\"col\">Quarter<\/th><th scope=\"col\">Edition<\/th><th scope=\"col\">Question<\/th><th scope=\"col\">Boundary<\/th><\/tr><\/thead><tbody><tr><td>Q1<\/td><td>State and Agenda<\/td><td>What matters this year, and what is the starting position?<\/td><td>observed baseline stays distinct from planned work<\/td><\/tr><tr><td>Q2<\/td><td>Evidence and Build<\/td><td>What new evidence and capability exist?<\/td><td>a configured capability is not a validated result<\/td><\/tr><tr><td>Q3<\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 stress-test\" data-tk=\"Nexus risk vocabulary\" data-td=\"An assessment of how a system, portfolio or institution would perform under severe but plausible adverse scenarios, to find weaknesses before they are revealed by events.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Stress Test<\/a> and Readiness<\/td><td>What do scenarios and tests show?<\/td><td>simulated loss or performance is not observed impact<\/td><\/tr><tr><td>Q4<\/td><td>Annual Synthesis and Renewal<\/td><td>What changed in the year, and what renews?<\/td><td>release follows review, not event publicity deadlines<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c6-tab2\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.2<\/span><span class=\"nrp-tbl-t\">Who contributes what each quarter<\/span><\/caption><thead><tr><th scope=\"col\">Steward or body<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Contribution route<\/th><\/tr><\/thead><tbody><tr><td>GCRI Canada<\/td><td>Lead Institution and Consortium Secretariat; publisher of record; technical truth (key T)<\/td><td>science and practice communities \u00b7 GCRI gateway<\/td><\/tr><tr><td>The Global Risks Forum (GRF)<\/td><td>leadership, dialogue and the <a class=\"nx-link\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/universe\">Universe<\/a> programme; public meaning (key M)<\/td><td>policy, Universe and national adoption \u00b7 GRF gateway<\/td><\/tr><tr><td>The Global Risks Alliance (GRA)<\/td><td>finance, insurance and development readiness; capital meaning (key F)<\/td><td>finance and insurance \u00b7 GRA gateway<\/td><\/tr><tr><td>Nexus Standards<\/td><td>preparatory drafts on vocabulary, hazards, indicators and methods<\/td><td>Standards site \u00b7 working groups HAZ, IND, MTH, FIN, AI<\/td><\/tr><tr><td>Risk Academy<\/td><td>learning pathways tied to the agenda questions<\/td><td>Academy gateway \u00b7 learning by review<\/td><\/tr><tr><td><a class=\"nx-link\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/reports\">Reports<\/a> strategic desks<\/td><td>investment chapter inputs: GCRI evidence and GRA readiness<\/td><td>strategic editorial board<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Standards drafts used in this edition<\/h3><ul class=\"nrp-list\"><li>Risk vocabulary NRS-C1 (424 terms) for terms in the glossary<\/li><li>Hazard atlas NHS-1 1.1.0 (905 hazards in 120 families) for risk objects<\/li><li>Seven risk classes: global, catastrophic, existential, emerging, planetary, exponential, frontier-tech<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Standards calendar to watch<\/h3><ul class=\"nrp-list\"><li>Founding calls from 20 October 2026; working groups meet from 5 November 2026<\/li><li>Inaugural Global Standards Council session, 12 January 2027<\/li><li>Quarterly reviews in March, June, September and December, aligned with each edition<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Nothing here certifies. A Nexus attestation records an evaluation under a mandate; it confers no certification, endorsement or approval. Adoption of any standard is a decision of the competent standards body.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c6-s4\" aria-labelledby=\"nx-nrp-sr-14-c6-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c6-s4-h\"><span class=\"nrp-num\">6.4<\/span><span>GCRI reading: the model card<\/span><\/h2><p class=\"nrp-p\">GCRI&#8217;s reading of this edition is its model card: what the national model is, what it computes and where it stops. It is printed in full in Annex A, with the methods it belongs to. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/methodology\/\">Annex A, methodology<\/a><\/p><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c6-s5\" aria-labelledby=\"nx-nrp-sr-14-c6-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c6-s5-h\"><span class=\"nrp-num\">6.5<\/span><span>Global Risks Forum reading: editorial essays<\/span><\/h2><p class=\"nrp-stand\">Four signed essays by the Reports editorial team set out the positions this edition takes. They are interpretation, labelled as such; the evidence they draw on is in the findings register.<\/p><div class=\"nrp-cards\"><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">Energy budgets build the grids, grids carry the loads, and losses decide how much money goes to repair. Treating each flow alone understates how a shortfall in one becomes a shortfall in all. This edition reads the system.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EDITORIAL ESSAY \u00b7 01<\/h3><p>Investment is one system<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">New build gets the headlines. The US report card shows that condition and upkeep drive the gap, and published adaptation studies report returns of 2 to 10 times cost. Measuring the upkeep share is the first task for national portfolios.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EDITORIAL ESSAY \u00b7 02<\/h3><p>Upkeep is investment too<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">Cat bonds reached USD 61.3 billion and insured shares reached a record in 2025, yet most losses in emerging economies stay uninsured. Risk transfer shifts who pays; it does not remove the loss.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EDITORIAL ESSAY \u00b7 03<\/h3><p>Cover moves, risk stays<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">Climate finance goals are large and recovery funds are small. About half of the pledges to the loss and damage fund had arrived by September 2025. Speed from pledge to project is a measurable asset.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EDITORIAL ESSAY \u00b7 04<\/h3><p>Pledges are not payments<\/p><\/article><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Essays are signed views of the editorial team. Contributed articles from regional consortia, national pathways and invited experts begin with the 2027 resilience investment edition, each with its own review route and disclosures.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c6-s6\" aria-labelledby=\"nx-nrp-sr-14-c6-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c6-s6-h\"><span class=\"nrp-num\">6.6<\/span><span>Global Risks Alliance reading: 2027 resilience investment readiness pack<\/span><\/h2><p class=\"nrp-stand\">The registers that open the 2027 global cycle. At baseline each is initialised from this edition.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c6-tab3\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.3<\/span><span class=\"nrp-tbl-t\">2027 resilience investment readiness pack<\/span><\/caption><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\">Register<\/th><th scope=\"col\">State at baseline<\/th><th scope=\"col\">First 2027 entry<\/th><\/tr><\/thead><tbody><tr><td>E1<\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 global-risk\" data-tk=\"Nexus risk vocabulary\" data-td=\"Nexus risk class: a risk whose hazard, consequences or causal chain crosses national borders and acts at continental or planetary scale, so that no single country can assess or manage it alone.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskforum.com\/glossary\/global-risk\/\" data-tgl=\"Global Risks Forum glossary\">Global risk<\/a> state delta<\/td><td>baseline set by this edition<\/td><td>changes against the baseline<\/td><\/tr><tr><td>E2<\/td><td>WEFH+B state delta<\/td><td>five global system readings set<\/td><td>indicator updates and freshness<\/td><\/tr><tr><td>E3<\/td><td>Agenda and Portfolio movement<\/td><td>eight agenda items \u00b7 6 proposed objects<\/td><td>admission decisions<\/td><\/tr><tr><td>E4<\/td><td>Federation delivery register<\/td><td>national chapters in preparation<\/td><td>national chapters<\/td><\/tr><tr><td>E5<\/td><td>Consortium capability register<\/td><td>national consortia forming<\/td><td>first contributions<\/td><\/tr><tr><td>E6<\/td><td>Leadership questions and challenges<\/td><td>none yet<\/td><td>first challenge log<\/td><\/tr><tr><td>E7<\/td><td>Foundry technical state<\/td><td>national environments prepared<\/td><td>first federation cut<\/td><\/tr><tr><td>E8<\/td><td>Publication candidates<\/td><td>twelve findings carried forward<\/td><td>PUBLISH \u00b7 HOLD dispositions<\/td><\/tr><tr><td>E9<\/td><td>Universe readiness<\/td><td>one candidate mission<\/td><td>admission and role spine<\/td><\/tr><tr><td>E10<\/td><td>Correction register<\/td><td>none<\/td><td>first federation-wide cycle<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Publication dispositions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">Publish<\/li><li class=\"nf-ui-chip\">Hold<\/li><li class=\"nf-ui-chip\">Needs evidence<\/li><li class=\"nf-ui-chip\">Restricted<\/li><li class=\"nf-ui-chip\">Superseded<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Programme progress is not real-world risk improvement. These registers record the work of the Nexus programme; they report on no state or organisation.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c6-s7\" aria-labelledby=\"nx-nrp-sr-14-c6-s7-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c6-s7-h\"><span class=\"nrp-num\">6.7<\/span><span>Nexus Standards reading: standards and regulatory watch<\/span><\/h2><p class=\"nrp-stand\">Instruments and published guidance that shape the <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a> in this edition, by status on the retrieval date. The edition assesses no one\u2019s compliance.<\/p><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">IN FORCE<\/li><li class=\"nf-ui-chip\">ADOPTED<\/li><li class=\"nf-ui-chip\">PUBLISHED \u00b7 GUIDANCE<\/li><li class=\"nf-ui-chip\">PUBLISHED \u00b7 VOLUNTARY<\/li><\/ul><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c6-tab4\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.4<\/span><span class=\"nrp-tbl-t\">Standards and regulatory watch<\/span><\/caption><thead><tr><th scope=\"col\">Instrument<\/th><th scope=\"col\">Body<\/th><th scope=\"col\">Scope<\/th><th scope=\"col\">Status<\/th><th scope=\"col\">Relevance<\/th><\/tr><\/thead><tbody><tr><td><a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/climate\/paris-agreement-and-ndc-alignment\/\">Paris Agreement<\/a>, Article 2.1(c)<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n34\" id=\"nx-nrp-sr-14-c6-r34\" aria-label=\"Note 34\">34<\/a><\/sup><\/td><td>United Nations<\/td><td>global<\/td><td>IN FORCE<\/td><td>finance flows<\/td><\/tr><tr><td>New collective quantified goal on climate finance<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n7\" id=\"nx-nrp-sr-14-c6-r7\" aria-label=\"Note 7\">7<\/a><\/sup><\/td><td>UNFCCC<\/td><td>global<\/td><td>ADOPTED 2024<\/td><td>climate finance goal<\/td><\/tr><tr><td><a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/hazards\/sendai-framework-alignment\/\">Sendai Framework<\/a> 2015 to 2030<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n33\" id=\"nx-nrp-sr-14-c6-r33\" aria-label=\"Note 33\">33<\/a><\/sup><\/td><td>UNDRR<\/td><td>global<\/td><td>ADOPTED 2015<\/td><td>disaster <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-reduction\" data-tk=\"Nexus risk vocabulary\" data-td=\"Preventing new risk, reducing existing risk and managing residual risk, all contributing to resilience.\" data-ts=\"NRS-C1\" data-tr=\"draft\">risk reduction<\/a><\/td><\/tr><tr><td>Critical Entities Resilience Directive<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n32\" id=\"nx-nrp-sr-14-c6-r32\" aria-label=\"Note 32\">32<\/a><\/sup><\/td><td>European Union<\/td><td>EU<\/td><td>IN FORCE<\/td><td>critical entities<\/td><\/tr><tr><td>Infrastructure Investment and Jobs Act<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n37\" id=\"nx-nrp-sr-14-c6-r37\" aria-label=\"Note 37\">37<\/a><\/sup><\/td><td>United States<\/td><td>US<\/td><td>IN FORCE<\/td><td>infrastructure funding<\/td><\/tr><tr><td>Special fund for infrastructure and climate neutrality<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n15\" id=\"nx-nrp-sr-14-c6-r15\" aria-label=\"Note 15\">15<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n29\" id=\"nx-nrp-sr-14-c6-r29\" aria-label=\"Note 29\">29<\/a><\/sup><\/td><td>Germany<\/td><td>Germany<\/td><td>IN FORCE<\/td><td>national fund<\/td><\/tr><tr><td>G20 Principles for Quality Infrastructure Investment<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n41\" id=\"nx-nrp-sr-14-c6-r41\" aria-label=\"Note 41\">41<\/a><\/sup><\/td><td>G20<\/td><td>G20<\/td><td>PUBLISHED \u00b7 GUIDANCE<\/td><td>infrastructure investment<\/td><\/tr><tr><td>ISO 14091 <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 climate-change\" data-tk=\"Nexus risk vocabulary\" data-td=\"A change in the state of the climate that persists for decades or longer, identified by shifts in averages and variability; in current practice, mainly the change driven by human emissions.\" data-ts=\"NRS-C1\" data-tr=\"draft\">climate change<\/a> adaptation<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n42\" id=\"nx-nrp-sr-14-c6-r42\" aria-label=\"Note 42\">42<\/a><\/sup><\/td><td>ISO<\/td><td>global<\/td><td>PUBLISHED \u00b7 VOLUNTARY<\/td><td>vulnerability and risk<\/td><\/tr><tr><td>Good Governance for <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 critical-infrastructure\" data-tk=\"Nexus risk vocabulary\" data-td=\"Physical and digital assets, systems and networks whose disruption would seriously affect health, safety, security, economic welfare or the functioning of government. Criticality depends on what relies on them.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Critical Infrastructure<\/a> Resilience<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n40\" id=\"nx-nrp-sr-14-c6-r40\" aria-label=\"Note 40\">40<\/a><\/sup><\/td><td>OECD<\/td><td>OECD<\/td><td>PUBLISHED \u00b7 GUIDANCE<\/td><td>governance<\/td><\/tr><tr><td>IMF resilience and sustainability facility<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n9\" id=\"nx-nrp-sr-14-c6-r9\" aria-label=\"Note 9\">9<\/a><\/sup><\/td><td>IMF<\/td><td>global<\/td><td>IN FORCE<\/td><td>resilience lending<\/td><\/tr><tr><td>Fundamental Plan for National Resilience<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n17\" id=\"nx-nrp-sr-14-c6-r17\" aria-label=\"Note 17\">17<\/a><\/sup><\/td><td>Japan<\/td><td>Japan<\/td><td>IN FORCE<\/td><td>national plan<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Changed since 2024<\/h3><ul class=\"nrp-list\"><li>The IMF reported 27 resilience facility arrangements at end-February 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n9\" aria-label=\"Note 9\">9<\/a><\/sup><\/li><li>The 2024 climate finance decision set a goal of USD 300 billion a year by 2035<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n7\" aria-label=\"Note 7\">7<\/a><\/sup><\/li><li>The EIB Group set a EUR 30 billion adaptation target for 2026 to 2030 in its Climate Bank Roadmap Phase 2<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n44\" id=\"nx-nrp-sr-14-c6-r44\" aria-label=\"Note 44\">44<\/a><\/sup>. Post-close, context only: a trade report of 22 October 2026 covers the follow-on adaptation plan<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n21\" id=\"nx-nrp-sr-14-c6-r21\" aria-label=\"Note 21\">21<\/a><\/sup><\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">To watch in 2027<\/h3><ul class=\"nrp-list\"><li>Negotiation of the EU budget for 2028 to 2034 and its competitiveness fund<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n20\" id=\"nx-nrp-sr-14-c6-r20\" aria-label=\"Note 20\">20<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n31\" id=\"nx-nrp-sr-14-c6-r31\" aria-label=\"Note 31\">31<\/a><\/sup><\/li><li>Selection results for the US resilience grant round<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n11\" id=\"nx-nrp-sr-14-c6-r11\" aria-label=\"Note 11\">11<\/a><\/sup><\/li><li>Use of the German special fund and its additionality rule<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n15\" aria-label=\"Note 15\">15<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n29\" aria-label=\"Note 29\">29<\/a><\/sup><\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">evidence<\/p><p>Status is read from the issuing body on the retrieval date. Instruments open for signature or awaiting ratification are labelled as such; a change in status opens a review task for every finding that relies on the instrument.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c6-s8\" aria-labelledby=\"nx-nrp-sr-14-c6-s8-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c6-s8-h\"><span class=\"nrp-num\">6.8<\/span><span>Risk Academy reading: literature and evidence review, science and assessments<\/span><\/h2><p class=\"nrp-stand\">The review behind this edition covers resilience investment assessments, peer-reviewed science and the institutional reports that bind its findings. Systematic reviews for each agenda item begin in 2027.<\/p><h3 class=\"nrp-h3\">Review protocol<\/h3><dl class=\"nrp-dl\"><dt>Question<\/dt><dd>What does the published evidence establish about the world\u2019s resilience investment and national portfolios and its couplings?<\/dd><dt>Sources searched<\/dt><dd>budget and fund pages; reinsurer and tracker reports; peer-reviewed adaptation economics; loss statistics<\/dd><dt>Window<\/dt><dd>releases available at evidence close, 30 September 2026<\/dd><dt>Selection<\/dt><dd>sources that bind or contextualise a finding in this edition<\/dd><dt>Next step<\/dt><dd>systematic reviews for agenda items 01 to 05 in 2027<\/dd><\/dl><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c6-tab5\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.5<\/span><span class=\"nrp-tbl-t\">Peer-reviewed science and assessments<\/span><\/caption><thead><tr><th scope=\"col\">Reference<\/th><th scope=\"col\">Type<\/th><th scope=\"col\">Year<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Used for<\/th><\/tr><\/thead><tbody><tr><td>Hallegatte, Rentschler and Walsh, Building Back Better<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n38\" id=\"nx-nrp-sr-14-c6-r38\" aria-label=\"Note 38\">38<\/a><\/sup><\/td><td>World Bank report<\/td><td>2018<\/td><td>framework<\/td><td>recovery<\/td><\/tr><tr><td>Rozenberg and Fay, Beyond the Gap<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n39\" id=\"nx-nrp-sr-14-c6-r39\" aria-label=\"Note 39\">39<\/a><\/sup><\/td><td>World Bank report<\/td><td>2019<\/td><td>framework<\/td><td>infrastructure investment<\/td><\/tr><tr><td>IPCC Working Group II, Sixth Assessment Report<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n43\" id=\"nx-nrp-sr-14-c6-r43\" aria-label=\"Note 43\">43<\/a><\/sup><\/td><td>assessment report<\/td><td>2022<\/td><td>context<\/td><td>adaptation limits<\/td><\/tr><tr><td>Global Commission on Adaptation, Adapt Now<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n26\" id=\"nx-nrp-sr-14-c6-r26\" aria-label=\"Note 26\">26<\/a><\/sup><\/td><td>commission report<\/td><td>2019<\/td><td>supports<\/td><td>adaptation returns<\/td><\/tr><tr><td>Commentary on Adapt Now<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n22\" id=\"nx-nrp-sr-14-c6-r22\" aria-label=\"Note 22\">22<\/a><\/sup><\/td><td>think-tank commentary<\/td><td>2019<\/td><td>supports<\/td><td>adaptation returns<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c6-tab6\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.6<\/span><span class=\"nrp-tbl-t\">Institutional flagships<\/span><\/caption><thead><tr><th scope=\"col\">Reference<\/th><th scope=\"col\">Issuer<\/th><th scope=\"col\">Year<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Used for<\/th><\/tr><\/thead><tbody><tr><td>UNEP Adaptation Gap Report 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n35\" id=\"nx-nrp-sr-14-c6-r35\" aria-label=\"Note 35\">35<\/a><\/sup><\/td><td>UNEP<\/td><td>2025<\/td><td>context<\/td><td>adaptation finance gap<\/td><\/tr><tr><td>GAR 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n23\" id=\"nx-nrp-sr-14-c6-r23\" aria-label=\"Note 23\">23<\/a><\/sup><\/td><td>UNDRR<\/td><td>2025<\/td><td>context<\/td><td>disaster cost<\/td><\/tr><tr><td>Lifelines<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n24\" id=\"nx-nrp-sr-14-c6-r24\" aria-label=\"Note 24\">24<\/a><\/sup><\/td><td>World Bank and GFDRR<\/td><td>2019<\/td><td>context<\/td><td>infrastructure resilience<\/td><\/tr><tr><td>Climate finance decision<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n7\" aria-label=\"Note 7\">7<\/a><\/sup><\/td><td>UNFCCC<\/td><td>2024<\/td><td>supports<\/td><td>finance goal<\/td><\/tr><tr><td>Report of the <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">loss and damage<\/a> fund Board<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n8\" id=\"nx-nrp-sr-14-c6-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><td>UNFCCC<\/td><td>2025<\/td><td>supports<\/td><td>fund resources<\/td><\/tr><tr><td>Resource adequacy update<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n9\" aria-label=\"Note 9\">9<\/a><\/sup><\/td><td>IMF<\/td><td>2026<\/td><td>supports<\/td><td>resilience facility<\/td><\/tr><tr><td>Annual Report 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n10\" id=\"nx-nrp-sr-14-c6-r10\" aria-label=\"Note 10\">10<\/a><\/sup><\/td><td>IMF<\/td><td>2026<\/td><td>supports<\/td><td>resilience facility approvals<\/td><\/tr><tr><td>High-Risk List 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n12\" id=\"nx-nrp-sr-14-c6-r12\" aria-label=\"Note 12\">12<\/a><\/sup><\/td><td>US GAO<\/td><td>2025<\/td><td>supports<\/td><td>fiscal exposure to climate risk<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c6-tab7\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.7<\/span><span class=\"nrp-tbl-t\">Statistics, losses and national plans<\/span><\/caption><thead><tr><th scope=\"col\">Reference<\/th><th scope=\"col\">Issuer<\/th><th scope=\"col\">Year<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Used for<\/th><\/tr><\/thead><tbody><tr><td>World Energy Investment 2026 launch material<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n1\" id=\"nx-nrp-sr-14-c6-r1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><td>IEA<\/td><td>2026<\/td><td>supports<\/td><td>energy investment<\/td><\/tr><tr><td>World Energy Investment 2026 report<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n36\" id=\"nx-nrp-sr-14-c6-r36\" aria-label=\"Note 36\">36<\/a><\/sup><\/td><td>IEA<\/td><td>2026<\/td><td>context<\/td><td>grid investment detail<\/td><\/tr><tr><td>2025 Report Card<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n2\" id=\"nx-nrp-sr-14-c6-r2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td>ASCE<\/td><td>2025<\/td><td>supports<\/td><td>asset condition<\/td><\/tr><tr><td>Global Landscape of Climate Finance 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/td><td>Climate Policy Initiative<\/td><td>2025<\/td><td>supports<\/td><td>climate and adaptation finance<\/td><\/tr><tr><td>Fundamental Plan for National Resilience<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n17\" aria-label=\"Note 17\">17<\/a><\/sup><\/td><td>Japan Cabinet Secretariat<\/td><td>2023<\/td><td>context<\/td><td>national plan cycle<\/td><\/tr><tr><td>Disaster Ready Fund page<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n19\" id=\"nx-nrp-sr-14-c6-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/td><td>New South Wales Government<\/td><td>2023<\/td><td>supports<\/td><td>national fund<\/td><\/tr><tr><td>Disaster Ready Fund audit<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n30\" id=\"nx-nrp-sr-14-c6-r30\" aria-label=\"Note 30\">30<\/a><\/sup><\/td><td>Australian National Audit Office<\/td><td>2025<\/td><td>context<\/td><td>fund award<\/td><\/tr><tr><td>10 Year Infrastructure Strategy page<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n14\" id=\"nx-nrp-sr-14-c6-r14\" aria-label=\"Note 14\">14<\/a><\/sup><\/td><td>UK Government<\/td><td>2025<\/td><td>context<\/td><td>national strategy<\/td><\/tr><tr><td>Strategy funding statement<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n28\" id=\"nx-nrp-sr-14-c6-r28\" aria-label=\"Note 28\">28<\/a><\/sup><\/td><td>UK Parliament<\/td><td>2025<\/td><td>context<\/td><td>strategy total<\/td><\/tr><tr><td>Special fund page<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n29\" aria-label=\"Note 29\">29<\/a><\/sup><\/td><td>German Federal Ministry of Finance<\/td><td>2025<\/td><td>context<\/td><td>special fund<\/td><\/tr><tr><td>Good Governance for <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 critical-infrastructure\" data-tk=\"Nexus risk vocabulary\" data-td=\"Physical and digital assets, systems and networks whose disruption would seriously affect health, safety, security, economic welfare or the functioning of government. Criticality depends on what relies on them.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Critical Infrastructure<\/a> Resilience<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n40\" aria-label=\"Note 40\">40<\/a><\/sup><\/td><td>OECD<\/td><td>2019<\/td><td>context<\/td><td>governance<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c6-tab8\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.8<\/span><span class=\"nrp-tbl-t\">Standards, directives and market data<\/span><\/caption><thead><tr><th scope=\"col\">Reference<\/th><th scope=\"col\">Issuer<\/th><th scope=\"col\">Year<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Used for<\/th><\/tr><\/thead><tbody><tr><td>Natural disaster figures for 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/td><td>Munich Re<\/td><td>2026<\/td><td>supports<\/td><td>disaster losses<\/td><\/tr><tr><td>Natural catastrophes in 2025, trade report<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n4\" id=\"nx-nrp-sr-14-c6-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><td>Swiss Re Institute via trade press<\/td><td>2026<\/td><td>supports<\/td><td>disaster losses and cover<\/td><\/tr><tr><td>sigma 1\/2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n25\" id=\"nx-nrp-sr-14-c6-r25\" aria-label=\"Note 25\">25<\/a><\/sup><\/td><td>Swiss Re Institute<\/td><td>2026<\/td><td>context<\/td><td>disaster losses and cover<\/td><\/tr><tr><td>Cat bond market records<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><td>Artemis<\/td><td>2026<\/td><td>supports<\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-transfer\" data-tk=\"Nexus risk vocabulary\" data-td=\"Shifting the financial consequences of a risk from one party to another, typically through insurance, reinsurance, bonds or contracts, without reducing the hazard itself.\" data-ts=\"NRS-C1\" data-tr=\"draft\">risk transfer<\/a><\/td><\/tr><tr><td>EU budget proposal summary<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n20\" aria-label=\"Note 20\">20<\/a><\/sup><\/td><td>European Parliament<\/td><td>2025<\/td><td>supports<\/td><td>EU budget<\/td><\/tr><tr><td>Competitiveness fund reports<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n31\" aria-label=\"Note 31\">31<\/a><\/sup><\/td><td>trade press<\/td><td>2025<\/td><td>context<\/td><td>fund envelope<\/td><\/tr><tr><td>Climate Bank Roadmap Phase 2<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n44\" aria-label=\"Note 44\">44<\/a><\/sup><\/td><td>European Investment Bank<\/td><td>2025<\/td><td>supports<\/td><td>EIB adaptation target<\/td><\/tr><tr><td>Adaptation plan report<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n21\" aria-label=\"Note 21\">21<\/a><\/sup><\/td><td>trade press<\/td><td>2026<\/td><td>post-close, context only<\/td><td>EIB adaptation plan<\/td><\/tr><tr><td>Global Shield reporting<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n27\" id=\"nx-nrp-sr-14-c6-r27\" aria-label=\"Note 27\">27<\/a><\/sup><\/td><td>trade and agency pages<\/td><td>2025<\/td><td>context<\/td><td>prearranged finance<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Where the evidence agrees<\/h3><ul class=\"nrp-list\"><li>Needs, losses and cover are large and measured on different bases<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/li><li>Adaptation finance is far below costed need<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n6\" aria-label=\"Note 6\">6<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n7\" aria-label=\"Note 7\">7<\/a><\/sup><\/li><li>Infrastructure asset condition is uneven<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Where it is unsettled<\/h3><ul class=\"nrp-list\"><li>How large private adaptation finance is<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/li><li>How much of national portfolios funds upkeep and adaptation<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n16\" id=\"nx-nrp-sr-14-c6-r16\" aria-label=\"Note 16\">16<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n19\" aria-label=\"Note 19\">19<\/a><\/sup><\/li><li>How fast recovery pledges turn into payments at scale<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c6-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">NEWS AND PREPRINTS<\/p><p>No news report or preprint binds a finding in this edition. News is used only to date events; preprints used from 2027 will be flagged as not peer-reviewed.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c6-notes\" aria-labelledby=\"nx-nrp-sr-14-c6-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c6-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-14-c6-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Munich Re (ed.), Natural disaster figures for 2025 (media information, 2026; overall losses about USD 224 billion; insured losses about USD 108 billion; weather events 92% of overall losses; Los Angeles wildfires about USD 53 billion overall). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 catastrophe-bond\" data-tk=\"Nexus risk vocabulary\" data-td=\"A security that transfers a defined catastrophe risk to investors, whose principal is reduced if a specified event occurs.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/catastrophe-bond\/\" data-tgl=\"Global Risks Alliance glossary\">Catastrophe bond<\/a> market records that were broken in 2025 (issuance about USD 25.6 billion; outstanding market just over USD 61.3 billion; 122 new 144A and private deals). Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n6\"><span class=\"nrp-notes-n\">6<\/span><span>Climate Policy Initiative (ed.), Global Landscape of Climate Finance 2025 (publication page, 23 June 2025; global climate finance USD 1.9 trillion in 2023; adaptation finance USD 65 billion, likely an underestimate; international flows to emerging and developing economies USD 196 billion, 78% public). Climate Policy Initiative, London. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n34\"><span class=\"nrp-notes-n\">34<\/span><span>UNVERIFIED, not opened: United Nations, <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/climate\/paris-agreement-and-ndc-alignment\/\">Paris Agreement<\/a>, 2015, Article 2.1(c) on finance flows consistent with low-emission and climate-resilient development, cited from memory. United Nations, New York. Observation year 2015. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r34\" aria-label=\"Back to the first call of note 34\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n7\"><span class=\"nrp-notes-n\">7<\/span><span>UNFCCC (ed.), New collective quantified goal on climate finance, decision text FCCC\/PA\/CMA\/2024\/L.22, 24 November 2024 (at least USD 300 billion a year by 2035; call for USD 1.3 trillion a year from all sources; adaptation finance needs USD 215 to 387 billion a year to 2030). United Nations Framework Convention on <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 climate-change\" data-tk=\"Nexus risk vocabulary\" data-td=\"A change in the state of the climate that persists for decades or longer, identified by shifts in averages and variability; in current practice, mainly the change driven by human emissions.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Climate Change<\/a>, Bonn. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n33\"><span class=\"nrp-notes-n\">33<\/span><span>UNVERIFIED, not opened: UNDRR (ed.), <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/hazards\/sendai-framework-alignment\/\">Sendai Framework<\/a> for Disaster <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-reduction\" data-tk=\"Nexus risk vocabulary\" data-td=\"Preventing new risk, reducing existing risk and managing residual risk, all contributing to resilience.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Risk Reduction<\/a> 2015 to 2030, cited from memory. United Nations Office for Disaster Risk Reduction, Geneva. Observation year 2015. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r33\" aria-label=\"Back to the first call of note 33\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n32\"><span class=\"nrp-notes-n\">32<\/span><span>UNVERIFIED, not opened: Directive (EU) 2022\/2557 on the resilience of critical entities, Official Journal of the European Union, 2022, cited from memory. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r32\" aria-label=\"Back to the first call of note 32\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n37\"><span class=\"nrp-notes-n\">37<\/span><span>UNVERIFIED, not opened: Infrastructure Investment and Jobs Act, Public Law 117-58, 2021, cited from memory; the congressional research page returned an access error. United States Congress, Washington. Observation year 2021. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r37\" aria-label=\"Back to the first call of note 37\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n15\"><span class=\"nrp-notes-n\">15<\/span><span>Noerr (ed.), Bundestag approves exemption from the debt brake for defence spending and special funds for investments in infrastructure and climate protection (law-firm note; Bundestag vote 18 March 2025, Bundesrat 21 March 2025; EUR 100 billion for the Climate and Transformation Fund and EUR 100 billion for the states; twelve-year term). Noerr, Berlin. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n29\"><span class=\"nrp-notes-n\">29<\/span><span>UNVERIFIED, not opened: German Federal Ministry of Finance, Special fund infrastructure and climate neutrality (EUR 500 billion total, from a search summary); the page returned a service error. Bundesministerium der Finanzen, Berlin. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r29\" aria-label=\"Back to the first call of note 29\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n41\"><span class=\"nrp-notes-n\">41<\/span><span>UNVERIFIED, not opened: G20, Principles for Quality Infrastructure Investment, 2019, cited from memory. G20. Observation year 2019. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r41\" aria-label=\"Back to the first call of note 41\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n42\"><span class=\"nrp-notes-n\">42<\/span><span>UNVERIFIED, not opened: ISO 14091:2021, Adaptation to climate change: guidelines on vulnerability, impacts and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-assessment\" data-tk=\"Nexus risk vocabulary\" data-td=\"The overall process of identifying, analysing and evaluating risk to inform decisions.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/nexustandards.com\/glossary\/risk-assessment\/\" data-tgl=\"Nexus Standards glossary\">risk assessment<\/a>. International Organization for Standardization, Geneva. Observation year 2021. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r42\" aria-label=\"Back to the first call of note 42\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n40\"><span class=\"nrp-notes-n\">40<\/span><span>UNVERIFIED, not opened: OECD (ed.), Good Governance for Critical Infrastructure Resilience. OECD Publishing, Paris, 2019, cited from memory. Observation year 2019. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r40\" aria-label=\"Back to the first call of note 40\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n9\"><span class=\"nrp-notes-n\">9<\/span><span>IMF (ed.), 2026 Update of Resource Adequacy of the Poverty Reduction and Growth Trust, Resilience and Sustainability Trust, and Debt Relief Trusts, policy paper, 6 March 2026 (27 RSF arrangements; commitments SDR 10.3 billion, about USD 14 billion; five new RSFs in 2025 for SDR 3.4 billion). International Monetary Fund, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r9\" aria-label=\"Back to the first call of note 9\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n17\"><span class=\"nrp-notes-n\">17<\/span><span>Cabinet Secretariat of Japan (ed.), Fundamental Plan for National Resilience (English page; the plan is reviewed about every five years; no five-year amount on the page read). Cabinet Secretariat, Tokyo. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r17\" aria-label=\"Back to the first call of note 17\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n44\"><span class=\"nrp-notes-n\">44<\/span><span>EIB (ed.), EIB Group Climate Bank Roadmap Phase 2: 2026-2030 (publication page dated 3 October 2025; new target of EUR 30 billion for climate adaptation finance for 2026 to 2030, doubling 2021 to 2025 volumes). European Investment Bank, Luxembourg. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r44\" aria-label=\"Back to the first call of note 44\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n21\"><span class=\"nrp-notes-n\">21<\/span><span>POST-CLOSE, context only: ESG Today (ed.), EIB unveils EUR 30 billion climate adaptation plan (trade report of 22 October 2026; at least EUR 30 billion for adaptation in 2026 to 2030). ESG Today, online. Observation year 2026. Accessed 2026-11-03. Post-close, context only: dated after the 30 September 2026 close; supports no baseline claim.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r21\" aria-label=\"Back to the first call of note 21\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n20\"><span class=\"nrp-notes-n\">20<\/span><span>European Parliament (ed.), European Competitiveness Fund, legislative observatory summary (proposed envelope EUR 234.3 billion for 2028 to 2034; multiannual financial framework described as a EUR 2 trillion budget). European Parliament, Brussels. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r20\" aria-label=\"Back to the first call of note 20\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n31\"><span class=\"nrp-notes-n\">31<\/span><span>UNVERIFIED, not opened: trade-press reports of the European Competitiveness Fund envelope (figures between EUR 409 billion and EUR 451 billion), taken from search-result summaries; the figures conflict with the Parliament summary [20]. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r31\" aria-label=\"Back to the first call of note 31\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n11\"><span class=\"nrp-notes-n\">11<\/span><span>FEMA (ed.), Building Resilient Infrastructure and Communities (programme page updated 3 September 2026; fiscal years 2024 and 2025 funding opportunity of USD 1 billion published 25 March 2026; applications closed 23 July 2026). Federal Emergency Management Agency, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r11\" aria-label=\"Back to the first call of note 11\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n38\"><span class=\"nrp-notes-n\">38<\/span><span>UNVERIFIED, not opened: Hallegatte, S., Rentschler, J. and Walsh, B., Building Back Better: Achieving Resilience through Stronger, Faster, and More Inclusive Post-Disaster Reconstruction. World Bank, Washington, 2018, cited from memory. Observation year 2018. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r38\" aria-label=\"Back to the first call of note 38\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n39\"><span class=\"nrp-notes-n\">39<\/span><span>UNVERIFIED, not opened: Rozenberg, J. and Fay, M., Beyond the Gap: How Countries Can Afford the Infrastructure They Need while Protecting the Planet. World Bank, Washington, 2019, cited from memory. Observation year 2019. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r39\" aria-label=\"Back to the first call of note 39\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n43\"><span class=\"nrp-notes-n\">43<\/span><span>UNVERIFIED, not opened: IPCC, Climate Change 2022: Impacts, Adaptation and Vulnerability, Working Group II contribution to the Sixth Assessment Report. Cambridge University Press. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r43\" aria-label=\"Back to the first call of note 43\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n26\"><span class=\"nrp-notes-n\">26<\/span><span>UNVERIFIED, not opened: Global Commission on Adaptation, Adapt Now: A Global Call for Leadership on Climate Resilience, 2019, known through a commentary that was opened [22]. Global Center on Adaptation, Rotterdam. Observation year 2019. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r26\" aria-label=\"Back to the first call of note 26\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n22\"><span class=\"nrp-notes-n\">22<\/span><span>World Resources Institute (ed.), 4 things to know about the global adaptation challenge (commentary of 10 September 2019 on the Global Commission on Adaptation; USD 1.8 trillion invested 2020 to 2030 could yield USD 7.1 trillion net benefits; benefit-cost ratios about 2 to 1 to 10 to 1). World Resources Institute, Washington. Observation year 2019. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r22\" aria-label=\"Back to the first call of note 22\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n35\"><span class=\"nrp-notes-n\">35<\/span><span>UNVERIFIED, not opened: UNEP (ed.), Adaptation Gap Report 2025: Running on Empty, taken from search-result summaries (needs USD 310 to 365 billion a year by 2035; international public adaptation finance USD 26 billion in 2023; 59% as debt); the report pages returned access errors. United Nations Environment Programme, Nairobi. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r35\" aria-label=\"Back to the first call of note 35\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n23\"><span class=\"nrp-notes-n\">23<\/span><span>UNVERIFIED, not opened: UNDRR (ed.), Global Assessment Report on Disaster Risk Reduction 2025: Resilience Pays, taken from search-result summaries; the report pages returned access errors; no figure used in the findings. United Nations Office for Disaster Risk Reduction, Geneva. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r23\" aria-label=\"Back to the first call of note 23\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n24\"><span class=\"nrp-notes-n\">24<\/span><span>UNVERIFIED, not opened: Hallegatte, S., Rentschler, J. and Rozenberg, J., Lifelines: The Resilient Infrastructure Opportunity, cited from memory; no figure used. World Bank and GFDRR, Washington, 2019. Observation year 2019. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r24\" aria-label=\"Back to the first call of note 24\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n8\"><span class=\"nrp-notes-n\">8<\/span><span>UNFCCC (ed.), Report of the Board of the Fund for responding to Loss and Damage, addendum FCCC\/CP\/2025\/10\/Add.1, 10 November 2025 (pledges USD 790.24 million and amount received USD 397.74 million at 23 September 2025; 27 contributors). United Nations Framework Convention on Climate Change, Bonn. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n10\"><span class=\"nrp-notes-n\">10<\/span><span>IMF (ed.), Lending, 2026 IMF Annual Report (five RSF requests agreed in the year to 30 April 2026, about SDR 1.8 billion). International Monetary Fund, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r10\" aria-label=\"Back to the first call of note 10\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n12\"><span class=\"nrp-notes-n\">12<\/span><span>GAO (ed.), High-Risk List 2025 (38 areas; includes limiting the federal fiscal exposure by better managing climate change risks). US Government Accountability Office, Washington. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n1\"><span class=\"nrp-notes-n\">1<\/span><span>IEA (ed.), World Energy Investment 2026, launch presentation (11 pages, Paris, 28 May 2026; global energy investment USD 3.4 trillion in 2026 estimate against USD 2.6 trillion in 2015; electricity supply and infrastructure USD 1.6 trillion). International Energy Agency, Paris. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n36\"><span class=\"nrp-notes-n\">36<\/span><span>UNVERIFIED, not opened: IEA (ed.), World Energy Investment 2026 full report (grid investment near USD 550 billion in 2026, from press summaries); the report page returned an access error. International Energy Agency, Paris. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r36\" aria-label=\"Back to the first call of note 36\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n2\"><span class=\"nrp-notes-n\">2<\/span><span>ASCE (ed.), 2025 Report Card for America\u2019s Infrastructure (overall grade C; ten-year investment gap USD 3.6 trillion; energy D+, drinking water C\u2212, dams D+). American Society of Civil Engineers, Reston. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n19\"><span class=\"nrp-notes-n\">19<\/span><span>NSW Government (ed.), Disaster Ready Fund (page on the Commonwealth programme; AUD 1 billion nationally over five years from 1 July 2023 to 30 June 2028). New South Wales Government, Sydney. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n30\"><span class=\"nrp-notes-n\">30<\/span><span>UNVERIFIED, not opened: Australian National Audit Office, Award of funding under the Disaster Ready Fund, audit report, taken from search-result summaries; the page returned a service error. Australian National Audit Office, Canberra. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r30\" aria-label=\"Back to the first call of note 30\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n14\"><span class=\"nrp-notes-n\">14<\/span><span>HM Treasury and NISTA (eds.), UK Infrastructure: A 10 Year Strategy (publication page; published 19 June 2025; no funding total on the page). UK Government, London. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r14\" aria-label=\"Back to the first call of note 14\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n28\"><span class=\"nrp-notes-n\">28<\/span><span>UNVERIFIED, not opened: UK Parliament, written statement HCWS717 on the 10 Year Infrastructure Strategy, June 2025, taken from search-result summaries; the page returned an access error; no figure used. UK Parliament, London. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r28\" aria-label=\"Back to the first call of note 28\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Artemis (ed.), report on the Swiss Re Institute sigma 1\/2026 natural catastrophe figures for 2025 (insured losses USD 107 billion; overall losses USD 220 billion; about 49% insured; 92% of insured losses from secondary perils; 80 to 90% of losses typically uninsured in emerging economies). Read in this trade report, not in the sigma itself. Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n25\"><span class=\"nrp-notes-n\">25<\/span><span>UNVERIFIED, not opened: Swiss Re Institute, sigma 1\/2026, Natural catastrophes in 2025, taken from a trade report and search-result summaries; the sigma page returned an access error. Swiss Re Institute, Zurich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r25\" aria-label=\"Back to the first call of note 25\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n27\"><span class=\"nrp-notes-n\">27<\/span><span>UNVERIFIED, not opened: Global Shield against Climate Risks, funding and payout reports, taken from search-result summaries; no figure used in the copy. Global Shield secretariat. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r27\" aria-label=\"Back to the first call of note 27\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c6-n16\"><span class=\"nrp-notes-n\">16<\/span><span>Tribune India (ed.), Japan approves 20 trillion yen plan for disaster resilient infrastructure (press agency report of 7 June 2025; more than 20 trillion yen over fiscal 2026 to 2030). Tribune India, Chandigarh. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c6-r16\" aria-label=\"Back to the first call of note 16\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-14-part-agenda\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-14-c7-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/\">Global Resilience Investment and National Portfolios 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 7<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">The 2027 agenda<\/h2><p class=\"nrp-lede\">Eight bounded questions open the 2027 resilience investment agenda. Each comes from a baseline finding, names the initiative that will carry it and the first output due in the 2027 resilience investment edition.<\/p><p class=\"nrp-chap-meta\"><span>5 min read<\/span><span>0 figures<\/span><span>6 tables<\/span><span>4 notes<\/span><span>NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c7-s1\" aria-labelledby=\"nx-nrp-sr-14-c7-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c7-s1-h\"><span class=\"nrp-num\">7.1<\/span><span>Questions for the operational series<\/span><\/h2><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">P-01<\/span><p class=\"nrp-rows-t\">What share of each national portfolio funds upkeep and adaptation rather than new build, and can it be measured on one basis?<\/p><p class=\"nrp-rows-m\">INI-SR14-PRT-01 \u00b7 portfolio resilience share; first output: common-basis table for national portfolios.<\/p><\/li><li><span class=\"nrp-rows-i\">P-02<\/span><p class=\"nrp-rows-t\">How much of tracked adaptation finance reaches national priorities, and how much is debt?<\/p><p class=\"nrp-rows-m\">INI-SR14-ADP-02 \u00b7 adaptation finance tracking; first output: adaptation flow table.<\/p><\/li><li><span class=\"nrp-rows-i\">P-03<\/span><p class=\"nrp-rows-t\">Which assets need upkeep first, and where do asset condition and hazard exposure overlap?<\/p><p class=\"nrp-rows-m\">INI-SR14-MNT-03 \u00b7 upkeep and exposure; first output: exposure overlay.<\/p><\/li><li><span class=\"nrp-rows-i\">P-04<\/span><p class=\"nrp-rows-t\">How much of disaster loss is covered by public or private cover, and how fast does cover pay?<\/p><p class=\"nrp-rows-m\">INI-SR14-RSK-04 \u00b7 <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-transfer\" data-tk=\"Nexus risk vocabulary\" data-td=\"Shifting the financial consequences of a risk from one party to another, typically through insurance, reinsurance, bonds or contracts, without reducing the hazard itself.\" data-ts=\"NRS-C1\" data-tr=\"draft\">risk transfer<\/a> and public cover; first output: cover and payout table.<\/p><\/li><li><span class=\"nrp-rows-i\">P-05<\/span><p class=\"nrp-rows-t\">How quickly does recovery money move from pledge to project?<\/p><p class=\"nrp-rows-m\">INI-SR14-LAD-05 \u00b7 recovery finance flows; first output: pledge-to-payment chart.<\/p><\/li><li><span class=\"nrp-rows-i\">P-06<\/span><p class=\"nrp-rows-t\">Which governments publish resilience spending on a comparable basis?<\/p><p class=\"nrp-rows-m\">To be admitted in 2027; first output: coverage note.<\/p><\/li><li><span class=\"nrp-rows-i\">P-07<\/span><p class=\"nrp-rows-t\">How do energy security priorities change the resilience share of investment?<\/p><p class=\"nrp-rows-m\">To be admitted in 2027; first output: scoping note.<\/p><\/li><li><span class=\"nrp-rows-i\">P-08<\/span><p class=\"nrp-rows-t\">Which investment capabilities have been tested in real loss years, and which are only planned?<\/p><p class=\"nrp-rows-m\">Resilience investment capability register; first output: rung evidence for 15 functions.<\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c7-s2\" aria-labelledby=\"nx-nrp-sr-14-c7-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c7-s2-h\"><span class=\"nrp-num\">7.2<\/span><span>Portfolio proposed for the Q1 2027 alignment<\/span><\/h2><p class=\"nrp-stand\">Five initiatives and one Universe mission candidate are proposed for the 2027 resilience investment portfolio. They are programme objects: no partner, funder or member is attached to them in this edition.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c7-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.1<\/span><span class=\"nrp-tbl-t\">Objects proposed for the first operational quarter<\/span><\/caption><thead><tr><th scope=\"col\">ID<\/th><th scope=\"col\">Object<\/th><th scope=\"col\">Kind<\/th><th scope=\"col\">Question<\/th><th scope=\"col\">State<\/th><\/tr><\/thead><tbody><tr><td><span class=\"nrp-mono\">INI-SR14-PRT-01<\/span><\/td><td>Portfolio resilience share<\/td><td>Initiative<\/td><td>P-01<\/td><td>PROPOSED<\/td><\/tr><tr><td><span class=\"nrp-mono\">INI-SR14-ADP-02<\/span><\/td><td>Adaptation finance tracking<\/td><td>Initiative<\/td><td>P-02<\/td><td>PROPOSED<\/td><\/tr><tr><td><span class=\"nrp-mono\">INI-SR14-MNT-03<\/span><\/td><td>Upkeep and exposure<\/td><td>Initiative<\/td><td>P-03<\/td><td>PROPOSED<\/td><\/tr><tr><td><span class=\"nrp-mono\">INI-SR14-RSK-04<\/span><\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-transfer\" data-tk=\"Nexus risk vocabulary\" data-td=\"Shifting the financial consequences of a risk from one party to another, typically through insurance, reinsurance, bonds or contracts, without reducing the hazard itself.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Risk transfer<\/a> and public cover<\/td><td>Initiative<\/td><td>P-04<\/td><td>PROPOSED<\/td><\/tr><tr><td><span class=\"nrp-mono\">INI-SR14-LAD-05<\/span><\/td><td>Recovery finance flows<\/td><td>Initiative<\/td><td>P-05<\/td><td>PROPOSED<\/td><\/tr><tr><td><span class=\"nrp-mono\">MSN-SR14-2027-01<\/span><\/td><td>Loss-year Universe mission<\/td><td>Mission<\/td><td>P-01<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Candidate<\/span><\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c7-s3\" aria-labelledby=\"nx-nrp-sr-14-c7-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c7-s3-h\"><span class=\"nrp-num\">7.3<\/span><span>The pathway<\/span><\/h2><p class=\"nrp-stand\">The resilience investment edition reads national portfolio chapters, sector editions and the global edition through one governed evidence graph. At baseline the federation is designed and its first editions are drafted. This page states what exists today and what comes next.<\/p><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">01<\/span><p class=\"nrp-rows-t\">National portfolio chapters<\/p><p class=\"nrp-rows-x\">investment reading in each national edition<\/p><p class=\"nrp-rows-m\">IN PREPARATION \u00b7 national baselines<\/p><\/li><li><span class=\"nrp-rows-i\">02<\/span><p class=\"nrp-rows-t\">Sector editions<\/p><p class=\"nrp-rows-x\">energy, finance, disaster, infrastructure<\/p><p class=\"nrp-rows-m\">PLANNED \u00b7 sector Baseline Editions<\/p><\/li><li><span class=\"nrp-rows-i\">03<\/span><p class=\"nrp-rows-t\">Resilience investment model<\/p><p class=\"nrp-rows-x\">the global system of investment and risk<\/p><p class=\"nrp-rows-m\">v0 SPECIFIED \u00b7 v1 with federation evidence<\/p><\/li><li><span class=\"nrp-rows-i\">04<\/span><p class=\"nrp-rows-t\">Strategic links<\/p><p class=\"nrp-rows-x\">SR-02 lifelines \u00b7 SR-05 fiscal resilience \u00b7 SR-06 insurance and protection gaps<\/p><p class=\"nrp-rows-m\">PLANNED \u00b7 strategic baselines<\/p><\/li><li><span class=\"nrp-rows-i\">05<\/span><p class=\"nrp-rows-t\">Universe<\/p><p class=\"nrp-rows-x\">annual proving environment<\/p><p class=\"nrp-rows-m\">CANDIDATE MISSION \u00b7 mandate in 2027<\/p><\/li><li><span class=\"nrp-rows-i\">06<\/span><p class=\"nrp-rows-t\">Resilience Investment Report<\/p><p class=\"nrp-rows-x\">this series<\/p><p class=\"nrp-rows-m\">BASELINE DRAFT \u00b7 2027 annual edition<\/p><\/li><li><span class=\"nrp-rows-i\">07<\/span><p class=\"nrp-rows-t\">Evidence and correction<\/p><p class=\"nrp-rows-x\">one graph, many projections<\/p><p class=\"nrp-rows-m\">OPEN \u00b7 first correction cycle in 2027<\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c7-s4\" aria-labelledby=\"nx-nrp-sr-14-c7-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c7-s4-h\"><span class=\"nrp-num\">7.4<\/span><span>Universe 2027: evidence pack for the resilience investment candidate mission<\/span><\/h2><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">01<\/span><p class=\"nrp-rows-x\">Mandate<\/p><\/li><li><span class=\"nrp-rows-i\">02<\/span><p class=\"nrp-rows-x\">Core Build \u00b7 1 month<\/p><\/li><li><span class=\"nrp-rows-i\">03<\/span><p class=\"nrp-rows-x\">Action \u00b7 1 week<\/p><\/li><li><span class=\"nrp-rows-i\">04<\/span><p class=\"nrp-rows-x\">Evidence seal<\/p><\/li><li><span class=\"nrp-rows-i\">05<\/span><p class=\"nrp-rows-x\">Portfolio correction<\/p><\/li><li><span class=\"nrp-rows-i\">06<\/span><p class=\"nrp-rows-x\">Next mandate<\/p><\/li><\/ol><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c7-tab2\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.2<\/span><span class=\"nrp-tbl-t\">Universe 2027: evidence pack for the resilience investment candidate mission<\/span><\/caption><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\">Record<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Timing<\/th><\/tr><\/thead><tbody><tr><td>F1<\/td><td>Annual mandate record<\/td><td>PLANNED<\/td><td>after the Q2 2027 alignment<\/td><\/tr><tr><td>F2<\/td><td>Core Build record<\/td><td>PLANNED<\/td><td>one month before the exercise<\/td><\/tr><tr><td>F3<\/td><td>Exercise evidence<\/td><td>PLANNED<\/td><td>during the Action week<\/td><\/tr><tr><td>F4<\/td><td>Decision packets<\/td><td>PLANNED<\/td><td>exercise state only<\/td><\/tr><tr><td>F5<\/td><td>Proof receipts<\/td><td>PLANNED<\/td><td>scoped to each recorded check<\/td><\/tr><tr><td>F6<\/td><td>After-action report<\/td><td>PLANNED<\/td><td>within one quarter<\/td><\/tr><tr><td>F7<\/td><td>Upgrade docket<\/td><td>PLANNED<\/td><td>routed to the Portfolio<\/td><\/tr><tr><td>F8<\/td><td>Portfolio renewal<\/td><td>PLANNED<\/td><td>2027 resilience investment annual edition<\/td><\/tr><tr><td>F9<\/td><td>Public synthesis<\/td><td>PLANNED<\/td><td>public-safe extracts only<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Mission<\/h3><dl class=\"nrp-dl\"><dt>ID<\/dt><dd>MSN-SR14-2027-01 \u00b7 Loss-year Universe mission<\/dd><dt>Role spine<\/dt><dd>Leadership sponsor \u00b7 Institutional anchor \u00b7 Mission lead: drawn from national pathways<\/dd><dt>Receiving actors<\/dt><dd>to be identified with the mandate<\/dd><\/dl><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Simulation success is not deployment approval; demonstration is not certification; finance readiness is not financing secured.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c7-s5\" aria-labelledby=\"nx-nrp-sr-14-c7-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c7-s5-h\"><span class=\"nrp-num\">7.5<\/span><span>Handoffs and routing<\/span><\/h2><p class=\"nrp-stand\">Where the baseline\u2019s findings go next. A handoff routes a finding for awareness, review or work; it transfers no authority.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c7-tab3\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.3<\/span><span class=\"nrp-tbl-t\">Handoffs and routing<\/span><\/caption><thead><tr><th scope=\"col\">Finding<\/th><th scope=\"col\">Routed to<\/th><th scope=\"col\">Purpose<\/th><th scope=\"col\">Class<\/th><\/tr><\/thead><tbody><tr><td>ENE-001 \u00b7 energy investment<\/td><td>sector editions<\/td><td>energy investment tables<\/td><td>PUBLIC<\/td><\/tr><tr><td>INF-002 \u00b7 asset condition<\/td><td>INI-SR14-MNT-03<\/td><td>upkeep and exposure<\/td><td>PUBLIC<\/td><\/tr><tr><td>CLI-003 \u00b7 disaster losses<\/td><td>INI-SR14-RSK-04<\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-transfer\" data-tk=\"Nexus risk vocabulary\" data-td=\"Shifting the financial consequences of a risk from one party to another, typically through insurance, reinsurance, bonds or contracts, without reducing the hazard itself.\" data-ts=\"NRS-C1\" data-tr=\"draft\">risk transfer<\/a> and public cover<\/td><td>PUBLIC<\/td><\/tr><tr><td>FIN-005 \u00b7 cat bonds<\/td><td>INI-SR14-RSK-04<\/td><td>risk transfer and public cover<\/td><td>PUBLIC<\/td><\/tr><tr><td>DEV-006 \u00b7 adaptation finance<\/td><td>INI-SR14-ADP-02<\/td><td>adaptation finance tracking<\/td><td>PUBLIC<\/td><\/tr><tr><td>CLI-008 \u00b7 recovery funds<\/td><td>INI-SR14-LAD-05<\/td><td>recovery finance flows<\/td><td>PUBLIC<\/td><\/tr><tr><td>INF-010 \u00b7 national plans<\/td><td>INI-SR14-PRT-01 \u00b7 key F review<\/td><td>portfolio resilience share<\/td><td>PUBLIC<\/td><\/tr><tr><td>SYS-012 \u00b7 loss-year test<\/td><td>MSN-SR14-2027-01<\/td><td>Universe candidate<\/td><td>CONSORTIUM<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c7-tab4\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.4<\/span><span class=\"nrp-tbl-t\">Routing rules by publication class<\/span><\/caption><thead><tr><th scope=\"col\">Class<\/th><th scope=\"col\">Where it goes<\/th><th scope=\"col\">Who can see it<\/th><\/tr><\/thead><tbody><tr><td>PUBLIC<\/td><td>the published edition and its evidence bundle<\/td><td>anyone<\/td><\/tr><tr><td>CONSORTIUM<\/td><td>governed rooms of the federation<\/td><td>consortium members under agreement<\/td><\/tr><tr><td>CONTROLLED<\/td><td>need-to-know channels<\/td><td>named competent actors only<\/td><\/tr><\/tbody><\/table><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">CODES ARE NOT JOINS<\/p><p>Series codes in this edition (SR-14 and its relatives) are Reports codes. Codes in other indices can look alike. This edition makes no join on a code alone: a join needs a registry record that names both subjects.<\/p><\/aside><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Handoffs carry findings to Nexus programme objects and steward reviews. States and organisations receive public editions as published; nothing here instructs them.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c7-s6\" aria-labelledby=\"nx-nrp-sr-14-c7-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c7-s6-h\"><span class=\"nrp-num\">7.6<\/span><span>Feeds and signal register<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c7-tab5\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.5<\/span><span class=\"nrp-tbl-t\">Feeds watched from 2027<\/span><\/caption><thead><tr><th scope=\"col\">Feed<\/th><th scope=\"col\">Producer<\/th><th scope=\"col\">Latency<\/th><th scope=\"col\">Feeds into<\/th><\/tr><\/thead><tbody><tr><td>Energy investment report<\/td><td>IEA<\/td><td>annual<\/td><td>ENE-001<\/td><\/tr><tr><td>Disaster loss figures<\/td><td>Munich Re and Swiss Re Institute<\/td><td>annual<\/td><td>CLI-003<\/td><\/tr><tr><td>Cat bond market data<\/td><td>Artemis tracker<\/td><td>quarterly<\/td><td>FIN-005<\/td><\/tr><tr><td>Climate finance landscape<\/td><td>Climate Policy Initiative<\/td><td>biennial<\/td><td>DEV-006<\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">Loss and damage<\/a> fund reports<\/td><td>UNFCCC and the fund<\/td><td>per Board meeting<\/td><td>CLI-008<\/td><\/tr><tr><td>Resource adequacy papers<\/td><td>IMF<\/td><td>annual<\/td><td>FIN-009<\/td><\/tr><tr><td>Grant round notices<\/td><td>national agencies<\/td><td>per round<\/td><td>INF-010<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Escalation routes<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">none \u00b7 keep monitoring<\/li><li class=\"nf-ui-chip\">research question<\/li><li class=\"nf-ui-chip\">project<\/li><li class=\"nf-ui-chip\">risk object<\/li><li class=\"nf-ui-chip\">annual publication<\/li><li class=\"nf-ui-chip\">signal report<\/li><\/ul><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c7-tab6\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.6<\/span><span class=\"nrp-tbl-t\">Signals at baseline<\/span><\/caption><thead><tr><th scope=\"col\">ID<\/th><th scope=\"col\">Signal<\/th><th scope=\"col\">Corroboration<\/th><th scope=\"col\">Systems<\/th><th scope=\"col\">Route<\/th><\/tr><\/thead><tbody><tr><td>SIG-SR14-001<\/td><td>Record cat bond issuance in 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c7-n5\" id=\"nx-nrp-sr-14-c7-r5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><td>CORROBORATED<\/td><td>FIN \u00b7 CLI<\/td><td>risk object RSK-SR14-FIN-001<\/td><\/tr><tr><td>SIG-SR14-002<\/td><td>Adaptation finance far below need<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c7-n6\" id=\"nx-nrp-sr-14-c7-r6\" aria-label=\"Note 6\">6<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c7-n7\" id=\"nx-nrp-sr-14-c7-r7\" aria-label=\"Note 7\">7<\/a><\/sup><\/td><td>CORROBORATED<\/td><td>DEV \u00b7 FIN<\/td><td>research question P-02<\/td><\/tr><tr><td>SIG-SR14-003<\/td><td>Slow conversion of recovery pledges<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c7-n8\" id=\"nx-nrp-sr-14-c7-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><td>PARTIAL<\/td><td>CLI \u00b7 DEV<\/td><td>research question P-05<\/td><\/tr><\/tbody><\/table><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>A signal is not a warning. Signal records never substitute for official alerting or early-warning authorities, and they bypass no publication control.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c7-notes\" aria-labelledby=\"nx-nrp-sr-14-c7-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c7-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-14-c7-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 catastrophe-bond\" data-tk=\"Nexus risk vocabulary\" data-td=\"A security that transfers a defined catastrophe risk to investors, whose principal is reduced if a specified event occurs.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/catastrophe-bond\/\" data-tgl=\"Global Risks Alliance glossary\">Catastrophe bond<\/a> market records that were broken in 2025 (issuance about USD 25.6 billion; outstanding market just over USD 61.3 billion; 122 new 144A and private deals). Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c7-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c7-n6\"><span class=\"nrp-notes-n\">6<\/span><span>Climate Policy Initiative (ed.), Global Landscape of Climate Finance 2025 (publication page, 23 June 2025; global climate finance USD 1.9 trillion in 2023; adaptation finance USD 65 billion, likely an underestimate; international flows to emerging and developing economies USD 196 billion, 78% public). Climate Policy Initiative, London. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c7-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c7-n7\"><span class=\"nrp-notes-n\">7<\/span><span>UNFCCC (ed.), New collective quantified goal on climate finance, decision text FCCC\/PA\/CMA\/2024\/L.22, 24 November 2024 (at least USD 300 billion a year by 2035; call for USD 1.3 trillion a year from all sources; adaptation finance needs USD 215 to 387 billion a year to 2030). United Nations Framework Convention on <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 climate-change\" data-tk=\"Nexus risk vocabulary\" data-td=\"A change in the state of the climate that persists for decades or longer, identified by shifts in averages and variability; in current practice, mainly the change driven by human emissions.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Climate Change<\/a>, Bonn. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c7-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c7-n8\"><span class=\"nrp-notes-n\">8<\/span><span>UNFCCC (ed.), Report of the Board of the Fund for responding to <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">Loss and Damage<\/a>, addendum FCCC\/CP\/2025\/10\/Add.1, 10 November 2025 (pledges USD 790.24 million and amount received USD 397.74 million at 23 September 2025; 27 contributors). United Nations Framework Convention on Climate Change, Bonn. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c7-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-14-part-systems-in-depth\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-14-c8-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/\">Global Resilience Investment and National Portfolios 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 8<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Systems in depth<\/h2><p class=\"nrp-lede\">One section per system: its state at evidence close, its exposures and what the operational series will watch.<\/p><p class=\"nrp-chap-meta\"><span>8 min read<\/span><span>0 figures<\/span><span>5 tables<\/span><span>19 notes<\/span><span>NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c8-s1\" aria-labelledby=\"nx-nrp-sr-14-c8-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c8-s1-h\"><span class=\"nrp-num\">8.1<\/span><span>Common causes<\/span><\/h2><p class=\"nrp-stand\">One cause can strike many budgets at once: a hazard, an energy shock, a rate move. The shared cause matters more than the line item.<\/p><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">224<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>overall natural disaster losses, 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n3\" id=\"nx-nrp-sr-14-c8-r3\" aria-label=\"Note 3\">3<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">92<\/span><span class=\"nrp-cell-u\">%<\/span><p>of overall losses from weather events, 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">3.4<\/span><span class=\"nrp-cell-u\">USD trillion<\/span><p>global energy investment, 2026 estimate<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n1\" id=\"nx-nrp-sr-14-c8-r1\" aria-label=\"Note 1\">1<\/a><\/sup><\/p><\/div><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c8-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 8.1<\/span><span class=\"nrp-tbl-t\">Evidence at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Instance<\/th><th scope=\"col\">Mechanism in action<\/th><th scope=\"col\">Evidence<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>Natural hazards<\/td><td>storms, floods and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> drive large annual losses<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n4\" id=\"nx-nrp-sr-14-c8-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Energy security<\/td><td>security concerns shape investment priorities in 2026<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Ageing assets<\/td><td>a USD 3.6 trillion ten-year gap in one national report card<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n2\" id=\"nx-nrp-sr-14-c8-r2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Disaster cost studies<\/td><td>full-scope disaster cost estimates exist and were not read here<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n23\" id=\"nx-nrp-sr-14-c8-r23\" aria-label=\"Note 23\">23<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Pathways in this mechanism<\/h3><ul class=\"nrp-list\"><li>CLI \u2192 INF hazards<\/li><li>ENE \u2192 FIN energy security<\/li><li>INF \u2192 FIN ageing assets<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Evidence to bind in 2027<\/h3><ul class=\"nrp-list\"><li>common cause tagging of budget lines<\/li><li>frequency of concurrent causes<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">WHAT TO WATCH<\/p><p>Reinsurer loss updates; the next IEA investment report; hazard season outcomes.<\/p><\/aside><h3 class=\"nrp-h3\">Related editions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">GLB Global Systems<\/li><li class=\"nf-ui-chip\">SR-02 Critical Infrastructure and Lifeline Systems<\/li><li class=\"nf-ui-chip\">SR-05 Sovereign, Fiscal and Financial Resilience<\/li><li class=\"nf-ui-chip\">SR-06 Insurance, Protection Gaps and Insurability<\/li><li class=\"nf-ui-chip\">GS-05 Finance and Economy<\/li><li class=\"nf-ui-chip\">GS-08 Disaster and Resilience<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>This chapter describes causes recorded in public sources. It rates no government and assesses no fund.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c8-s2\" aria-labelledby=\"nx-nrp-sr-14-c8-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c8-s2-h\"><span class=\"nrp-num\">8.2<\/span><span>Domino effects<\/span><\/h2><p class=\"nrp-stand\">A shortfall in one flow removes an input from the next. Uninsured losses reach budgets, and budgets reach upkeep and adaptation.<\/p><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">\u224848<\/span><span class=\"nrp-cell-u\">%<\/span><p>of overall losses insured, 2025 (method 1)<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">80 to 90<\/span><span class=\"nrp-cell-u\">%<\/span><p>of losses typically uninsured in emerging economies<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">27<\/span><span class=\"nrp-cell-u\">contributors<\/span><p>pledging to the <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">loss and damage<\/a> fund<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n8\" id=\"nx-nrp-sr-14-c8-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/p><\/div><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c8-tab2\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 8.2<\/span><span class=\"nrp-tbl-t\">Evidence at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Instance<\/th><th scope=\"col\">Mechanism in action<\/th><th scope=\"col\">Evidence<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>Loss to budget<\/td><td>uninsured losses fall on households and public budgets<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Budget to upkeep<\/td><td>repair claims compete with planned upkeep<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><\/td><\/tr><tr><td>Pledge to payment<\/td><td>about half of fund pledges had been received<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Adaptation to assets<\/td><td>delayed adaptation leaves assets exposed<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n6\" id=\"nx-nrp-sr-14-c8-r6\" aria-label=\"Note 6\">6<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n7\" id=\"nx-nrp-sr-14-c8-r7\" aria-label=\"Note 7\">7<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Pathways in this mechanism<\/h3><ul class=\"nrp-list\"><li>CLI \u2192 INF \u2192 FIN<\/li><li>FIN \u2192 DEV<\/li><li>DEV \u2192 INF<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Evidence to bind in 2027<\/h3><ul class=\"nrp-list\"><li>timing of budget shifts after loss years<\/li><li>upkeep spending data<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">WHAT TO WATCH<\/p><p>Post-event budget reports; payment data from recovery funds; grant round timing.<\/p><\/aside><h3 class=\"nrp-h3\">Related editions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">GLB Global Systems<\/li><li class=\"nf-ui-chip\">SR-02 Critical Infrastructure and Lifeline Systems<\/li><li class=\"nf-ui-chip\">SR-05 Sovereign, Fiscal and Financial Resilience<\/li><li class=\"nf-ui-chip\">SR-06 Insurance, Protection Gaps and Insurability<\/li><li class=\"nf-ui-chip\">GS-05 Finance and Economy<\/li><li class=\"nf-ui-chip\">GS-08 Disaster and Resilience<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>This chapter describes dependency sequences. It assesses no government and recommends no policy.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c8-s3\" aria-labelledby=\"nx-nrp-sr-14-c8-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c8-s3-h\"><span class=\"nrp-num\">8.3<\/span><span>Inter-systemic feedbacks<\/span><\/h2><p class=\"nrp-stand\">Investment also depends on what it protects. Losses reprice cover, cover shapes budgets, and budgets shape the next loss.<\/p><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">25.6<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>cat bonds issued in 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n5\" id=\"nx-nrp-sr-14-c8-r5\" aria-label=\"Note 5\">5<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">61.3<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>cat bonds outstanding at end 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">49<\/span><span class=\"nrp-cell-u\">%<\/span><p>of overall losses insured in 2025, a record share<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><\/div><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c8-tab3\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 8.3<\/span><span class=\"nrp-tbl-t\">Evidence at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Instance<\/th><th scope=\"col\">Mechanism in action<\/th><th scope=\"col\">Evidence<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>Loss to price<\/td><td>large loss years reprice cover<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-transfer\" data-tk=\"Nexus risk vocabulary\" data-td=\"Shifting the financial consequences of a risk from one party to another, typically through insurance, reinsurance, bonds or contracts, without reducing the hazard itself.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Risk transfer<\/a><\/td><td>cat bond market grew to a record size<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Prearranged finance<\/td><td>shared funds link payouts to shocks<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n27\" id=\"nx-nrp-sr-14-c8-r27\" aria-label=\"Note 27\">27<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Fiscal feedback<\/td><td>climate risk raises federal fiscal exposure<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n12\" id=\"nx-nrp-sr-14-c8-r12\" aria-label=\"Note 12\">12<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Pathways in this mechanism<\/h3><ul class=\"nrp-list\"><li>CLI \u2192 FIN<\/li><li>FIN \u2192 FIN risk transfer<\/li><li>FIN \u2192 INF<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Evidence to bind in 2027<\/h3><ul class=\"nrp-list\"><li>public cover data<\/li><li>payout speed<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">WHAT TO WATCH<\/p><p>Cat bond pricing; reinsurance renewals; changes to public cover schemes.<\/p><\/aside><h3 class=\"nrp-h3\">Related editions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">GLB Global Systems<\/li><li class=\"nf-ui-chip\">SR-02 Critical Infrastructure and Lifeline Systems<\/li><li class=\"nf-ui-chip\">SR-05 Sovereign, Fiscal and Financial Resilience<\/li><li class=\"nf-ui-chip\">SR-06 Insurance, Protection Gaps and Insurability<\/li><li class=\"nf-ui-chip\">GS-05 Finance and Economy<\/li><li class=\"nf-ui-chip\">GS-08 Disaster and Resilience<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>This chapter describes feedback loops. It assesses no insurer or market.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c8-s4\" aria-labelledby=\"nx-nrp-sr-14-c8-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c8-s4-h\"><span class=\"nrp-num\">8.4<\/span><span>Shared vulnerabilities<\/span><\/h2><p class=\"nrp-stand\">Different portfolios share the same weak points: deferred upkeep, debt-heavy adaptation finance, slow recovery money and thin data.<\/p><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">65<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>adaptation finance tracked, 2023<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">196<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>international climate finance to emerging and developing economies, 2023<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">3.6<\/span><span class=\"nrp-cell-u\">USD trillion<\/span><p>US ten-year investment gap<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/p><\/div><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c8-tab4\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 8.4<\/span><span class=\"nrp-tbl-t\">Evidence at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Instance<\/th><th scope=\"col\">Mechanism in action<\/th><th scope=\"col\">Evidence<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>Deferred upkeep<\/td><td>energy D+ and dams D+ in the US report card<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Debt-heavy flows<\/td><td>debt makes up much of public adaptation finance<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n35\" id=\"nx-nrp-sr-14-c8-r35\" aria-label=\"Note 35\">35<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><\/td><\/tr><tr><td>Thin data<\/td><td>portfolios are not published on a common basis<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n16\" id=\"nx-nrp-sr-14-c8-r16\" aria-label=\"Note 16\">16<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n19\" id=\"nx-nrp-sr-14-c8-r19\" aria-label=\"Note 19\">19<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n15\" id=\"nx-nrp-sr-14-c8-r15\" aria-label=\"Note 15\">15<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Governance<\/td><td>fund governance and review cycles differ by country<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n17\" id=\"nx-nrp-sr-14-c8-r17\" aria-label=\"Note 17\">17<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n40\" id=\"nx-nrp-sr-14-c8-r40\" aria-label=\"Note 40\">40<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Pathways in this mechanism<\/h3><ul class=\"nrp-list\"><li>INF \u2192 FIN deferred upkeep<\/li><li>FIN \u2192 DEV debt-heavy flows<\/li><li>DAT \u2192 FIN thin data<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Evidence to bind in 2027<\/h3><ul class=\"nrp-list\"><li>debt share of adaptation finance from the primary report<\/li><li>upkeep share by country<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">WHAT TO WATCH<\/p><p>Upkeep funds; adaptation grant terms; publication of comparable budget data.<\/p><\/aside><h3 class=\"nrp-h3\">Related editions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">GLB Global Systems<\/li><li class=\"nf-ui-chip\">SR-02 Critical Infrastructure and Lifeline Systems<\/li><li class=\"nf-ui-chip\">SR-05 Sovereign, Fiscal and Financial Resilience<\/li><li class=\"nf-ui-chip\">SR-06 Insurance, Protection Gaps and Insurability<\/li><li class=\"nf-ui-chip\">GS-05 Finance and Economy<\/li><li class=\"nf-ui-chip\">GS-08 Disaster and Resilience<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>This chapter describes shared weak points in public sources. It assesses no government.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c8-s5\" aria-labelledby=\"nx-nrp-sr-14-c8-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c8-s5-h\"><span class=\"nrp-num\">8.5<\/span><span>Thresholds and tipping<\/span><\/h2><p class=\"nrp-stand\">A system can absorb stress until a threshold is crossed. Fiscal space, payment speed and cover availability are such thresholds for resilience investment.<\/p><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">\u224850<\/span><span class=\"nrp-cell-u\">%<\/span><p>of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">loss and damage<\/a> fund pledges received (method 2)<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">10.3<\/span><span class=\"nrp-cell-u\">SDR billion<\/span><p>IMF resilience commitments, Feb 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n9\" id=\"nx-nrp-sr-14-c8-r9\" aria-label=\"Note 9\">9<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">300<\/span><span class=\"nrp-cell-u\">USD billion a year<\/span><p>2035 goal for all climate action<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n7\" aria-label=\"Note 7\">7<\/a><\/sup><\/p><\/div><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-c8-tab5\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 8.5<\/span><span class=\"nrp-tbl-t\">Evidence at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Instance<\/th><th scope=\"col\">Mechanism in action<\/th><th scope=\"col\">Evidence<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>Payment speed<\/td><td>about half of pledges received at September 2025<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Liquidity<\/td><td>IMF resilience facility has 27 arrangements and spare capacity<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n9\" aria-label=\"Note 9\">9<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n10\" id=\"nx-nrp-sr-14-c8-r10\" aria-label=\"Note 10\">10<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Finance goals<\/td><td>goals set for 2035 exceed current flows<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n6\" aria-label=\"Note 6\">6<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n7\" aria-label=\"Note 7\">7<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Tipping in budgets<\/td><td>repeated loss years can crowd out upkeep<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n2\" aria-label=\"Note 2\">2<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-c8-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Pathways in this mechanism<\/h3><ul class=\"nrp-list\"><li>FIN \u2192 FIN payment thresholds<\/li><li>FIN \u2192 DEV finance goals<\/li><li>CLI \u2192 FIN repeated losses<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Evidence to bind in 2027<\/h3><ul class=\"nrp-list\"><li>fiscal space thresholds by country<\/li><li>cover availability thresholds<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">WHAT TO WATCH<\/p><p>Pledge-to-payment data; IMF facility demand; loss year outcomes.<\/p><\/aside><h3 class=\"nrp-h3\">Related editions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">GLB Global Systems<\/li><li class=\"nf-ui-chip\">SR-02 Critical Infrastructure and Lifeline Systems<\/li><li class=\"nf-ui-chip\">SR-05 Sovereign, Fiscal and Financial Resilience<\/li><li class=\"nf-ui-chip\">SR-06 Insurance, Protection Gaps and Insurability<\/li><li class=\"nf-ui-chip\">GS-05 Finance and Economy<\/li><li class=\"nf-ui-chip\">GS-08 Disaster and Resilience<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>This chapter describes thresholds in public sources. It is not a prediction and assesses no government or institution.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-c8-notes\" aria-labelledby=\"nx-nrp-sr-14-c8-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-c8-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-14-c8-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Munich Re (ed.), Natural disaster figures for 2025 (media information, 2026; overall losses about USD 224 billion; insured losses about USD 108 billion; weather events 92% of overall losses; Los Angeles wildfires about USD 53 billion overall). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n1\"><span class=\"nrp-notes-n\">1<\/span><span>IEA (ed.), World Energy Investment 2026, launch presentation (11 pages, Paris, 28 May 2026; global energy investment USD 3.4 trillion in 2026 estimate against USD 2.6 trillion in 2015; electricity supply and infrastructure USD 1.6 trillion). International Energy Agency, Paris. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Artemis (ed.), report on the Swiss Re Institute sigma 1\/2026 natural catastrophe figures for 2025 (insured losses USD 107 billion; overall losses USD 220 billion; about 49% insured; 92% of insured losses from secondary perils; 80 to 90% of losses typically uninsured in emerging economies). Read in this trade report, not in the sigma itself. Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n2\"><span class=\"nrp-notes-n\">2<\/span><span>ASCE (ed.), 2025 Report Card for America\u2019s Infrastructure (overall grade C; ten-year investment gap USD 3.6 trillion; energy D+, drinking water C\u2212, dams D+). American Society of Civil Engineers, Reston. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n23\"><span class=\"nrp-notes-n\">23<\/span><span>UNVERIFIED, not opened: UNDRR (ed.), Global Assessment Report on Disaster <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-reduction\" data-tk=\"Nexus risk vocabulary\" data-td=\"Preventing new risk, reducing existing risk and managing residual risk, all contributing to resilience.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Risk Reduction<\/a> 2025: Resilience Pays, taken from search-result summaries; the report pages returned access errors; no figure used in the findings. United Nations Office for Disaster Risk Reduction, Geneva. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r23\" aria-label=\"Back to the first call of note 23\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n8\"><span class=\"nrp-notes-n\">8<\/span><span>UNFCCC (ed.), Report of the Board of the Fund for responding to <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">Loss and Damage<\/a>, addendum FCCC\/CP\/2025\/10\/Add.1, 10 November 2025 (pledges USD 790.24 million and amount received USD 397.74 million at 23 September 2025; 27 contributors). United Nations Framework Convention on <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 climate-change\" data-tk=\"Nexus risk vocabulary\" data-td=\"A change in the state of the climate that persists for decades or longer, identified by shifts in averages and variability; in current practice, mainly the change driven by human emissions.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Climate Change<\/a>, Bonn. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n6\"><span class=\"nrp-notes-n\">6<\/span><span>Climate Policy Initiative (ed.), Global Landscape of Climate Finance 2025 (publication page, 23 June 2025; global climate finance USD 1.9 trillion in 2023; adaptation finance USD 65 billion, likely an underestimate; international flows to emerging and developing economies USD 196 billion, 78% public). Climate Policy Initiative, London. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n7\"><span class=\"nrp-notes-n\">7<\/span><span>UNFCCC (ed.), New collective quantified goal on climate finance, decision text FCCC\/PA\/CMA\/2024\/L.22, 24 November 2024 (at least USD 300 billion a year by 2035; call for USD 1.3 trillion a year from all sources; adaptation finance needs USD 215 to 387 billion a year to 2030). United Nations Framework Convention on Climate Change, Bonn. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 catastrophe-bond\" data-tk=\"Nexus risk vocabulary\" data-td=\"A security that transfers a defined catastrophe risk to investors, whose principal is reduced if a specified event occurs.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/catastrophe-bond\/\" data-tgl=\"Global Risks Alliance glossary\">Catastrophe bond<\/a> market records that were broken in 2025 (issuance about USD 25.6 billion; outstanding market just over USD 61.3 billion; 122 new 144A and private deals). Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n27\"><span class=\"nrp-notes-n\">27<\/span><span>UNVERIFIED, not opened: Global Shield against Climate Risks, funding and payout reports, taken from search-result summaries; no figure used in the copy. Global Shield secretariat. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r27\" aria-label=\"Back to the first call of note 27\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n12\"><span class=\"nrp-notes-n\">12<\/span><span>GAO (ed.), High-Risk List 2025 (38 areas; includes limiting the federal fiscal exposure by better managing climate change risks). US Government Accountability Office, Washington. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n35\"><span class=\"nrp-notes-n\">35<\/span><span>UNVERIFIED, not opened: UNEP (ed.), Adaptation Gap Report 2025: Running on Empty, taken from search-result summaries (needs USD 310 to 365 billion a year by 2035; international public adaptation finance USD 26 billion in 2023; 59% as debt); the report pages returned access errors. United Nations Environment Programme, Nairobi. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r35\" aria-label=\"Back to the first call of note 35\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n16\"><span class=\"nrp-notes-n\">16<\/span><span>Tribune India (ed.), Japan approves 20 trillion yen plan for disaster resilient infrastructure (press agency report of 7 June 2025; more than 20 trillion yen over fiscal 2026 to 2030). Tribune India, Chandigarh. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r16\" aria-label=\"Back to the first call of note 16\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n19\"><span class=\"nrp-notes-n\">19<\/span><span>NSW Government (ed.), Disaster Ready Fund (page on the Commonwealth programme; AUD 1 billion nationally over five years from 1 July 2023 to 30 June 2028). New South Wales Government, Sydney. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n15\"><span class=\"nrp-notes-n\">15<\/span><span>Noerr (ed.), Bundestag approves exemption from the debt brake for defence spending and special funds for investments in infrastructure and climate protection (law-firm note; Bundestag vote 18 March 2025, Bundesrat 21 March 2025; EUR 100 billion for the Climate and Transformation Fund and EUR 100 billion for the states; twelve-year term). Noerr, Berlin. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n17\"><span class=\"nrp-notes-n\">17<\/span><span>Cabinet Secretariat of Japan (ed.), Fundamental Plan for National Resilience (English page; the plan is reviewed about every five years; no five-year amount on the page read). Cabinet Secretariat, Tokyo. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r17\" aria-label=\"Back to the first call of note 17\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n40\"><span class=\"nrp-notes-n\">40<\/span><span>UNVERIFIED, not opened: OECD (ed.), Good Governance for Critical Infrastructure Resilience. OECD Publishing, Paris, 2019, cited from memory. Observation year 2019. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r40\" aria-label=\"Back to the first call of note 40\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n9\"><span class=\"nrp-notes-n\">9<\/span><span>IMF (ed.), 2026 Update of Resource Adequacy of the Poverty Reduction and Growth Trust, Resilience and Sustainability Trust, and Debt Relief Trusts, policy paper, 6 March 2026 (27 RSF arrangements; commitments SDR 10.3 billion, about USD 14 billion; five new RSFs in 2025 for SDR 3.4 billion). International Monetary Fund, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r9\" aria-label=\"Back to the first call of note 9\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-c8-n10\"><span class=\"nrp-notes-n\">10<\/span><span>IMF (ed.), Lending, 2026 IMF Annual Report (five RSF requests agreed in the year to 30 April 2026, about SDR 1.8 billion). International Monetary Fund, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-c8-r10\" aria-label=\"Back to the first call of note 10\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-14-part-methodology\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-14-ca-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/\">Global Resilience Investment and National Portfolios 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Annex A<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Methodology<\/h2><p class=\"nrp-lede\">How the edition was made: methods, the model card, the evidence cut and its age, the acceptance record and the glossary.<\/p><p class=\"nrp-chap-meta\"><span>13 min read<\/span><span>0 figures<\/span><span>13 tables<\/span><span>14 notes<\/span><span>NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-14-ca-s1\" aria-labelledby=\"nx-nrp-sr-14-ca-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-ca-s1-h\"><span class=\"nrp-num\">A.1<\/span><span>Methods<\/span><\/h2><p class=\"nrp-stand\">The global baseline uses published values and four simple derivations. Each is shown in full so that any reader can reproduce it.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-ca-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.1<\/span><span class=\"nrp-tbl-t\">Methods<\/span><\/caption><thead><tr><th scope=\"col\">No.<\/th><th scope=\"col\">Derivation<\/th><th scope=\"col\">Calculation<\/th><th scope=\"col\">Result<\/th><\/tr><\/thead><tbody><tr><td>(1)<\/td><td>Insured share of overall disaster losses, 2025<\/td><td>108 \u00f7 224<\/td><td>\u2248 48%<\/td><\/tr><tr><td>(2)<\/td><td>Share of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">loss and damage<\/a> fund pledges received<\/td><td>397.74 \u00f7 790.24<\/td><td>\u2248 50%<\/td><\/tr><tr><td>(3)<\/td><td>2025 cat bond issuance relative to year-end outstanding (not a growth rate)<\/td><td>25.6 \u00f7 61.3<\/td><td>\u2248 42%<\/td><\/tr><tr><td>(4)<\/td><td>Average commitment per resilience facility arrangement<\/td><td>10.3 \u00f7 27<\/td><td>\u2248 0.38 SDR billion<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-ca-tab2\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.2<\/span><span class=\"nrp-tbl-t\">Coupling strength scale (matrix and model card)<\/span><\/caption><thead><tr><th scope=\"col\">Strength<\/th><th scope=\"col\">Definition<\/th><\/tr><\/thead><tbody><tr><td>STRONG<\/td><td>a disruption in the source system has historically changed the target system\u2019s service or output within one season, in more than one region<\/td><\/tr><tr><td>MODERATE<\/td><td>an effect is documented but buffered or slower<\/td><\/tr><tr><td>WEAK<\/td><td>an effect is plausible but not documented at global scale<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-ca-tab3\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.3<\/span><span class=\"nrp-tbl-t\">Status grammar<\/span><\/caption><thead><tr><th scope=\"col\">Label<\/th><th scope=\"col\">Rule<\/th><\/tr><\/thead><tbody><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td>value as issued by its source, with year<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><\/td><td>reasoned from cited evidence; never a measurement<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Estimated<\/span><\/td><td>Nexus analytical value with stated method<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Scenario<\/span><\/td><td>conditional on stated assumptions<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><\/td><td>structured editorial judgement awaiting evidence<\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-ca-s2\" aria-labelledby=\"nx-nrp-sr-14-ca-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-ca-s2-h\"><span class=\"nrp-num\">A.2<\/span><span>Model card, Resilience Investment Model v0<\/span><\/h2><dl class=\"nrp-dl\"><dt>Model ID<\/dt><dd>MDL-SR14-INVESTMENT \u00b7 v0.1<\/dd><dt>Purpose<\/dt><dd>represent resilience investment as a connected system and the mechanisms by which money, losses and cover move between energy, infrastructure, adaptation and recovery<\/dd><dt>Family<\/dt><dd>graph-based system of <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a><\/dd><dt>Inputs<\/dt><dd>the cited sources of this edition; no proprietary data<\/dd><dt>Method<\/dt><dd>expert-specified coupling strengths (STRONG \u00b7 MODERATE \u00b7 WEAK) from assessments and analogue events<\/dd><dt>Validation<\/dt><dd>none yet, first validation against federation evidence in 2027<\/dd><dt>Uncertainty<\/dt><dd>qualitative; strengths are hypotheses, not measurements<\/dd><dt>Domain of validity<\/dt><dd>global scale; not for asset-, site- or country-level use<\/dd><dt>Reproducibility<\/dt><dd>strength table and sources published in this edition<\/dd><\/dl><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">20<\/span><span class=\"nrp-cell-u\">couplings<\/span><p>typed in v0<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">5<\/span><span class=\"nrp-cell-u\">strong<\/span><p>documented within one season<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">3<\/span><span class=\"nrp-cell-u\">moderate<\/span><p>documented, buffered<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">12<\/span><span class=\"nrp-cell-u\">weak<\/span><p>plausible, undocumented<\/p><\/div><\/div><div class=\"nrp-split\"><div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">SUITABLE FOR<\/p><p>framing the 2027 agenda; choosing which portfolio flows to measure first; explaining how resilience money moves.<\/p><\/aside><\/div><div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">NOT SUITABLE FOR<\/p><p>quantitative loss estimates, country comparisons or rankings, operational decisions, or any claim about a specific asset.<\/p><\/aside><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">VERSIONING<\/p><p>Models are immutable by version. A change to any coupling, rule or weight produces v0.2 with its own card and correction note.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-ca-s3\" aria-labelledby=\"nx-nrp-sr-14-ca-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-ca-s3-h\"><span class=\"nrp-num\">A.3<\/span><span>The baseline evidence cut<\/span><\/h2><p class=\"nrp-stand\">Every Nexus edition is published from a frozen evidence cut. The global baseline cut is documentary: it pins the exact edition of every source cited. Federation cuts begin with the first national Foundry cuts in 2027.<\/p><dl class=\"nrp-dl\"><dt>Cut ID<\/dt><dd>DC-STRATEGIC-INVESTMENT-GLOBAL-2026-B0<\/dd><dt>Type<\/dt><dd>baseline documentary cut<\/dd><dt>Resolution policy<\/dt><dd>pinned \u00b7 as of 30 September 2026<\/dd><dt>Sources pinned<\/dt><dd>44 cited sources, each at the edition and access date in the references<\/dd><dt>Model runs<\/dt><dd>none at baseline, analytical values are stated with their method<\/dd><dt>Digest<\/dt><dd>computed at <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h5\" data-tc=\"NHS-1 atmo.thermal.hard-freeze\" data-tk=\"Atmosphere and weather \u00b7 Thermal extremes\" data-td=\"Air temperature falling well below freezing for hours, killing crops, bursting pipes and stopping water flow.\" data-ts=\"NRS-H5\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\">freeze<\/a> and recorded in the publication record<\/dd><dt>Supersedes<\/dt><dd>nothing, first cut of the series<\/dd><dt>Superseded by<\/dt><dd>the 2027 resilience investment annual cut<\/dd><\/dl><h3 class=\"nrp-h3\">Lineage<\/h3><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">01<\/span><p class=\"nrp-rows-x\">source edition<\/p><\/li><li><span class=\"nrp-rows-i\">02<\/span><p class=\"nrp-rows-x\">pinned citation<\/p><\/li><li><span class=\"nrp-rows-i\">03<\/span><p class=\"nrp-rows-x\">finding<\/p><\/li><li><span class=\"nrp-rows-i\">04<\/span><p class=\"nrp-rows-x\">page<\/p><\/li><li><span class=\"nrp-rows-i\">05<\/span><p class=\"nrp-rows-x\">publication record<\/p><\/li><\/ol><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-ca-tab4\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.4<\/span><span class=\"nrp-tbl-t\">From the baseline cut to the federation cut<\/span><\/caption><thead><tr><th scope=\"col\">Element<\/th><th scope=\"col\">Baseline 2026<\/th><th scope=\"col\">2027 global annual<\/th><\/tr><\/thead><tbody><tr><td>Sources<\/td><td>cited global publications, pinned by edition<\/td><td>national, regional and sector cuts through one graph<\/td><\/tr><tr><td>Analysis<\/td><td>stated methods and editorial estimates<\/td><td>typed analysis specifications<\/td><\/tr><tr><td>Models<\/td><td>Resilience Investment Model v0 specification<\/td><td>model runs with receipts<\/td><\/tr><tr><td>Findings<\/td><td>twelve baseline findings<\/td><td>findings re-bound to federation evidence<\/td><\/tr><tr><td>Review<\/td><td>five passes scheduled<\/td><td>five passes on the exact digest<\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-ca-s4\" aria-labelledby=\"nx-nrp-sr-14-ca-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-ca-s4-h\"><span class=\"nrp-num\">A.4<\/span><span>Evidence age and coverage<\/span><\/h2><p class=\"nrp-stand\">A 2026 global edition rests on evidence observed in many different years. This page shows each time base, so that no single year label hides older evidence.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-ca-tab5\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.5<\/span><span class=\"nrp-tbl-t\">Evidence age and coverage<\/span><\/caption><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Observed<\/th><th scope=\"col\">Released<\/th><th scope=\"col\">Cadence<\/th><th scope=\"col\">Next release<\/th><\/tr><\/thead><tbody><tr><td>Energy investment<\/td><td>2026 estimate<\/td><td>May 2026<\/td><td>annual<\/td><td>2027<\/td><\/tr><tr><td>US asset condition<\/td><td>2025<\/td><td>Mar 2025<\/td><td>four-yearly<\/td><td>2029<\/td><\/tr><tr><td>Disaster losses<\/td><td>2025<\/td><td>Jan to Mar 2026<\/td><td>annual<\/td><td>2027<\/td><\/tr><tr><td>Cat bond market<\/td><td>2025<\/td><td>early 2026<\/td><td>quarterly<\/td><td>next quarterly report<\/td><\/tr><tr><td>Climate finance landscape<\/td><td>2023<\/td><td>Jun 2025<\/td><td>biennial<\/td><td>2027<\/td><\/tr><tr><td>Climate finance decision<\/td><td>2024<\/td><td>Nov 2024<\/td><td>one-off<\/td><td>none scheduled<\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">Loss and damage<\/a> fund<\/td><td>Sep 2025<\/td><td>Nov 2025<\/td><td>per meeting<\/td><td>next Board report<\/td><\/tr><tr><td>IMF resilience facility<\/td><td>to Feb 2026<\/td><td>Mar 2026<\/td><td>annual<\/td><td>2027<\/td><\/tr><tr><td>US grant round<\/td><td>2026<\/td><td>Sep 2026<\/td><td>per round<\/td><td>selection results<\/td><\/tr><tr><td>National plans<\/td><td>2023 to 2026<\/td><td>2025 to 2026<\/td><td>per plan<\/td><td>not scheduled<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-ca-tab6\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.6<\/span><span class=\"nrp-tbl-t\">Coverage by system at baseline<\/span><\/caption><thead><tr><th scope=\"col\">System<\/th><th scope=\"col\">Coverage<\/th><th scope=\"col\">Thinnest dimension<\/th><\/tr><\/thead><tbody><tr><td>Energy<\/td><td>GOOD<\/td><td>grid and storage detail<\/td><\/tr><tr><td>Infrastructure<\/td><td>PARTIAL<\/td><td>condition outside the US<\/td><\/tr><tr><td>Disaster losses<\/td><td>GOOD<\/td><td>comparability of series<\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-transfer\" data-tk=\"Nexus risk vocabulary\" data-td=\"Shifting the financial consequences of a risk from one party to another, typically through insurance, reinsurance, bonds or contracts, without reducing the hazard itself.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Risk transfer<\/a><\/td><td>PARTIAL<\/td><td>public cover data<\/td><\/tr><tr><td>Climate finance<\/td><td>PARTIAL<\/td><td>private adaptation finance<\/td><\/tr><tr><td>Recovery funds<\/td><td>THIN<\/td><td>payment speed<\/td><\/tr><tr><td>National portfolios<\/td><td>THIN<\/td><td>common basis<\/td><\/tr><tr><td>Multilateral lending<\/td><td>PARTIAL<\/td><td>country-level use<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-ca-tab7\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.7<\/span><span class=\"nrp-tbl-t\">Designed empty states: what is not bound, what would fill it and why<\/span><\/caption><thead><tr><th scope=\"col\">Field<\/th><th scope=\"col\">Source that would fill it<\/th><th scope=\"col\">Blocker<\/th><\/tr><\/thead><tbody><tr><td>Resilience share of national investment on a common basis<\/td><td>national budget offices and statistics offices<\/td><td>not published on a common basis; no consolidated series<\/td><\/tr><tr><td>Split between upkeep and new build in national portfolios<\/td><td>national infrastructure plans<\/td><td>not retrieved; plans use different categories<\/td><\/tr><tr><td>Grid investment detail from the full IEA World Energy Investment 2026 report<\/td><td>IEA World Energy Investment 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n36\" id=\"nx-nrp-sr-14-ca-r36\" aria-label=\"Note 36\">36<\/a><\/sup><\/td><td>the report page returned an access error; only the launch presentation was read<\/td><\/tr><tr><td>Adaptation finance needs and gap from the UNEP Adaptation Gap Report 2025<\/td><td>UNEP Adaptation Gap Report 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n35\" id=\"nx-nrp-sr-14-ca-r35\" aria-label=\"Note 35\">35<\/a><\/sup><\/td><td>the report page returned an access error; figures seen only in search summaries<\/td><\/tr><tr><td>Disaster cost and return figures from the UNDRR GAR 2025 itself<\/td><td>UNDRR GAR 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n23\" id=\"nx-nrp-sr-14-ca-r23\" aria-label=\"Note 23\">23<\/a><\/sup><\/td><td>the report pages returned access errors<\/td><\/tr><tr><td>Swiss Re Institute sigma 1\/2026 text and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a><\/td><td>Swiss Re Institute sigma 1\/2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n25\" id=\"nx-nrp-sr-14-ca-r25\" aria-label=\"Note 25\">25<\/a><\/sup><\/td><td>the sigma page returned an access error; figures come from a trade report<\/td><\/tr><tr><td>Ten-year funding total of the UK infrastructure strategy<\/td><td>UK Infrastructure: A 10 Year Strategy<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n14\" id=\"nx-nrp-sr-14-ca-r14\" aria-label=\"Note 14\">14<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n28\" id=\"nx-nrp-sr-14-ca-r28\" aria-label=\"Note 28\">28<\/a><\/sup><\/td><td>the publication page read gives no total; the parliamentary statement returned an access error<\/td><\/tr><tr><td>Size and term of the German special fund from the Finance Ministry page<\/td><td>Federal Ministry of Finance<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n29\" id=\"nx-nrp-sr-14-ca-r29\" aria-label=\"Note 29\">29<\/a><\/sup><\/td><td>the page returned a service error; split and term come from a law-firm note<\/td><\/tr><tr><td>Japan five-year plan details from the Cabinet Secretariat<\/td><td>Cabinet Secretariat plan documents<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n17\" id=\"nx-nrp-sr-14-ca-r17\" aria-label=\"Note 17\">17<\/a><\/sup><\/td><td>only a press report gave the total; the plan page read states a review cycle but no amount<\/td><\/tr><tr><td>Australian Disaster Ready Fund audit results<\/td><td>Australian National Audit Office<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n30\" id=\"nx-nrp-sr-14-ca-r30\" aria-label=\"Note 30\">30<\/a><\/sup><\/td><td>the audit page returned a service error<\/td><\/tr><tr><td>Private adaptation finance by country<\/td><td>Climate Policy Initiative full report<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n6\" id=\"nx-nrp-sr-14-ca-r6\" aria-label=\"Note 6\">6<\/a><\/sup><\/td><td>the full report exceeded the size the fetch tool accepts; the landing page gives no private figure<\/td><\/tr><tr><td>Envelope of the EU competitiveness fund<\/td><td>European Commission proposal<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n20\" id=\"nx-nrp-sr-14-ca-r20\" aria-label=\"Note 20\">20<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n31\" id=\"nx-nrp-sr-14-ca-r31\" aria-label=\"Note 31\">31<\/a><\/sup><\/td><td>sources differ; the Commission page returned an error<\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-ca-s5\" aria-labelledby=\"nx-nrp-sr-14-ca-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-ca-s5-h\"><span class=\"nrp-num\">A.5<\/span><span>Evidence cards, two anchor sources<\/span><\/h2><div class=\"nrp-cards\"><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">Issued by the International Energy Agency. Annual. Role: binds ENE-001. Coverage: global. The 11-page launch presentation was read; the full report was not opened.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EVD-SR14-001<\/h3><p>IEA World Energy Investment 2026 launch presentation<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n1\" id=\"nx-nrp-sr-14-ca-r1\" aria-label=\"Note 1\">1<\/a><\/sup><\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">Issued by the UN climate process. Per Board meeting. Role: binds CLI-008. Resources as at 23 September 2025.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EVD-SR14-002<\/h3><p>Report of the Board of the Fund for responding to Loss and Damage<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n8\" id=\"nx-nrp-sr-14-ca-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/p><\/article><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-ca-tab8\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.8<\/span><span class=\"nrp-tbl-t\">Quality dimensions at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Dimension<\/th><th scope=\"col\">EVD-SR14-001<\/th><th scope=\"col\">EVD-SR14-002<\/th><\/tr><\/thead><tbody><tr><td>Completeness<\/td><td>slides only; sector detail partly in charts<\/td><td>status of resources stated in full<\/td><\/tr><tr><td>Timeliness<\/td><td>about 5 months into the year<\/td><td>about 7 weeks after the reporting date<\/td><\/tr><tr><td>Revision<\/td><td>estimates for 2026 will be revised<\/td><td>figures change at each Board meeting<\/td><\/tr><tr><td>Method transparency<\/td><td>method sits in the full report, not opened<\/td><td>trustee reporting stated<\/td><\/tr><tr><td>External validation<\/td><td>agency review<\/td><td>trustee and Board review<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Evidence cards to follow in 2027<\/h3><ul class=\"nrp-list\"><li>IEA<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n36\" aria-label=\"Note 36\">36<\/a><\/sup>: grid and storage tables in the full report<\/li><li>UNEP<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n35\" aria-label=\"Note 35\">35<\/a><\/sup>: need and gap tables<\/li><li>UNDRR<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n23\" aria-label=\"Note 23\">23<\/a><\/sup>: investment and return chapters<\/li><li>Swiss Re Institute<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n25\" aria-label=\"Note 25\">25<\/a><\/sup>: <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> section<\/li><\/ul><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-ca-s6\" aria-labelledby=\"nx-nrp-sr-14-ca-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-ca-s6-h\"><span class=\"nrp-num\">A.6<\/span><span>Publication acceptance record<\/span><\/h2><p class=\"nrp-stand\">Editorial self-check at evidence close. Every applicable item carries a disposition; the remaining items are review, approval and deposit.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-ca-tab9\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.9<\/span><span class=\"nrp-tbl-t\">Publication acceptance record<\/span><\/caption><thead><tr><th scope=\"col\">Group<\/th><th scope=\"col\">Area<\/th><th scope=\"col\">Items<\/th><th scope=\"col\">Pass<\/th><th scope=\"col\">N\/A<\/th><th scope=\"col\">Pending<\/th><\/tr><\/thead><tbody><tr><td>D1<\/td><td>Identity and scope<\/td><td>8<\/td><td>8<\/td><td>0<\/td><td>0<\/td><\/tr><tr><td>D2<\/td><td>Source and data<\/td><td>12<\/td><td>9<\/td><td>1<\/td><td>2<\/td><\/tr><tr><td>D3<\/td><td>Analysis and models<\/td><td>12<\/td><td>3<\/td><td>8<\/td><td>1<\/td><\/tr><tr><td>D4<\/td><td>Findings and claims<\/td><td>9<\/td><td>8<\/td><td>0<\/td><td>1<\/td><\/tr><tr><td>D5<\/td><td>Figures, tables, maps<\/td><td>10<\/td><td>6<\/td><td>2<\/td><td>2<\/td><\/tr><tr><td>D6<\/td><td>Editorial and citations<\/td><td>10<\/td><td>8<\/td><td>0<\/td><td>2<\/td><\/tr><tr><td>D7<\/td><td>Review and approval<\/td><td>13<\/td><td>0<\/td><td>0<\/td><td>13<\/td><\/tr><tr><td>D8<\/td><td>Artefact and design<\/td><td>12<\/td><td>7<\/td><td>0<\/td><td>5<\/td><\/tr><tr><td>D9<\/td><td>Registry and release<\/td><td>9<\/td><td>0<\/td><td>0<\/td><td>9<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Publication gate<\/h3><dl class=\"nrp-dl\"><dt>Conditions met<\/dt><dd>14 of 23 at evidence close<\/dd><dt>Blocking problems<\/dt><dd>none recorded<\/dd><dt>Open conditions<\/dt><dd>reviews, approval of the exact digest, deposit, registry pointer<\/dd><\/dl><\/div><div><h3 class=\"nrp-h3\">Not applicable at baseline<\/h3><dl class=\"nrp-dl\"><dt>Model runs<\/dt><dd>first runs in Q1 2027<\/dd><dt>Maps<\/dt><dd>plates in Q2 2027<\/dd><dt>Waivers<\/dt><dd>none<\/dd><\/dl><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">evidence<\/p><p>Dispositions are recorded item by item in the machine-readable checklist. A FAIL on any item blocks release.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-ca-s7\" aria-labelledby=\"nx-nrp-sr-14-ca-s7-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-ca-s7-h\"><span class=\"nrp-num\">A.7<\/span><span>Status words<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-ca-tab10\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.10<\/span><span class=\"nrp-tbl-t\">The status every value carries<\/span><\/caption><thead><tr><th scope=\"col\">Status<\/th><th scope=\"col\">What it means<\/th><\/tr><\/thead><tbody><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"positive\" aria-hidden=\"true\"><\/span>Observed<\/span><\/td><td>Measured directly and published by the source.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td>Published statistics of an official or institutional source.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Declared<\/span><\/td><td>Stated by the body concerned; not independently measured.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Estimated<\/span><\/td><td>A Nexus estimate from cited evidence, with its method in Annex A.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Modelled<\/span><\/td><td>Produced by a stated model from cited inputs.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><\/td><td>Reasoned from cited evidence; not measured.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Forecast<\/span><\/td><td>A projection by the cited source.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Simulated<\/span><\/td><td>A simulation result under stated assumptions.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Scenario<\/span><\/td><td>A conditional statement under stated assumptions; never a prediction.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><\/td><td>Expert judgement, recorded with its basis.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Candidate<\/span><\/td><td>Proposed for a later edition; not yet evidence.<\/td><\/tr><\/tbody><tfoot><tr><td colspan=\"2\">Evidence-quality levels (EQL 1 to 5) grade the source behind a value; they are not a score of the subject.<\/td><\/tr><\/tfoot><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-ca-s8\" aria-labelledby=\"nx-nrp-sr-14-ca-s8-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-ca-s8-h\"><span class=\"nrp-num\">A.8<\/span><span>How the edition is made, released and corrected<\/span><\/h2><p class=\"nx-p\">Every edition is built from a sealed evidence cut, reviewed under three keys, signed and deposited before any site shows it as published; corrections go to <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/\" data-tc=\"Nexus Standards\" data-tk=\"Nexus Standards\" data-td=\"The foundation standards\">Nexus Standards<\/a> as change proposals and feed the next cut.<\/p><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Step<\/th><th scope=\"col\">What happens<\/th><th scope=\"col\">Source<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Step\">01 Evidence arrives from the pillars<\/td><td data-label=\"What happens\">Foundry seals observations and indicator series, Universe hands over after-action and scenario findings, and contributions are screened at every gateway, including this site&#8217;s.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">02 The cut is sealed<\/td><td data-label=\"What happens\">On the cut date the evidence is pinned under one identifier, so anyone can rebuild the edition from exactly what it was built on.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">03 The edition is assembled<\/td><td data-label=\"What happens\">The edition is drafted from its template and content pack. Agents may draft; they never publish and never decide.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">04 The keys turn<\/td><td data-label=\"What happens\">At the publisher of record the truth key comes first: every value is checked against its source or stated method before the meaning and capital keys turn. No edition moves on until every key has been turned by a named steward.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">05 The gate opens<\/td><td data-label=\"What happens\">A named approver releases one exact digest of the edition; any change after this point is a new version, never a silent edit.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">06 Signed and deposited<\/td><td data-label=\"What happens\">The PDF, the web edition and the data bundle are signed together with a manifest and an RO-Crate description, and deposited on Zenodo with a concept and a version DOI.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">07 Published on its desk&#8217;s site<\/td><td data-label=\"What happens\">Only then does the edition show as published on its desk&#8217;s Reports site, and the Collection lists it as a part.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">08 Corrections go to Standards<\/td><td data-label=\"What happens\">Method and correction findings go to Nexus Standards as change proposals; citations, corrections and new contributions feed the next evidence cut.<\/td><td data-label=\"Source\"><\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-note nx-mt-2\">A teaching model of the process, not a forecast and not a record of any run; dates and counts on this page come from the programme record. Sources: <a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-reports\/governance\/\" rel=\"noopener\">Reports governance at GCRI Canada<\/a> (2026); Zenodo, repository of record for Reports deposits (2026).<\/p><p class=\"nrp-note\">Lifecycle, one state at a time: Draft, Computed, Evidence bound, Reviewed, Approved for release, Published, Corrected, Superseded. This edition is a draft.<\/p><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-ca-s9\" aria-labelledby=\"nx-nrp-sr-14-ca-s9-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-ca-s9-h\"><span class=\"nrp-num\">A.9<\/span><span>Glossary and abbreviations<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-ca-tab11\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.11<\/span><span class=\"nrp-tbl-t\">Series terms<\/span><\/caption><thead><tr><th scope=\"col\">Term<\/th><th scope=\"col\">Meaning<\/th><\/tr><\/thead><tbody><tr><td>Baseline Edition<\/td><td>the inaugural annual edition that fixes the reference state for the series<\/td><\/tr><tr><td>WEFH+B<\/td><td>water, energy, food, health and biodiversity, the <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/governance-in-operation\/national-nexus\" data-tc=\"National Nexus\" data-tk=\"Nexus Standards\" data-td=\"The national model: the NNC, the NLC and the NWG as its three participation pillars, with the National Desk, Model and Portfolio and the NSC as the standards function of the NNC (OR-13)\">national nexus<\/a> core<\/td><\/tr><tr><td>Coupling<\/td><td>a typed dependency through which one system transmits to another<\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">Protection gap<\/a><\/td><td>the share of losses not covered by insurance<\/td><\/tr><tr><td>Capability ladder<\/td><td>LISTED \u2192 EXISTS \u2192 ADEQUATE \u2192 TESTED \u2192 DEMONSTRATED<\/td><\/tr><tr><td>EQL<\/td><td>evidence-quality level, 1\u20135<\/td><\/tr><tr><td>Evidence cut<\/td><td>a frozen resolution of exact sources and versions<\/td><\/tr><tr><td>NNC \u00b7 NLC \u00b7 NWG<\/td><td>National Nexus Consortium \u00b7 National Leadership Council \u00b7 National Working Groups<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-ca-tab12\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.12<\/span><span class=\"nrp-tbl-t\">Abbreviations used in this edition<\/span><\/caption><thead><tr><th scope=\"col\">Abbreviation<\/th><th scope=\"col\">Expansion<\/th><\/tr><\/thead><tbody><tr><td>ASCE<\/td><td>American Society of Civil Engineers<\/td><\/tr><tr><td>CPI<\/td><td>Climate Policy Initiative<\/td><\/tr><tr><td>EIB<\/td><td>European Investment Bank<\/td><\/tr><tr><td>GAO<\/td><td>US Government Accountability Office<\/td><\/tr><tr><td>GAR<\/td><td>Global Assessment Report on Disaster <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-reduction\" data-tk=\"Nexus risk vocabulary\" data-td=\"Preventing new risk, reducing existing risk and managing residual risk, all contributing to resilience.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Risk Reduction<\/a><\/td><\/tr><tr><td>IEA<\/td><td>International Energy Agency<\/td><\/tr><tr><td>IMF<\/td><td>International Monetary Fund<\/td><\/tr><tr><td>NCQG<\/td><td>new collective quantified goal on climate finance<\/td><\/tr><tr><td>RSF<\/td><td>Resilience and Sustainability Facility<\/td><\/tr><tr><td>SDR<\/td><td>special drawing right<\/td><\/tr><tr><td>UNDRR<\/td><td>United Nations Office for Disaster Risk Reduction<\/td><\/tr><tr><td>UNEP<\/td><td>United Nations Environment Programme<\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-ca-s10\" aria-labelledby=\"nx-nrp-sr-14-ca-s10-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-ca-s10-h\"><span class=\"nrp-num\">A.10<\/span><span>Technical annex<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-ca-tab13\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.13<\/span><span class=\"nrp-tbl-t\">Technical annex<\/span><\/caption><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\">Annex<\/th><th scope=\"col\">Contents<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>A.1<\/td><td>Indicator definitions<\/td><td>the global indicator set, with units and sources<\/td><td>IN THIS EDITION<\/td><\/tr><tr><td>A.2<\/td><td>Coupling strengths<\/td><td>the twenty-cell matrix and its rationale<\/td><td>IN THIS EDITION<\/td><\/tr><tr><td>A.3<\/td><td>Scenario specification<\/td><td>SCN-SR14-PRT-01 assumptions and signposts<\/td><td>IN THIS EDITION<\/td><\/tr><tr><td>A.4<\/td><td>Capability placements<\/td><td>rung evidence for fifteen functions<\/td><td>IN THIS EDITION<\/td><\/tr><tr><td>A.5<\/td><td>Model diagnostics<\/td><td>first runs and validation<\/td><td>2027<\/td><\/tr><tr><td>A.6<\/td><td>Sensitivity analyses<\/td><td>influence of coupling strengths<\/td><td>2027<\/td><\/tr><tr><td>A.7<\/td><td>Regional notes<\/td><td>regional investment cards<\/td><td>WITH REGIONAL EDITIONS<\/td><\/tr><tr><td>A.8<\/td><td>Review statements<\/td><td>pass-by-pass review record<\/td><td>AT RELEASE<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">A.1 \u00b7 indicator definition: adaptation finance<\/h3><dl class=\"nrp-dl\"><dt>Construct<\/dt><dd>finance tracked as supporting adaptation to <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 climate-change\" data-tk=\"Nexus risk vocabulary\" data-td=\"A change in the state of the climate that persists for decades or longer, identified by shifts in averages and variability; in current practice, mainly the change driven by human emissions.\" data-ts=\"NRS-C1\" data-tr=\"draft\">climate change<\/a>, from public and private sources<\/dd><dt>Unit<\/dt><dd>USD billion a year<\/dd><dt>Method<\/dt><dd>bottom-up tracking of public, private and multilateral flows<\/dd><dt>Source<\/dt><dd>Climate Policy Initiative landscape<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-ca-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/dd><dt>Uncertainty<\/dt><dd>the tracker calls its figure likely an underestimate<\/dd><dt>Known limits<\/dt><dd>tracking gaps, domestic flows and private flows differ by region<\/dd><\/dl><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">evidence<\/p><p>Annexes carry the same evidence, review and correction rules as the chapters and are versioned with the edition.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-ca-notes\" aria-labelledby=\"nx-nrp-sr-14-ca-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-ca-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-14-ca-n36\"><span class=\"nrp-notes-n\">36<\/span><span>UNVERIFIED, not opened: IEA (ed.), World Energy Investment 2026 full report (grid investment near USD 550 billion in 2026, from press summaries); the report page returned an access error. International Energy Agency, Paris. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-ca-r36\" aria-label=\"Back to the first call of note 36\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-ca-n35\"><span class=\"nrp-notes-n\">35<\/span><span>UNVERIFIED, not opened: UNEP (ed.), Adaptation Gap Report 2025: Running on Empty, taken from search-result summaries (needs USD 310 to 365 billion a year by 2035; international public adaptation finance USD 26 billion in 2023; 59% as debt); the report pages returned access errors. United Nations Environment Programme, Nairobi. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-ca-r35\" aria-label=\"Back to the first call of note 35\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-ca-n23\"><span class=\"nrp-notes-n\">23<\/span><span>UNVERIFIED, not opened: UNDRR (ed.), Global Assessment Report on Disaster <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-reduction\" data-tk=\"Nexus risk vocabulary\" data-td=\"Preventing new risk, reducing existing risk and managing residual risk, all contributing to resilience.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Risk Reduction<\/a> 2025: Resilience Pays, taken from search-result summaries; the report pages returned access errors; no figure used in the findings. United Nations Office for Disaster Risk Reduction, Geneva. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-ca-r23\" aria-label=\"Back to the first call of note 23\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-ca-n25\"><span class=\"nrp-notes-n\">25<\/span><span>UNVERIFIED, not opened: Swiss Re Institute, sigma 1\/2026, Natural catastrophes in 2025, taken from a trade report and search-result summaries; the sigma page returned an access error. Swiss Re Institute, Zurich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-ca-r25\" aria-label=\"Back to the first call of note 25\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-ca-n14\"><span class=\"nrp-notes-n\">14<\/span><span>HM Treasury and NISTA (eds.), UK Infrastructure: A 10 Year Strategy (publication page; published 19 June 2025; no funding total on the page). UK Government, London. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-ca-r14\" aria-label=\"Back to the first call of note 14\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-ca-n28\"><span class=\"nrp-notes-n\">28<\/span><span>UNVERIFIED, not opened: UK Parliament, written statement HCWS717 on the 10 Year Infrastructure Strategy, June 2025, taken from search-result summaries; the page returned an access error; no figure used. UK Parliament, London. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-ca-r28\" aria-label=\"Back to the first call of note 28\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-ca-n29\"><span class=\"nrp-notes-n\">29<\/span><span>UNVERIFIED, not opened: German Federal Ministry of Finance, Special fund infrastructure and climate neutrality (EUR 500 billion total, from a search summary); the page returned a service error. Bundesministerium der Finanzen, Berlin. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-ca-r29\" aria-label=\"Back to the first call of note 29\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-ca-n17\"><span class=\"nrp-notes-n\">17<\/span><span>Cabinet Secretariat of Japan (ed.), Fundamental Plan for National Resilience (English page; the plan is reviewed about every five years; no five-year amount on the page read). Cabinet Secretariat, Tokyo. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-ca-r17\" aria-label=\"Back to the first call of note 17\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-ca-n30\"><span class=\"nrp-notes-n\">30<\/span><span>UNVERIFIED, not opened: Australian National Audit Office, Award of funding under the Disaster Ready Fund, audit report, taken from search-result summaries; the page returned a service error. Australian National Audit Office, Canberra. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-ca-r30\" aria-label=\"Back to the first call of note 30\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-ca-n6\"><span class=\"nrp-notes-n\">6<\/span><span>Climate Policy Initiative (ed.), Global Landscape of Climate Finance 2025 (publication page, 23 June 2025; global climate finance USD 1.9 trillion in 2023; adaptation finance USD 65 billion, likely an underestimate; international flows to emerging and developing economies USD 196 billion, 78% public). Climate Policy Initiative, London. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-ca-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-ca-n20\"><span class=\"nrp-notes-n\">20<\/span><span>European Parliament (ed.), European Competitiveness Fund, legislative observatory summary (proposed envelope EUR 234.3 billion for 2028 to 2034; multiannual financial framework described as a EUR 2 trillion budget). European Parliament, Brussels. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-ca-r20\" aria-label=\"Back to the first call of note 20\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-ca-n31\"><span class=\"nrp-notes-n\">31<\/span><span>UNVERIFIED, not opened: trade-press reports of the European Competitiveness Fund envelope (figures between EUR 409 billion and EUR 451 billion), taken from search-result summaries; the figures conflict with the Parliament summary [20]. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-ca-r31\" aria-label=\"Back to the first call of note 31\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-ca-n1\"><span class=\"nrp-notes-n\">1<\/span><span>IEA (ed.), World Energy Investment 2026, launch presentation (11 pages, Paris, 28 May 2026; global energy investment USD 3.4 trillion in 2026 estimate against USD 2.6 trillion in 2015; electricity supply and infrastructure USD 1.6 trillion). International Energy Agency, Paris. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-ca-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-ca-n8\"><span class=\"nrp-notes-n\">8<\/span><span>UNFCCC (ed.), Report of the Board of the Fund for responding to <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">Loss and Damage<\/a>, addendum FCCC\/CP\/2025\/10\/Add.1, 10 November 2025 (pledges USD 790.24 million and amount received USD 397.74 million at 23 September 2025; 27 contributors). United Nations Framework Convention on <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 climate-change\" data-tk=\"Nexus risk vocabulary\" data-td=\"A change in the state of the climate that persists for decades or longer, identified by shifts in averages and variability; in current practice, mainly the change driven by human emissions.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Climate Change<\/a>, Bonn. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-ca-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-14-part-data\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-14-cb-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/\">Global Resilience Investment and National Portfolios 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Annex B<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Data appendix<\/h2><p class=\"nrp-lede\">The indicator set with its sources, the source registers, the licences of every kind of material and the formats of the edition.<\/p><p class=\"nrp-chap-meta\"><span>10 min read<\/span><span>0 figures<\/span><span>8 tables<\/span><span>19 notes<\/span><span>NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cb-s1\" aria-labelledby=\"nx-nrp-sr-14-cb-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cb-s1-h\"><span class=\"nrp-num\">B.1<\/span><span>The indicator set<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-cb-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.1<\/span><span class=\"nrp-tbl-t\">Global baseline indicator set<\/span><\/caption><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Value<\/th><th scope=\"col\">Unit<\/th><th scope=\"col\">Year<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Source<\/th><\/tr><\/thead><tbody><tr><td>Global energy investment<\/td><td><span class=\"nrp-mono\">3.4<\/span><\/td><td>USD trillion<\/td><td>2026<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Estimated<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n1\" id=\"nx-nrp-sr-14-cb-r1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><\/tr><tr><td>Electricity supply and infrastructure investment<\/td><td><span class=\"nrp-mono\">1.6<\/span><\/td><td>USD trillion<\/td><td>2026<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Estimated<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><\/tr><tr><td>US overall infrastructure grade<\/td><td><span class=\"nrp-mono\">C<\/span><\/td><td>letter grade<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n2\" id=\"nx-nrp-sr-14-cb-r2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><\/tr><tr><td>US ten-year investment gap<\/td><td><span class=\"nrp-mono\">3.6<\/span><\/td><td>USD trillion<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><\/tr><tr><td>Overall natural disaster losses<\/td><td><span class=\"nrp-mono\">224<\/span><\/td><td>USD billion<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n3\" id=\"nx-nrp-sr-14-cb-r3\" aria-label=\"Note 3\">3<\/a><\/sup><\/td><\/tr><tr><td>Insured natural disaster losses<\/td><td><span class=\"nrp-mono\">108<\/span><\/td><td>USD billion<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/td><\/tr><tr><td>Overall losses, second reinsurer (trade report)<\/td><td><span class=\"nrp-mono\">220<\/span><\/td><td>USD billion<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n4\" id=\"nx-nrp-sr-14-cb-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><\/tr><tr><td>Cat bonds outstanding at year end<\/td><td><span class=\"nrp-mono\">61.3<\/span><\/td><td>USD billion<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n5\" id=\"nx-nrp-sr-14-cb-r5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><\/tr><tr><td>Global climate finance<\/td><td><span class=\"nrp-mono\">1.9<\/span><\/td><td>USD trillion<\/td><td>2023<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n6\" id=\"nx-nrp-sr-14-cb-r6\" aria-label=\"Note 6\">6<\/a><\/sup><\/td><\/tr><tr><td>Adaptation finance tracked<\/td><td><span class=\"nrp-mono\">65<\/span><\/td><td>USD billion<\/td><td>2023<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/td><\/tr><tr><td>Adaptation finance needs, developing countries<\/td><td><span class=\"nrp-mono\">215 to 387<\/span><\/td><td>USD billion a year<\/td><td>to 2030<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n7\" id=\"nx-nrp-sr-14-cb-r7\" aria-label=\"Note 7\">7<\/a><\/sup><\/td><\/tr><tr><td>Pledges to the <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">loss and damage<\/a> fund<\/td><td><span class=\"nrp-mono\">790.24<\/span><\/td><td>USD million<\/td><td>Sep 2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n8\" id=\"nx-nrp-sr-14-cb-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><\/tr><tr><td>Received by the loss and damage fund<\/td><td><span class=\"nrp-mono\">397.74<\/span><\/td><td>USD million<\/td><td>Sep 2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><\/tr><tr><td>IMF resilience facility commitments<\/td><td><span class=\"nrp-mono\">10.3<\/span><\/td><td>SDR billion<\/td><td>Feb 2026<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n9\" id=\"nx-nrp-sr-14-cb-r9\" aria-label=\"Note 9\">9<\/a><\/sup><\/td><\/tr><tr><td>UK National Wealth Fund capital commitment<\/td><td><span class=\"nrp-mono\">27.8<\/span><\/td><td>GBP billion<\/td><td>2026<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n13\" id=\"nx-nrp-sr-14-cb-r13\" aria-label=\"Note 13\">13<\/a><\/sup><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-actions nrp-noprint\"><a class=\"nf-ui-btn\" data-variant=\"secondary\" href=\"data:text\/csv;charset=utf-8,Indicator%2CValue%2CUnit%2CYear%2CState%2CSource%0AGlobal%20energy%20investment%2C3.4%2CUSD%20trillion%2C2026%2CESTIMATED%2C%5B1%5D%0AElectricity%20supply%20and%20infrastructure%20investment%2C1.6%2CUSD%20trillion%2C2026%2CESTIMATED%2C%5B1%5D%0AUS%20overall%20infrastructure%20grade%2CC%2Cletter%20grade%2C2025%2CREPORTED%2C%5B2%5D%0AUS%20ten-year%20investment%20gap%2C3.6%2CUSD%20trillion%2C2025%2CREPORTED%2C%5B2%5D%0AOverall%20natural%20disaster%20losses%2C224%2CUSD%20billion%2C2025%2CREPORTED%2C%5B3%5D%0AInsured%20natural%20disaster%20losses%2C108%2CUSD%20billion%2C2025%2CREPORTED%2C%5B3%5D%0A%22Overall%20losses%2C%20second%20reinsurer%20(trade%20report)%22%2C220%2CUSD%20billion%2C2025%2CREPORTED%2C%5B4%5D%0ACat%20bonds%20outstanding%20at%20year%20end%2C61.3%2CUSD%20billion%2C2025%2CREPORTED%2C%5B5%5D%0AGlobal%20climate%20finance%2C1.9%2CUSD%20trillion%2C2023%2CREPORTED%2C%5B6%5D%0AAdaptation%20finance%20tracked%2C65%2CUSD%20billion%2C2023%2CREPORTED%2C%5B6%5D%0A%22Adaptation%20finance%20needs%2C%20developing%20countries%22%2C215%20to%20387%2CUSD%20billion%20a%20year%2Cto%202030%2CREPORTED%2C%5B7%5D%0APledges%20to%20the%20loss%20and%20damage%20fund%2C790.24%2CUSD%20million%2CSep%202025%2CREPORTED%2C%5B8%5D%0AReceived%20by%20the%20loss%20and%20damage%20fund%2C397.74%2CUSD%20million%2CSep%202025%2CREPORTED%2C%5B8%5D%0AIMF%20resilience%20facility%20commitments%2C10.3%2CSDR%20billion%2CFeb%202026%2CREPORTED%2C%5B9%5D%0AUK%20National%20Wealth%20Fund%20capital%20commitment%2C27.8%2CGBP%20billion%2C2026%2CREPORTED%2C%5B13%5D%0A\" download=\"NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-indicators.csv\"><svg class=\"nrp-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 15V3\"\/><path d=\"M21 15v4a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2v-4\"\/><path d=\"m7 10 5 5 5-5\"\/><\/svg>Indicators, CSV<\/a><a class=\"nf-ui-btn\" data-variant=\"secondary\" href=\"data:application\/json;charset=utf-8,%7B%0A%20%22edition%22%3A%20%22NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE%22%2C%0A%20%22title%22%3A%20%22Strategic%20Systems%20Report%202026%3A%20Global%20Resilience%20Investment%20and%20National%20Portfolios%22%2C%0A%20%22status%22%3A%20%22Draft%20under%20stewardship%20review%3B%20not%20yet%20released%22%2C%0A%20%22licence%22%3A%20%22CC-BY-4.0%20for%20the%20edition%20table%3B%20each%20value%20keeps%20its%20source's%20licence%22%2C%0A%20%22columns%22%3A%20%5B%0A%20%20%22Indicator%22%2C%0A%20%20%22Value%22%2C%0A%20%20%22Unit%22%2C%0A%20%20%22Year%22%2C%0A%20%20%22State%22%2C%0A%20%20%22Source%22%0A%20%5D%2C%0A%20%22rows%22%3A%20%5B%0A%20%20%5B%0A%20%20%20%22Global%20energy%20investment%22%2C%0A%20%20%20%223.4%22%2C%0A%20%20%20%22USD%20trillion%22%2C%0A%20%20%20%222026%22%2C%0A%20%20%20%22ESTIMATED%22%2C%0A%20%20%20%22%5B1%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Electricity%20supply%20and%20infrastructure%20investment%22%2C%0A%20%20%20%221.6%22%2C%0A%20%20%20%22USD%20trillion%22%2C%0A%20%20%20%222026%22%2C%0A%20%20%20%22ESTIMATED%22%2C%0A%20%20%20%22%5B1%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22US%20overall%20infrastructure%20grade%22%2C%0A%20%20%20%22C%22%2C%0A%20%20%20%22letter%20grade%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B2%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22US%20ten-year%20investment%20gap%22%2C%0A%20%20%20%223.6%22%2C%0A%20%20%20%22USD%20trillion%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B2%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Overall%20natural%20disaster%20losses%22%2C%0A%20%20%20%22224%22%2C%0A%20%20%20%22USD%20billion%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B3%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Insured%20natural%20disaster%20losses%22%2C%0A%20%20%20%22108%22%2C%0A%20%20%20%22USD%20billion%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B3%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Overall%20losses%2C%20second%20reinsurer%20(trade%20report)%22%2C%0A%20%20%20%22220%22%2C%0A%20%20%20%22USD%20billion%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B4%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Cat%20bonds%20outstanding%20at%20year%20end%22%2C%0A%20%20%20%2261.3%22%2C%0A%20%20%20%22USD%20billion%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B5%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Global%20climate%20finance%22%2C%0A%20%20%20%221.9%22%2C%0A%20%20%20%22USD%20trillion%22%2C%0A%20%20%20%222023%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B6%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Adaptation%20finance%20tracked%22%2C%0A%20%20%20%2265%22%2C%0A%20%20%20%22USD%20billion%22%2C%0A%20%20%20%222023%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B6%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Adaptation%20finance%20needs%2C%20developing%20countries%22%2C%0A%20%20%20%22215%20to%20387%22%2C%0A%20%20%20%22USD%20billion%20a%20year%22%2C%0A%20%20%20%22to%202030%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B7%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Pledges%20to%20the%20loss%20and%20damage%20fund%22%2C%0A%20%20%20%22790.24%22%2C%0A%20%20%20%22USD%20million%22%2C%0A%20%20%20%22Sep%202025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B8%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Received%20by%20the%20loss%20and%20damage%20fund%22%2C%0A%20%20%20%22397.74%22%2C%0A%20%20%20%22USD%20million%22%2C%0A%20%20%20%22Sep%202025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B8%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22IMF%20resilience%20facility%20commitments%22%2C%0A%20%20%20%2210.3%22%2C%0A%20%20%20%22SDR%20billion%22%2C%0A%20%20%20%22Feb%202026%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B9%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22UK%20National%20Wealth%20Fund%20capital%20commitment%22%2C%0A%20%20%20%2227.8%22%2C%0A%20%20%20%22GBP%20billion%22%2C%0A%20%20%20%222026%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B13%5D%22%0A%20%20%5D%0A%20%5D%0A%7D\" download=\"NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-indicators.json\"><svg class=\"nrp-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 15V3\"\/><path d=\"M21 15v4a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2v-4\"\/><path d=\"m7 10 5 5 5-5\"\/><\/svg>Indicators, JSON<\/a><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">NOTES<\/p><p>Values are rounded as published. Estimates for different years and methods are not added. Figures from trade reports of a primary source carry that note in the reference list. A machine-readable copy of this table is published with the evidence bundle at release.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cb-s2\" aria-labelledby=\"nx-nrp-sr-14-cb-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cb-s2-h\"><span class=\"nrp-num\">B.2<\/span><span>Global source register<\/span><\/h2><p class=\"nrp-stand\">The governed source set behind this edition. Each source keeps its authority, coverage, cadence and role; categories describe origin, not truth.<\/p><h3 class=\"nrp-h3\">Domains bound by the register<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">ENE<\/li><li class=\"nf-ui-chip\">INF<\/li><li class=\"nf-ui-chip\">CLI<\/li><li class=\"nf-ui-chip\">FIN<\/li><li class=\"nf-ui-chip\">DEV<\/li><li class=\"nf-ui-chip\">WAT<\/li><li class=\"nf-ui-chip\">HLT<\/li><li class=\"nf-ui-chip\">AIC<\/li><li class=\"nf-ui-chip\">MIN<\/li><li class=\"nf-ui-chip\">TRD<\/li><\/ul><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-cb-tab3\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.3<\/span><span class=\"nrp-tbl-t\">Global source register<\/span><\/caption><thead><tr><th scope=\"col\">Source<\/th><th scope=\"col\">Category<\/th><th scope=\"col\">Coverage<\/th><th scope=\"col\">Period<\/th><th scope=\"col\">Cadence<\/th><th scope=\"col\">Role<\/th><\/tr><\/thead><tbody><tr><td>IEA launch material<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><td>intergovernmental agency<\/td><td>global<\/td><td>2026<\/td><td>annual<\/td><td>energy investment<\/td><\/tr><tr><td>ASCE Report Card<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td>professional body<\/td><td>US<\/td><td>2025<\/td><td>four-yearly<\/td><td>asset condition<\/td><\/tr><tr><td>Munich Re figures<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/td><td>reinsurer<\/td><td>global<\/td><td>2025<\/td><td>annual<\/td><td>disaster losses<\/td><\/tr><tr><td>Swiss Re reporting<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><td>reinsurer, via trade press<\/td><td>global<\/td><td>2025<\/td><td>annual<\/td><td>losses and cover<\/td><\/tr><tr><td>Artemis tracker<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><td>market tracker<\/td><td>global<\/td><td>2025<\/td><td>quarterly<\/td><td>cat bonds<\/td><\/tr><tr><td>CPI landscape<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/td><td>research body<\/td><td>global<\/td><td>2023<\/td><td>biennial<\/td><td>climate finance<\/td><\/tr><tr><td>UN climate finance decision<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n7\" aria-label=\"Note 7\">7<\/a><\/sup><\/td><td>UN process<\/td><td>global<\/td><td>2024<\/td><td>one-off<\/td><td>finance goal<\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">Loss and damage<\/a> fund report<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><td>UN process<\/td><td>global<\/td><td>2025<\/td><td>per meeting<\/td><td>fund resources<\/td><\/tr><tr><td>IMF resource adequacy paper<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n9\" aria-label=\"Note 9\">9<\/a><\/sup><\/td><td>multilateral lender<\/td><td>global<\/td><td>2026<\/td><td>annual<\/td><td>resilience facility<\/td><\/tr><tr><td>GAO High-Risk List<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n12\" id=\"nx-nrp-sr-14-cb-r12\" aria-label=\"Note 12\">12<\/a><\/sup><\/td><td>national audit office<\/td><td>US<\/td><td>2025<\/td><td>biennial<\/td><td>fiscal exposure<\/td><\/tr><\/tbody><\/table><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">FIXTURE PROHIBITION<\/p><p>No demonstration or reference-cartographic fixture is used as evidence in this edition. The publication gate checks every binding against this register.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cb-s3\" aria-labelledby=\"nx-nrp-sr-14-cb-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cb-s3-h\"><span class=\"nrp-num\">B.3<\/span><span>Regional reading, ten regional clusters<\/span><\/h2><p class=\"nrp-stand\">Map plates follow with the regional Baseline Editions, when boundary sources and public-safe resolutions are bound. This page gives the regional reading in table form and places no region in a league table.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-cb-tab4\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.4<\/span><span class=\"nrp-tbl-t\">Regional reading, ten regional clusters<\/span><\/caption><thead><tr><th scope=\"col\">Region<\/th><th scope=\"col\">Principal hazards<\/th><th scope=\"col\">Systems most exposed<\/th><th scope=\"col\">Baseline evidence<\/th><\/tr><\/thead><tbody><tr><td>North America<\/td><td>ageing assets; large insured losses; grant rounds<\/td><td>infrastructure, cover<\/td><td>ASCE<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n2\" aria-label=\"Note 2\">2<\/a><\/sup>; Munich Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n3\" aria-label=\"Note 3\">3<\/a><\/sup>; US grants<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n11\" id=\"nx-nrp-sr-14-cb-r11\" aria-label=\"Note 11\">11<\/a><\/sup><\/td><\/tr><tr><td>South America<\/td><td>hydropower dependence; floods<\/td><td>power, transport<\/td><td>regional statistics (not bound)<\/td><\/tr><tr><td>Europe<\/td><td>special funds; EU budget talks; adaptation lending<\/td><td>energy, adaptation<\/td><td>Germany<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n15\" id=\"nx-nrp-sr-14-cb-r15\" aria-label=\"Note 15\">15<\/a><\/sup>; EU<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n20\" id=\"nx-nrp-sr-14-cb-r20\" aria-label=\"Note 20\">20<\/a><\/sup>; EIB<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n44\" id=\"nx-nrp-sr-14-cb-r44\" aria-label=\"Note 44\">44<\/a><\/sup><\/td><\/tr><tr><td>Eurasia<\/td><td>conflict damage and recovery needs<\/td><td>energy, heat<\/td><td>sibling editions (not bound here)<\/td><\/tr><tr><td>Middle East and North Africa<\/td><td>energy security priorities<\/td><td>energy, water<\/td><td>IEA<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><\/tr><tr><td>Africa<\/td><td>adaptation finance gap<\/td><td>power, adaptation<\/td><td>UN decision<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n7\" aria-label=\"Note 7\">7<\/a><\/sup>; CPI<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/td><\/tr><tr><td>South Asia<\/td><td>central capital spending; cyclones and floods<\/td><td>transport, energy<\/td><td>India budget<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n18\" id=\"nx-nrp-sr-14-cb-r18\" aria-label=\"Note 18\">18<\/a><\/sup><\/td><\/tr><tr><td>East Asia<\/td><td>five-year national resilience plan<\/td><td>infrastructure<\/td><td>Japan plan<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n16\" id=\"nx-nrp-sr-14-cb-r16\" aria-label=\"Note 16\">16<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n17\" id=\"nx-nrp-sr-14-cb-r17\" aria-label=\"Note 17\">17<\/a><\/sup><\/td><\/tr><tr><td>ASEAN<\/td><td>finance gap and equipment imports<\/td><td>energy, ports<\/td><td>IEA<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><\/tr><tr><td>Oceania-Pacific<\/td><td>national disaster fund; island exposure<\/td><td>resilience grants<\/td><td>Australia fund<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n19\" id=\"nx-nrp-sr-14-cb-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/td><\/tr><\/tbody><\/table><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">MAP PLATES WITH THE REGIONAL EDITIONS<\/p><p>Each plate will carry its boundary source and version, projection, resolution, classification, uncertainty encoding and public-safe transform, with text and table alternatives.<\/p><\/aside><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Regional readings summarise the cited evidence. They are not risk ratings of any region or country.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cb-s4\" aria-labelledby=\"nx-nrp-sr-14-cb-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cb-s4-h\"><span class=\"nrp-num\">B.4<\/span><span>Regional card: national portfolios side by side<\/span><\/h2><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">national<\/li><li class=\"nf-ui-chip\">budget<\/li><li class=\"nf-ui-chip\">fund<\/li><li class=\"nf-ui-chip\">plan<\/li><\/ul><dl class=\"nrp-dl\"><dt>Systems in view<\/dt><dd>energy, assets, adaptation, recovery<\/dd><dt>Defining items<\/dt><dd>Japan plan, Australian fund, German special fund, US grant round<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n16\" aria-label=\"Note 16\">16<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n19\" aria-label=\"Note 19\">19<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n15\" aria-label=\"Note 15\">15<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-14-cb-n11\" aria-label=\"Note 11\">11<\/a><\/sup><\/dd><dt>Couplings<\/dt><dd>FIN \u2192 INF; FIN \u2192 DEV<\/dd><dt>Capability evidence<\/dt><dd>plans and funds exist; payment and upkeep shares are not consolidated<\/dd><dt>Gaps<\/dt><dd>common basis; upkeep share; private flows<\/dd><dt>Agenda items<\/dt><dd>P-01 \u00b7 P-03<\/dd><\/dl><div class=\"nrp-cards\"><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">The government set a plan of more than 20 trillion yen for fiscal 2026 to 2030 [16].<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">JAPAN<\/h3><p>Five-year plan<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">The Commonwealth committed AUD 1 billion over five years from 1 July 2023 to 30 June 2028 [19].<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">AUSTRALIA<\/h3><p>National fund<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">The fund sets EUR 100 billion for a climate fund and EUR 100 billion for the states over twelve years [15].<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">GERMANY<\/h3><p>Special fund<\/p><\/article><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">evidence<\/p><p>Regional cards are generated with the regional Baseline Editions. The national portfolio card is shown first because the three plans are published and differ in unit, period and scope.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cb-s5\" aria-labelledby=\"nx-nrp-sr-14-cb-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cb-s5-h\"><span class=\"nrp-num\">B.5<\/span><span>How countries appear in the global edition<\/span><\/h2><p class=\"nrp-stand\">Countries enter the resilience investment edition through the investment chapters of their own national editions, on one card grammar. They are read against peer distributions and thresholds, never placed in a league table.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-cb-tab5\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.5<\/span><span class=\"nrp-tbl-t\">How countries appear in the global edition<\/span><\/caption><thead><tr><th scope=\"col\">Card field<\/th><th scope=\"col\">What it shows<\/th><th scope=\"col\">Source<\/th><\/tr><\/thead><tbody><tr><td>WEFH+B state<\/td><td>each core system against peer distribution bands<\/td><td>national edition<\/td><\/tr><tr><td>Couplings<\/td><td>the national dependency matrix<\/td><td>national edition<\/td><\/tr><tr><td>Risk objects<\/td><td>the national risk portfolio<\/td><td>national edition<\/td><\/tr><tr><td>Capability rungs<\/td><td>the national capability ladder<\/td><td>national edition<\/td><\/tr><tr><td>Evidence age<\/td><td>oldest and newest source dates<\/td><td>national source register<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Editions in the 2026 Baseline programme<\/h3><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">26<\/span><span class=\"nrp-cell-u\">national<\/span><p>countries and unions<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">10<\/span><span class=\"nrp-cell-u\">regional<\/span><p>clusters<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">16<\/span><span class=\"nrp-cell-u\">global<\/span><p>flagship and sector<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">14<\/span><span class=\"nrp-cell-u\">strategic<\/span><p><a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a> reports<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">20<\/span><span class=\"nrp-cell-u\">frontier<\/span><p>technology reports<\/p><\/div><\/div><h3 class=\"nrp-h3\">How to read a country card<\/h3><ul class=\"nrp-list\"><li>Each system is shown against the distribution of its peers, with thresholds where they exist<\/li><li>Couplings and risk objects come from the country\u2019s own national edition<\/li><li>Capability rungs record evidence, not a judgement of institutions<\/li><li>Evidence age is printed, so older national data are visible as such<\/li><\/ul><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-cb-tab6\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.6<\/span><span class=\"nrp-tbl-t\">National Baseline Editions in the 2026 programme<\/span><\/caption><thead><tr><th scope=\"col\">Wave<\/th><th scope=\"col\">Countries and unions<\/th><th scope=\"col\">State<\/th><\/tr><\/thead><tbody><tr><td>W0<\/td><td>Canada<\/td><td>ISSUED<\/td><\/tr><tr><td>W1<\/td><td>United States, United Kingdom, France, Germany, Italy, Japan, European Union, Switzerland<\/td><td>PLANNED<\/td><\/tr><tr><td>W2<\/td><td>Mexico, Brazil, Argentina, T\u00fcrkiye, Russian Federation, Saudi Arabia, United Arab Emirates, South Africa, Senegal, Kenya, African Union, India, China, Republic of Korea, Indonesia, Singapore, Australia<\/td><td>PLANNED<\/td><\/tr><\/tbody><\/table><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>External rankings, where cited, keep their own method and source. Nexus never converts them into a rating, and each country\u2019s ownership of its national edition is unaffected by its appearance here.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cb-s6\" aria-labelledby=\"nx-nrp-sr-14-cb-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cb-s6-h\"><span class=\"nrp-num\">B.6<\/span><span>Licences<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-cb-tab7\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.7<\/span><span class=\"nrp-tbl-t\">Licences of each kind of material<\/span><\/caption><thead><tr><th scope=\"col\">Material<\/th><th scope=\"col\">Licence<\/th><\/tr><\/thead><tbody><tr><td>Text<\/td><td>CC BY 4.0<\/td><\/tr><tr><td>Data<\/td><td>on the licence of each source; Nexus tables CC BY 4.0<\/td><\/tr><tr><td>Figures<\/td><td>Nexus figures CC BY 4.0; third-party as credited<\/td><\/tr><tr><td>Maps<\/td><td>boundary source and licence printed on each plate<\/td><\/tr><tr><td>Metadata<\/td><td>CC0 1.0, as Zenodo publishes it<\/td><\/tr><tr><td>Third-party data, figures and text<\/td><td>The source&#8217;s own licence, credited where it is used; never relicensed<\/td><\/tr><\/tbody><tfoot><tr><td colspan=\"2\">Nexus-authored text, tables and figures: CC BY 4.0 (SPDX CC-BY-4.0). Map plates print their boundary source and licence.<\/td><\/tr><\/tfoot><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cb-s7\" aria-labelledby=\"nx-nrp-sr-14-cb-s7-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cb-s7-h\"><span class=\"nrp-num\">B.7<\/span><span>Formats and provenance<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-cb-tab8\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.8<\/span><span class=\"nrp-tbl-t\">This edition in every format<\/span><\/caption><thead><tr><th scope=\"col\">Format<\/th><th scope=\"col\">Kind<\/th><th scope=\"col\">State<\/th><th scope=\"col\">What it is<\/th><th scope=\"col\">Identifier<\/th><\/tr><\/thead><tbody><tr><td>Web edition<\/td><td><span class=\"nrp-mono\">HTML<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"here\">On this site<\/span><\/td><td>Draft in stewardship review; every value resolves to its source.<\/td><td><span class=\"nrp-mono\">NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-v1.0.0<\/span><\/td><\/tr><tr><td>Print edition<\/td><td><span class=\"nrp-mono\">PDF<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"release\">At release<\/span><\/td><td>A4 portrait \u00b7 screen, print and archival PDF, signed with the web edition at release.<\/td><td><span class=\"nrp-mono\">NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-v1.0.0<\/span><\/td><\/tr><tr><td>Indicator data<\/td><td><span class=\"nrp-mono\">CSV \u00b7 JSON<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"here\">On this site<\/span><\/td><td>15 indicators with unit, year, status and source; the machine-readable copy ships with the evidence bundle at release.<\/td><td><span class=\"nrp-mono\">NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE data release v1<\/span><\/td><\/tr><tr><td>Figures<\/td><td><span class=\"nrp-mono\">SVG \u00b7 PNG<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"here\">On this site<\/span><\/td><td>4 on the web edition: headline figure, figure 1.3, coupling instrument, capability ladder.<\/td><td><span class=\"nrp-mono\">FIG-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-*<\/span><\/td><\/tr><tr><td>Slides<\/td><td><span class=\"nrp-mono\">PDF<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"none\">Not recorded<\/span><\/td><td>No slide deck is recorded for this edition.<\/td><td><span class=\"nrp-mono\"><\/span><\/td><\/tr><tr><td>Evidence brief<\/td><td><span class=\"nrp-mono\">HTML \u00b7 PDF<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"none\">Not recorded<\/span><\/td><td>No evidence brief is recorded for this edition.<\/td><td><span class=\"nrp-mono\"><\/span><\/td><\/tr><tr><td>Dataset with DOI<\/td><td><span class=\"nrp-mono\">DataCite<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"release\">At release<\/span><\/td><td>Concept and version DOI are minted at deposit; none is recorded yet.<\/td><td><span class=\"nrp-mono\"><\/span><\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Provenance<\/h3><dl class=\"nrp-dl\"><dt>Edition pack<\/dt><dd>The edition&#8217;s content pack (JSON), from which the print and web editions are built<\/dd><dt>Evidence cut<\/dt><dd>DC-STRATEGIC-INVESTMENT-GLOBAL-2026-B0, closed 30 September 2026<\/dd><dt>Reproducibility<\/dt><dd>sourced values cited; analytical values reproducible from stated parameters<\/dd><dt>Self-check<\/dt><dd>14 of 23 at evidence close; a fail on any item blocks release<\/dd><dt>Review<\/dt><dd>five passes scheduled before release (in Annex C)<\/dd><dt>Publisher of record<\/dt><dd>GCRI for the Nexus Consortium<\/dd><dt>Corrections<\/dt><dd>Registry correction pathway; upheld corrections are published as notices with a new version<\/dd><\/dl><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cb-notes\" aria-labelledby=\"nx-nrp-sr-14-cb-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cb-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-14-cb-n1\"><span class=\"nrp-notes-n\">1<\/span><span>IEA (ed.), World Energy Investment 2026, launch presentation (11 pages, Paris, 28 May 2026; global energy investment USD 3.4 trillion in 2026 estimate against USD 2.6 trillion in 2015; electricity supply and infrastructure USD 1.6 trillion). International Energy Agency, Paris. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n2\"><span class=\"nrp-notes-n\">2<\/span><span>ASCE (ed.), 2025 Report Card for America\u2019s Infrastructure (overall grade C; ten-year investment gap USD 3.6 trillion; energy D+, drinking water C\u2212, dams D+). American Society of Civil Engineers, Reston. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Munich Re (ed.), Natural disaster figures for 2025 (media information, 2026; overall losses about USD 224 billion; insured losses about USD 108 billion; weather events 92% of overall losses; Los Angeles wildfires about USD 53 billion overall). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Artemis (ed.), report on the Swiss Re Institute sigma 1\/2026 natural catastrophe figures for 2025 (insured losses USD 107 billion; overall losses USD 220 billion; about 49% insured; 92% of insured losses from secondary perils; 80 to 90% of losses typically uninsured in emerging economies). Read in this trade report, not in the sigma itself. Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 catastrophe-bond\" data-tk=\"Nexus risk vocabulary\" data-td=\"A security that transfers a defined catastrophe risk to investors, whose principal is reduced if a specified event occurs.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/catastrophe-bond\/\" data-tgl=\"Global Risks Alliance glossary\">Catastrophe bond<\/a> market records that were broken in 2025 (issuance about USD 25.6 billion; outstanding market just over USD 61.3 billion; 122 new 144A and private deals). Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n6\"><span class=\"nrp-notes-n\">6<\/span><span>Climate Policy Initiative (ed.), Global Landscape of Climate Finance 2025 (publication page, 23 June 2025; global climate finance USD 1.9 trillion in 2023; adaptation finance USD 65 billion, likely an underestimate; international flows to emerging and developing economies USD 196 billion, 78% public). Climate Policy Initiative, London. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n7\"><span class=\"nrp-notes-n\">7<\/span><span>UNFCCC (ed.), New collective quantified goal on climate finance, decision text FCCC\/PA\/CMA\/2024\/L.22, 24 November 2024 (at least USD 300 billion a year by 2035; call for USD 1.3 trillion a year from all sources; adaptation finance needs USD 215 to 387 billion a year to 2030). United Nations Framework Convention on <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 climate-change\" data-tk=\"Nexus risk vocabulary\" data-td=\"A change in the state of the climate that persists for decades or longer, identified by shifts in averages and variability; in current practice, mainly the change driven by human emissions.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Climate Change<\/a>, Bonn. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n8\"><span class=\"nrp-notes-n\">8<\/span><span>UNFCCC (ed.), Report of the Board of the Fund for responding to <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">Loss and Damage<\/a>, addendum FCCC\/CP\/2025\/10\/Add.1, 10 November 2025 (pledges USD 790.24 million and amount received USD 397.74 million at 23 September 2025; 27 contributors). United Nations Framework Convention on Climate Change, Bonn. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n9\"><span class=\"nrp-notes-n\">9<\/span><span>IMF (ed.), 2026 Update of Resource Adequacy of the Poverty Reduction and Growth Trust, Resilience and Sustainability Trust, and Debt Relief Trusts, policy paper, 6 March 2026 (27 RSF arrangements; commitments SDR 10.3 billion, about USD 14 billion; five new RSFs in 2025 for SDR 3.4 billion). International Monetary Fund, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r9\" aria-label=\"Back to the first call of note 9\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n13\"><span class=\"nrp-notes-n\">13<\/span><span>National Wealth Fund (ed.), About us (capital commitment GBP 27.8 billion; mission to drive more than GBP 100 billion of finance; GBP 3 mobilised per GBP 1 invested over the long term). National Wealth Fund, Leeds. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r13\" aria-label=\"Back to the first call of note 13\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n12\"><span class=\"nrp-notes-n\">12<\/span><span>GAO (ed.), High-Risk List 2025 (38 areas; includes limiting the federal fiscal exposure by better managing climate change risks). US Government Accountability Office, Washington. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n11\"><span class=\"nrp-notes-n\">11<\/span><span>FEMA (ed.), Building Resilient Infrastructure and Communities (programme page updated 3 September 2026; fiscal years 2024 and 2025 funding opportunity of USD 1 billion published 25 March 2026; applications closed 23 July 2026). Federal Emergency Management Agency, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r11\" aria-label=\"Back to the first call of note 11\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n15\"><span class=\"nrp-notes-n\">15<\/span><span>Noerr (ed.), Bundestag approves exemption from the debt brake for defence spending and special funds for investments in infrastructure and climate protection (law-firm note; Bundestag vote 18 March 2025, Bundesrat 21 March 2025; EUR 100 billion for the Climate and Transformation Fund and EUR 100 billion for the states; twelve-year term). Noerr, Berlin. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n20\"><span class=\"nrp-notes-n\">20<\/span><span>European Parliament (ed.), European Competitiveness Fund, legislative observatory summary (proposed envelope EUR 234.3 billion for 2028 to 2034; multiannual financial framework described as a EUR 2 trillion budget). European Parliament, Brussels. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r20\" aria-label=\"Back to the first call of note 20\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n44\"><span class=\"nrp-notes-n\">44<\/span><span>EIB (ed.), EIB Group Climate Bank Roadmap Phase 2: 2026-2030 (publication page dated 3 October 2025; new target of EUR 30 billion for climate adaptation finance for 2026 to 2030, doubling 2021 to 2025 volumes). European Investment Bank, Luxembourg. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r44\" aria-label=\"Back to the first call of note 44\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n18\"><span class=\"nrp-notes-n\">18<\/span><span>Scroll (ed.), Budget 2026-27 proposes capital expenditure of Rs 12.2 lakh crore (report of 1 February 2026; 8.9% above the Rs 11.2 lakh crore budgeted for 2025-26; revised estimate Rs 10.9 lakh crore). Scroll.in, Mumbai. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r18\" aria-label=\"Back to the first call of note 18\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n16\"><span class=\"nrp-notes-n\">16<\/span><span>Tribune India (ed.), Japan approves 20 trillion yen plan for disaster resilient infrastructure (press agency report of 7 June 2025; more than 20 trillion yen over fiscal 2026 to 2030). Tribune India, Chandigarh. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r16\" aria-label=\"Back to the first call of note 16\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n17\"><span class=\"nrp-notes-n\">17<\/span><span>Cabinet Secretariat of Japan (ed.), Fundamental Plan for National Resilience (English page; the plan is reviewed about every five years; no five-year amount on the page read). Cabinet Secretariat, Tokyo. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r17\" aria-label=\"Back to the first call of note 17\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-14-cb-n19\"><span class=\"nrp-notes-n\">19<\/span><span>NSW Government (ed.), Disaster Ready Fund (page on the Commonwealth programme; AUD 1 billion nationally over five years from 1 July 2023 to 30 June 2028). New South Wales Government, Sydney. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-14-cb-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-14-part-references\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-14-cc-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/\">Global Resilience Investment and National Portfolios 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Annex C<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">References and record<\/h2><p class=\"nrp-lede\">Every source the edition rests on, the publication record, the corrections log and the open record.<\/p><p class=\"nrp-chap-meta\"><span>15 min read<\/span><span>0 figures<\/span><span>1 table<\/span><span>0 notes<\/span><span>NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cc-s1\" aria-labelledby=\"nx-nrp-sr-14-cc-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cc-s1-h\"><span class=\"nrp-num\">C.1<\/span><span>44 sources<\/span><\/h2><p class=\"nrp-stand\">NR-CIT-1, editor first. A DOI is linked where the source has one; Nexus records carry a <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/uni\/\" data-tc=\"UNI\" data-tk=\"Nexus Standards\" data-td=\"The universal identifier of every Nexus artifact (NS-1)\">UNI<\/a> once the catalogue allocates it (NS-1).<\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-14-ref-1\"><span class=\"nrp-notes-n\">1<\/span><span>IEA (ed.), World Energy Investment 2026, launch presentation (11 pages, Paris, 28 May 2026; global energy investment USD 3.4 trillion in 2026 estimate against USD 2.6 trillion in 2015; electricity supply and infrastructure USD 1.6 trillion). International Energy Agency, Paris. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-2\"><span class=\"nrp-notes-n\">2<\/span><span>ASCE (ed.), 2025 Report Card for America\u2019s Infrastructure (overall grade C; ten-year investment gap USD 3.6 trillion; energy D+, drinking water C\u2212, dams D+). American Society of Civil Engineers, Reston. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-3\"><span class=\"nrp-notes-n\">3<\/span><span>Munich Re (ed.), Natural disaster figures for 2025 (media information, 2026; overall losses about USD 224 billion; insured losses about USD 108 billion; weather events 92% of overall losses; Los Angeles wildfires about USD 53 billion overall). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 5, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-4\"><span class=\"nrp-notes-n\">4<\/span><span>Artemis (ed.), report on the Swiss Re Institute sigma 1\/2026 natural catastrophe figures for 2025 (insured losses USD 107 billion; overall losses USD 220 billion; about 49% insured; 92% of insured losses from secondary perils; 80 to 90% of losses typically uninsured in emerging economies). Read in this trade report, not in the sigma itself. Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 2, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 catastrophe-bond\" data-tk=\"Nexus risk vocabulary\" data-td=\"A security that transfers a defined catastrophe risk to investors, whose principal is reduced if a specified event occurs.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/catastrophe-bond\/\" data-tgl=\"Global Risks Alliance glossary\">Catastrophe bond<\/a> market records that were broken in 2025 (issuance about USD 25.6 billion; outstanding market just over USD 61.3 billion; 122 new 144A and private deals). Artemis, Bermuda. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 6, chapter 7, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-6\"><span class=\"nrp-notes-n\">6<\/span><span>Climate Policy Initiative (ed.), Global Landscape of Climate Finance 2025 (publication page, 23 June 2025; global climate finance USD 1.9 trillion in 2023; adaptation finance USD 65 billion, likely an underestimate; international flows to emerging and developing economies USD 196 billion, 78% public). Climate Policy Initiative, London. Observation year 2023. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 6, chapter 7, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-7\"><span class=\"nrp-notes-n\">7<\/span><span>UNFCCC (ed.), New collective quantified goal on climate finance, decision text FCCC\/PA\/CMA\/2024\/L.22, 24 November 2024 (at least USD 300 billion a year by 2035; call for USD 1.3 trillion a year from all sources; adaptation finance needs USD 215 to 387 billion a year to 2030). United Nations Framework Convention on <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 climate-change\" data-tk=\"Nexus risk vocabulary\" data-td=\"A change in the state of the climate that persists for decades or longer, identified by shifts in averages and variability; in current practice, mainly the change driven by human emissions.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Climate Change<\/a>, Bonn. Observation year 2024. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 6, chapter 7, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-8\"><span class=\"nrp-notes-n\">8<\/span><span>UNFCCC (ed.), Report of the Board of the Fund for responding to <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 loss-and-damage\" data-tk=\"Nexus risk vocabulary\" data-td=\"The harms from climate change that are not avoided by mitigation or adaptation, including economic and non-economic losses from extreme and slow-onset events. In policy usage it also names the arrangements to address\u2026\" data-ts=\"NRS-C1\" data-tr=\"draft\">Loss and Damage<\/a>, addendum FCCC\/CP\/2025\/10\/Add.1, 10 November 2025 (pledges USD 790.24 million and amount received USD 397.74 million at 23 September 2025; 27 contributors). United Nations Framework Convention on Climate Change, Bonn. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 6, chapter 7, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-9\"><span class=\"nrp-notes-n\">9<\/span><span>IMF (ed.), 2026 Update of Resource Adequacy of the Poverty Reduction and Growth Trust, Resilience and Sustainability Trust, and Debt Relief Trusts, policy paper, 6 March 2026 (27 RSF arrangements; commitments SDR 10.3 billion, about USD 14 billion; five new RSFs in 2025 for SDR 3.4 billion). International Monetary Fund, Washington. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 2, chapter 3, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-10\"><span class=\"nrp-notes-n\">10<\/span><span>IMF (ed.), Lending, 2026 IMF Annual Report (five RSF requests agreed in the year to 30 April 2026, about SDR 1.8 billion). International Monetary Fund, Washington. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-11\"><span class=\"nrp-notes-n\">11<\/span><span>FEMA (ed.), Building Resilient Infrastructure and Communities (programme page updated 3 September 2026; fiscal years 2024 and 2025 funding opportunity of USD 1 billion published 25 March 2026; applications closed 23 July 2026). Federal Emergency Management Agency, Washington. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 2, chapter 4, chapter 5, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-12\"><span class=\"nrp-notes-n\">12<\/span><span>GAO (ed.), High-Risk List 2025 (38 areas; includes limiting the federal fiscal exposure by better managing climate change risks). US Government Accountability Office, Washington. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-13\"><span class=\"nrp-notes-n\">13<\/span><span>National Wealth Fund (ed.), About us (capital commitment GBP 27.8 billion; mission to drive more than GBP 100 billion of finance; GBP 3 mobilised per GBP 1 invested over the long term). National Wealth Fund, Leeds. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 2<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-14\"><span class=\"nrp-notes-n\">14<\/span><span>HM Treasury and NISTA (eds.), UK Infrastructure: A 10 Year Strategy (publication page; published 19 June 2025; no funding total on the page). UK Government, London. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-15\"><span class=\"nrp-notes-n\">15<\/span><span>Noerr (ed.), Bundestag approves exemption from the debt brake for defence spending and special funds for investments in infrastructure and climate protection (law-firm note; Bundestag vote 18 March 2025, Bundesrat 21 March 2025; EUR 100 billion for the Climate and Transformation Fund and EUR 100 billion for the states; twelve-year term). Noerr, Berlin. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-16\"><span class=\"nrp-notes-n\">16<\/span><span>Tribune India (ed.), Japan approves 20 trillion yen plan for disaster resilient infrastructure (press agency report of 7 June 2025; more than 20 trillion yen over fiscal 2026 to 2030). Tribune India, Chandigarh. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-17\"><span class=\"nrp-notes-n\">17<\/span><span>Cabinet Secretariat of Japan (ed.), Fundamental Plan for National Resilience (English page; the plan is reviewed about every five years; no five-year amount on the page read). Cabinet Secretariat, Tokyo. Observation year 2023. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-18\"><span class=\"nrp-notes-n\">18<\/span><span>Scroll (ed.), Budget 2026-27 proposes capital expenditure of Rs 12.2 lakh crore (report of 1 February 2026; 8.9% above the Rs 11.2 lakh crore budgeted for 2025-26; revised estimate Rs 10.9 lakh crore). Scroll.in, Mumbai. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-19\"><span class=\"nrp-notes-n\">19<\/span><span>NSW Government (ed.), Disaster Ready Fund (page on the Commonwealth programme; AUD 1 billion nationally over five years from 1 July 2023 to 30 June 2028). New South Wales Government, Sydney. Observation year 2023. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-20\"><span class=\"nrp-notes-n\">20<\/span><span>European Parliament (ed.), European Competitiveness Fund, legislative observatory summary (proposed envelope EUR 234.3 billion for 2028 to 2034; multiannual financial framework described as a EUR 2 trillion budget). European Parliament, Brussels. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-21\"><span class=\"nrp-notes-n\">21<\/span><span>POST-CLOSE, context only: ESG Today (ed.), EIB unveils EUR 30 billion climate adaptation plan (trade report of 22 October 2026; at least EUR 30 billion for adaptation in 2026 to 2030). ESG Today, online. Observation year 2026. Accessed 2026-11-03. Post-close, context only: dated after the 30 September 2026 close; supports no baseline claim. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-22\"><span class=\"nrp-notes-n\">22<\/span><span>World Resources Institute (ed.), 4 things to know about the global adaptation challenge (commentary of 10 September 2019 on the Global Commission on Adaptation; USD 1.8 trillion invested 2020 to 2030 could yield USD 7.1 trillion net benefits; benefit-cost ratios about 2 to 1 to 10 to 1). World Resources Institute, Washington. Observation year 2019. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 3, chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-23\"><span class=\"nrp-notes-n\">23<\/span><span>UNVERIFIED, not opened: UNDRR (ed.), Global Assessment Report on Disaster <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-reduction\" data-tk=\"Nexus risk vocabulary\" data-td=\"Preventing new risk, reducing existing risk and managing residual risk, all contributing to resilience.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Risk Reduction<\/a> 2025: Resilience Pays, taken from search-result summaries; the report pages returned access errors; no figure used in the findings. United Nations Office for Disaster Risk Reduction, Geneva. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-24\"><span class=\"nrp-notes-n\">24<\/span><span>UNVERIFIED, not opened: Hallegatte, S., Rentschler, J. and Rozenberg, J., Lifelines: The Resilient Infrastructure Opportunity, cited from memory; no figure used. World Bank and GFDRR, Washington, 2019. Observation year 2019. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-25\"><span class=\"nrp-notes-n\">25<\/span><span>UNVERIFIED, not opened: Swiss Re Institute, sigma 1\/2026, Natural catastrophes in 2025, taken from a trade report and search-result summaries; the sigma page returned an access error. Swiss Re Institute, Zurich. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-26\"><span class=\"nrp-notes-n\">26<\/span><span>UNVERIFIED, not opened: Global Commission on Adaptation, Adapt Now: A Global Call for Leadership on Climate Resilience, 2019, known through a commentary that was opened [22]. Global Center on Adaptation, Rotterdam. Observation year 2019. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-27\"><span class=\"nrp-notes-n\">27<\/span><span>UNVERIFIED, not opened: Global Shield against Climate Risks, funding and payout reports, taken from search-result summaries; no figure used in the copy. Global Shield secretariat. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-28\"><span class=\"nrp-notes-n\">28<\/span><span>UNVERIFIED, not opened: UK Parliament, written statement HCWS717 on the 10 Year Infrastructure Strategy, June 2025, taken from search-result summaries; the page returned an access error; no figure used. UK Parliament, London. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-29\"><span class=\"nrp-notes-n\">29<\/span><span>UNVERIFIED, not opened: German Federal Ministry of Finance, Special fund infrastructure and climate neutrality (EUR 500 billion total, from a search summary); the page returned a service error. Bundesministerium der Finanzen, Berlin. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-30\"><span class=\"nrp-notes-n\">30<\/span><span>UNVERIFIED, not opened: Australian National Audit Office, Award of funding under the Disaster Ready Fund, audit report, taken from search-result summaries; the page returned a service error. Australian National Audit Office, Canberra. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-31\"><span class=\"nrp-notes-n\">31<\/span><span>UNVERIFIED, not opened: trade-press reports of the European Competitiveness Fund envelope (figures between EUR 409 billion and EUR 451 billion), taken from search-result summaries; the figures conflict with the Parliament summary [20]. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-32\"><span class=\"nrp-notes-n\">32<\/span><span>UNVERIFIED, not opened: Directive (EU) 2022\/2557 on the resilience of critical entities, Official Journal of the European Union, 2022, cited from memory. Observation year 2022. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-33\"><span class=\"nrp-notes-n\">33<\/span><span>UNVERIFIED, not opened: UNDRR (ed.), <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/hazards\/sendai-framework-alignment\/\">Sendai Framework<\/a> for Disaster Risk Reduction 2015 to 2030, cited from memory. United Nations Office for Disaster Risk Reduction, Geneva. Observation year 2015. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-34\"><span class=\"nrp-notes-n\">34<\/span><span>UNVERIFIED, not opened: United Nations, <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/climate\/paris-agreement-and-ndc-alignment\/\">Paris Agreement<\/a>, 2015, Article 2.1(c) on finance flows consistent with low-emission and climate-resilient development, cited from memory. United Nations, New York. Observation year 2015. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-35\"><span class=\"nrp-notes-n\">35<\/span><span>UNVERIFIED, not opened: UNEP (ed.), Adaptation Gap Report 2025: Running on Empty, taken from search-result summaries (needs USD 310 to 365 billion a year by 2035; international public adaptation finance USD 26 billion in 2023; 59% as debt); the report pages returned access errors. United Nations Environment Programme, Nairobi. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-36\"><span class=\"nrp-notes-n\">36<\/span><span>UNVERIFIED, not opened: IEA (ed.), World Energy Investment 2026 full report (grid investment near USD 550 billion in 2026, from press summaries); the report page returned an access error. International Energy Agency, Paris. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-37\"><span class=\"nrp-notes-n\">37<\/span><span>UNVERIFIED, not opened: Infrastructure Investment and Jobs Act, Public Law 117-58, 2021, cited from memory; the congressional research page returned an access error. United States Congress, Washington. Observation year 2021. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-38\"><span class=\"nrp-notes-n\">38<\/span><span>UNVERIFIED, not opened: Hallegatte, S., Rentschler, J. and Walsh, B., Building Back Better: Achieving Resilience through Stronger, Faster, and More Inclusive Post-Disaster Reconstruction. World Bank, Washington, 2018, cited from memory. Observation year 2018. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 3, chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-39\"><span class=\"nrp-notes-n\">39<\/span><span>UNVERIFIED, not opened: Rozenberg, J. and Fay, M., Beyond the Gap: How Countries Can Afford the Infrastructure They Need while Protecting the Planet. World Bank, Washington, 2019, cited from memory. Observation year 2019. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 3, chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-40\"><span class=\"nrp-notes-n\">40<\/span><span>UNVERIFIED, not opened: OECD (ed.), Good Governance for Critical Infrastructure Resilience. OECD Publishing, Paris, 2019, cited from memory. Observation year 2019. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-41\"><span class=\"nrp-notes-n\">41<\/span><span>UNVERIFIED, not opened: G20, Principles for Quality Infrastructure Investment, 2019, cited from memory. G20. Observation year 2019. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-42\"><span class=\"nrp-notes-n\">42<\/span><span>UNVERIFIED, not opened: ISO 14091:2021, Adaptation to climate change: guidelines on vulnerability, impacts and risk assessment. International Organization for Standardization, Geneva. Observation year 2021. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-43\"><span class=\"nrp-notes-n\">43<\/span><span>UNVERIFIED, not opened: IPCC, Climate Change 2022: Impacts, Adaptation and Vulnerability, Working Group II contribution to the Sixth Assessment Report. Cambridge University Press. Observation year 2022. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-14-ref-44\"><span class=\"nrp-notes-n\">44<\/span><span>EIB (ed.), EIB Group Climate Bank Roadmap Phase 2: 2026-2030 (publication page dated 3 October 2025; new target of EUR 30 billion for climate adaptation finance for 2026 to 2030, doubling 2021 to 2025 volumes). European Investment Bank, Luxembourg. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 2, chapter 6<\/span><\/span><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cc-s2\" aria-labelledby=\"nx-nrp-sr-14-cc-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cc-s2-h\"><span class=\"nrp-num\">C.2<\/span><span>Publication record<\/span><\/h2><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Publication<\/h3><dl class=\"nrp-dl\"><dt>Title<\/dt><dd>Strategic <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">Systems<\/a> Report 2026: Global Resilience Investment and National Portfolios, Baseline Edition<\/dd><dt>Series<\/dt><dd>Reports \u00b7 Strategic Systems Series SR-14<\/dd><dt>Edition<\/dt><dd>Baseline Edition 2026 \u00b7 inaugural annual<\/dd><dt>Version<\/dt><dd>v1.0.0 \u00b7 draft for stewardship review<\/dd><dt>Publication ID<\/dt><dd>NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-v1.0.0<\/dd><dt>Evidence close<\/dt><dd>30 September 2026<\/dd><dt>Publication date<\/dt><dd>October 2026<\/dd><dt>DOI<\/dt><dd>concept and version DOI at deposit<\/dd><\/dl><\/div><div><h3 class=\"nrp-h3\">Publisher<\/h3><dl class=\"nrp-dl\"><dt>Publisher of record<\/dt><dd>The Global Centre for Risk and Innovation (GCRI), for the Nexus Consortium<\/dd><dt>Place<\/dt><dd>Toronto<\/dd><dt>Editor<\/dt><dd>Saeed Valadbaygi, Chief Steward and Managing Editor<\/dd><dt>Stewards<\/dt><dd>GCRI \u00b7 technical truth \u00b7 GRF \u00b7 public meaning \u00b7 GRA \u00b7 capital meaning<\/dd><dt>Licence<\/dt><dd>text CC BY 4.0; data on the terms of each source<\/dd><dt>Copyright<\/dt><dd>\u00a9 2026 GCRI \u00b7 Nexus Consortium<\/dd><dt>Language<\/dt><dd>English (en-GB) source edition<\/dd><dt>Correspondence<\/dt><dd>Registry correction pathway \u00b7 editorial office<\/dd><\/dl><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">DISCLAIMER<\/p><p>This edition is published for research, planning and public understanding. It is not a government assessment, an official warning, a rating, a certification, investment advice or an operational authorisation. Reasonable care has been taken with every source; consult the cited originals before relying on any value.<\/p><\/aside><h3 class=\"nrp-h3\">Colophon<\/h3><dl class=\"nrp-dl\"><dt>Format<\/dt><dd>A4 portrait \u00b7 screen, print and archival PDF<\/dd><dt>Typefaces<\/dt><dd>Space Grotesk (display) \u00b7 Geist (text) \u00b7 IBM Plex Sans Italic (standfirsts) \u00b7 IBM Plex Mono (data)<\/dd><dt>Design standard<\/dt><dd>Reports Foundational Edition, Volume I, Part VII<\/dd><dt>Accessibility<\/dt><dd>tagged PDF and HTML targets; text alternatives for every figure<\/dd><dt>Production<\/dt><dd>Reports editorial team, GCRI<\/dd><\/dl><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">HOW TO CORRECT THIS EDITION<\/p><p>Report errors, omissions or objections through the Registry correction pathway. Each report is logged and answered; upheld corrections are published as notices with a new version, and the original remains resolvable.<\/p><\/aside><h3 class=\"nrp-h3\">Release path for this version<\/h3><div class=\"nrp-tblw\" id=\"nx-nrp-sr-14-cc-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table C.1<\/span><span class=\"nrp-tbl-t\">Release path for this version<\/span><\/caption><thead><tr><th scope=\"col\">Step<\/th><th scope=\"col\">What happens<\/th><th scope=\"col\">When<\/th><\/tr><\/thead><tbody><tr><td>Draft<\/td><td>editorial self-check complete at evidence close<\/td><td>October 2026<\/td><\/tr><tr><td>Steward review<\/td><td>five passes on the exact draft (keys T \u00b7 M \u00b7 F \u00b7 N)<\/td><td>Q4 2026<\/td><\/tr><tr><td>Approval<\/td><td>publication authority approves the exact digest<\/td><td>before release<\/td><\/tr><tr><td>Deposit<\/td><td>concept and version DOI minted; registry pointer set<\/td><td>at release<\/td><\/tr><tr><td>Succession<\/td><td>the 2027 resilience investment edition reports changes against this baseline<\/td><td>2027<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><dl class=\"nrp-dl\"><dt>Current version<\/dt><dd>v1.0.0 draft, stewardship review<\/dd><dt>Previous edition<\/dt><dd>none, first edition of the series<\/dd><dt>Next edition<\/dt><dd>NR-STRATEGIC-INVESTMENT-GLOBAL-2027-v1.0.0<\/dd><\/dl><\/div><div><dl class=\"nrp-dl\"><dt>Latest version<\/dt><dd>resolve the concept DOI or the registry record<\/dd><dt>Correction route<\/dt><dd>Registry correction pathway<\/dd><dt>Notice types<\/dt><dd>erratum \u00b7 addendum \u00b7 supersession \u00b7 withdrawal<\/dd><\/dl><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">NO CORRECTIONS \u2260 NO LIMITS<\/p><p>The absence of corrections does not mean the absence of limitations. Limitations and uncertainty are stated where they arise in the edition.<\/p><\/aside><\/section><div id=\"nx-nr-sr-14-corrections\"><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cc-s3\" aria-labelledby=\"nx-nrp-sr-14-cc-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cc-s3-h\"><span class=\"nrp-num\">C.3<\/span><span>Corrections log<\/span><\/h2><div class=\"nx-nr-corr\"><p class=\"nx-nr-corr-sum\"><span class=\"nx-nr-corr-n\">0<\/span><span>correction notices. No edition has been released yet, so none can be corrected; the log below lists each edition&#8217;s current version.<\/span><\/p><div class=\"nx-table-wrap\"><table class=\"nx-table nx-rd-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Edition<\/th><th scope=\"col\">Version<\/th><th scope=\"col\">Date<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Change<\/th><th scope=\"col\">Notice<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Edition\"><span class=\"nx-rd-code\">SR-14<\/span><\/td><td data-label=\"Version\" class=\"nx-rd-mono\">NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-v1.0.0<\/td><td data-label=\"Date\">October 2026<\/td><td data-label=\"State\">Draft<\/td><td data-label=\"Change\">Baseline Edition 2026, inaugural annual edition,<\/td><td data-label=\"Notice\">None<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-rd-source\">Notice types: erratum, addendum, supersession, withdrawal. A correction is a new version with a published notice; the earlier version stays resolvable, and no edition is ever edited in silence.<\/p><\/div><\/section><\/div><div id=\"nx-nr-sr-14-outputs\"><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cc-s4\" aria-labelledby=\"nx-nrp-sr-14-cc-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cc-s4-h\"><span class=\"nrp-num\">C.4<\/span><span>Open record<\/span><\/h2><div class=\"nx-nr-os\"><div class=\"nx-nr-os-card\"><h3>This edition&#8217;s open record<\/h3><dl class=\"nx-nr-os-kv\"><dt>Publication ID<\/dt><dd>NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE-v1.0.0<\/dd><dt>Desk identifier and series alias<\/dt><dd>NR-STR-SR-14-2026-BL<\/dd><dt>Collection<\/dt><dd>None<\/dd><dt>DOI<\/dt><dd>Concept and version DOI at deposit, on Zenodo with DataCite metadata<\/dd><dt>Versions<\/dt><dd>Each correction is a new version (isNewVersionOf); the concept DOI resolves to the latest<\/dd><dt>Bundle<\/dt><dd>RO-Crate 1.2 with CITATION.cff, CodeMeta and PROV-O provenance; a signed manifest<\/dd><dt>Licence<\/dt><dd><a class=\"nx-link\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\" rel=\"noopener\">CC BY 4.0<\/a> (SPDX CC-BY-4.0) for original material; metadata CC0 1.0<\/dd><\/dl><\/div><div class=\"nx-nr-os-card\"><h3>Credit and identity<\/h3><dl class=\"nx-nr-os-kv\"><dt>ORCID<\/dt><dd>Your iD in the deposit and the contribution record; DataCite can then add the work to your ORCID record<\/dd><dt>ROR<\/dt><dd>Your organisation by its ROR identifier, never by a typed name alone<\/dd><dt>CRediT<\/dt><dd>Conceptualization, Data curation, Formal analysis, Investigation, Methodology, Software, Validation, Visualisation, Writing, review and editing<\/dd><dt>Account<\/dt><dd>None needed to contribute; never a password<\/dd><\/dl><\/div><div class=\"nx-nr-os-card\"><h3>Find and follow<\/h3><p class=\"nx-p\">Search the open indexes for Global Resilience Investment and National Portfolios; software is cited by its SWHID from Software Heritage, and a quantified scenario run is preregistered on OSF before it is run. Annotation is your choice: Hypothesis opens this page in its own viewer.<\/p><ul class=\"nx-nr-os-links\"><li><a href=\"https:\/\/openalex.org\/works?search=Nexus%20Reports%20Global%20Resilience%20Investment%20and%20National%20Portfolios\" rel=\"noopener\">OpenAlex<\/a><\/li><li><a href=\"https:\/\/explore.openaire.eu\/search\/find?fv0=Nexus%20Reports%20Global%20Resilience%20Investment%20and%20National%20Portfolios&amp;f0=q\" rel=\"noopener\">OpenAIRE<\/a><\/li><li><a href=\"https:\/\/search.crossref.org\/search\/works?q=Nexus%20Reports%20Global%20Resilience%20Investment%20and%20National%20Portfolios\" rel=\"noopener\">Crossref<\/a><\/li><li><a href=\"https:\/\/commons.datacite.org\/?query=Nexus%20Reports%20Global%20Resilience%20Investment%20and%20National%20Portfolios\" rel=\"noopener\">DataCite Commons<\/a><\/li><li><a href=\"https:\/\/zenodo.org\/search?q=Nexus%20Reports%20Global%20Resilience%20Investment%20and%20National%20Portfolios\" rel=\"noopener\">Zenodo<\/a><\/li><li><a href=\"https:\/\/archive.softwareheritage.org\/\" rel=\"noopener\">Software Heritage<\/a><\/li><li><a href=\"https:\/\/osf.io\/prereg\/\" rel=\"noopener\">OSF preregistration<\/a><\/li><li><a href=\"https:\/\/via.hypothes.is\/https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/\" rel=\"noopener\">Annotate with Hypothesis<\/a><\/li><\/ul><\/div><div class=\"nx-nr-os-card\"><h3>Mirrors and harvest<\/h3><p class=\"nx-p\">The DOI is canonical. At release each signed bundle is also given an IPFS content identifier and a bloxberg anchor as mirrors; both are listed in the record once they exist. Zenodo exposes every record over OAI-PMH, and reviews and endorsements can arrive through COAR Notify where the repository supports it.<\/p><\/div><\/div><div class=\"nx-mt-3\"><figure class=\"nx-nr-code\"><figcaption class=\"nx-nr-code-cap\">InvenioRDM metadata for a contribution on Global Resilience Investment and National Portfolios, prefilled from this page<\/figcaption><pre class=\"nx-nr-pre\" tabindex=\"0\"><code>{&#10;  &quot;metadata&quot;: {&#10;    &quot;resource_type&quot;: {&#10;      &quot;id&quot;: &quot;dataset&quot;&#10;    },&#10;    &quot;title&quot;: &quot;Evidence on Global Resilience Investment and National Portfolios for Nexus Reports&quot;,&#10;    &quot;publication_date&quot;: &quot;YYYY-MM-DD&quot;,&#10;    &quot;creators&quot;: [&#10;      {&#10;        &quot;person_or_org&quot;: {&#10;          &quot;type&quot;: &quot;personal&quot;,&#10;          &quot;family_name&quot;: &quot;Your family name&quot;,&#10;          &quot;given_name&quot;: &quot;Your given name&quot;,&#10;          &quot;identifiers&quot;: [&#10;            {&#10;              &quot;scheme&quot;: &quot;orcid&quot;,&#10;              &quot;identifier&quot;: &quot;0000-0000-0000-0000&quot;&#10;            }&#10;          ]&#10;        },&#10;        &quot;affiliations&quot;: [&#10;          {&#10;            &quot;id&quot;: &quot;ROR identifier of your organisation&quot;&#10;          }&#10;        ]&#10;      }&#10;    ],&#10;    &quot;description&quot;: &quot;What it is, where its record is kept and how it bears on Strategic Systems Report 2026: Global Resilience Investment and National Portfolios.&quot;,&#10;    &quot;rights&quot;: [&#10;      {&#10;        &quot;id&quot;: &quot;cc-by-4.0&quot;&#10;      }&#10;    ],&#10;    &quot;subjects&quot;: [&#10;      {&#10;        &quot;subject&quot;: &quot;Nexus Reports&quot;&#10;      },&#10;      {&#10;        &quot;subject&quot;: &quot;Global Resilience Investment and National Portfolios&quot;&#10;      },&#10;      {&#10;        &quot;subject&quot;: &quot;Strategic Systems Report \u00b7 SR-14&quot;&#10;      }&#10;    ],&#10;    &quot;related_identifiers&quot;: [&#10;      {&#10;        &quot;identifier&quot;: &quot;https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/&quot;,&#10;        &quot;scheme&quot;: &quot;url&quot;,&#10;        &quot;relation_type&quot;: {&#10;          &quot;id&quot;: &quot;issupplementto&quot;&#10;        },&#10;        &quot;resource_type&quot;: {&#10;          &quot;id&quot;: &quot;publication-report&quot;&#10;        }&#10;      }&#10;    ],&#10;    &quot;version&quot;: &quot;1.0.0&quot;&#10;  },&#10;  &quot;custom_fields&quot;: {},&#10;  &quot;access&quot;: {&#10;    &quot;record&quot;: &quot;public&quot;,&#10;    &quot;files&quot;: &quot;public&quot;&#10;  },&#10;  &quot;files&quot;: {&#10;    &quot;enabled&quot;: true&#10;  },&#10;  &quot;parent&quot;: {&#10;    &quot;communities&quot;: {&#10;      &quot;default&quot;: &quot;nexusreports&quot;&#10;    }&#10;  }&#10;}<\/code><\/pre><\/figure><\/div><div class=\"nx-nr-os-hook\" data-nx-research-hub=\"slot\" data-nx-research-context=\"{&quot;org&quot;:&quot;GCRI&quot;,&quot;site&quot;:&quot;gcri&quot;,&quot;url&quot;:&quot;https:\/\/therisk.global\/nexus-reports\/editions\/sr-14\/&quot;,&quot;kind&quot;:&quot;edition&quot;,&quot;subject&quot;:&quot;Global Resilience Investment and National Portfolios&quot;,&quot;series&quot;:[&quot;Strategic Systems Report \u00b7 SR-14&quot;]}\" hidden><\/div><\/section><\/div><div id=\"nx-nr-sr-14-pillars\"><section class=\"nrp-block\" id=\"nx-nrp-sr-14-cc-s5\" aria-labelledby=\"nx-nrp-sr-14-cc-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-14-cc-s5-h\"><span class=\"nrp-num\">C.5<\/span><span>Where this edition sits among the six pillars<\/span><\/h2><p class=\"nrp-stand\">Foundry seals the evidence and Universe tests it; Reports publishes it; Standards takes its corrections and Academy teaches from it.<\/p><ol class=\"nx-pl-list\"><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>F03 Sealed observations and indicator series<\/strong> <span class=\"nx-pl-in\">Foundry<\/span> Sealed observations and indicator series behind a profile (closeout).<\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>F04 After-action and scenario findings for<\/strong> <span class=\"nx-pl-in\">Universe<\/span> After-action and scenario findings for chapters 10 and 13 (after action review).<\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>F05 National Portfolio movement for chapter<\/strong> <span class=\"nx-pl-in\">Foundry<\/span> National Portfolio movement for chapter 11 (after action review).<\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Applied in editions<\/strong> <span class=\"nx-pl-in\">Standards<\/span> <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/\" data-tc=\"Nexus Standards\" data-tk=\"Nexus Standards\" data-td=\"The foundation standards\">Nexus Standards<\/a>: applied in editions.<\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>SR-14 edition<\/strong> <span class=\"nx-pl-in\">Reports<\/span> Global Resilience Investment and National Portfolios 2026, published in every format with its sources, citation and corrections.<\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>F06 Method and correction findings as change<\/strong> <span class=\"nx-pl-in\">Standards<\/span> Method and correction findings as change proposals (correction).<\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>F12 Q4 synthesis informs the next-year<\/strong> <span class=\"nx-pl-in\">Universe<\/span> Q4 synthesis informs the next-year mandate (renewal).<\/li><li data-pillar=\"academy\" data-hue=\"risk\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Taught in the open<\/strong> <span class=\"nx-pl-in\">Academy<\/span> Risk Academy: taught in the open.<\/li><\/ol><p class=\"nx-caption\"><span>What Foundry and Universe hand to this edition, and what it hands to Standards, Universe and Academy. From the programme spine; SR-14 is a drafted Baseline Edition, so these handoffs run from its first operational quarter.<\/span><\/p><ul class=\"nx-pl-legend\" aria-label=\"Pillars\"><li data-pillar=\"labs\" data-hue=\"social\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-labs\/\">Labs<\/a><\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-foundry\/\">Foundry<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/universe.nexus\/\">Universe<\/a><\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/\">Nexus Standards<\/a><\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-reports\/\">Reports<\/a><\/li><li data-pillar=\"academy\" data-hue=\"risk\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/risksacademy.com\/\">Risk Academy<\/a><\/li><\/ul><div class=\"nx-table-wrap\"><table class=\"nx-table nx-rd-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Handoff<\/th><th scope=\"col\">Between<\/th><th scope=\"col\">What crosses, and when<\/th><\/tr><\/thead><tbody><tr data-pillar=\"foundry\"><td><span class=\"nx-rd-code\">F03<\/span><\/td><td>Foundry to Reports<\/td><td>Sealed observations and indicator series behind a profile (closeout).<\/td><\/tr><tr data-pillar=\"universe\"><td><span class=\"nx-rd-code\">F04<\/span><\/td><td>Universe to Reports<\/td><td>After-action and scenario findings for chapters 10 and 13 (after action review).<\/td><\/tr><tr data-pillar=\"foundry\"><td><span class=\"nx-rd-code\">F05<\/span><\/td><td>Foundry to Reports<\/td><td>National Portfolio movement for chapter 11 (after action review).<\/td><\/tr><tr data-pillar=\"standards\"><td><span class=\"nx-rd-code\">Ring<\/span><\/td><td>Nexus Standards to Reports<\/td><td>Nexus Standards: applied in editions.<\/td><\/tr><tr data-pillar=\"standards\"><td><span class=\"nx-rd-code\">F06<\/span><\/td><td>Reports to Nexus Standards<\/td><td>Method and correction findings as change proposals (correction).<\/td><\/tr><tr data-pillar=\"universe\"><td><span class=\"nx-rd-code\">F12<\/span><\/td><td>Reports to Universe<\/td><td>Q4 synthesis informs the next-year mandate (renewal).<\/td><\/tr><tr data-pillar=\"academy\"><td><span class=\"nx-rd-code\">Ring<\/span><\/td><td>Reports to Risk Academy<\/td><td>Risk Academy: taught in the open.<\/td><\/tr><\/tbody><\/table><\/div><\/section><\/div><\/div><\/article><\/div><\/div><div class=\"nrp-noprint\"><section id=\"nx-sec-nr-gateway\" class=\"nx-section\" data-hue=\"systemic\" data-tone=\"alt\" aria-labelledby=\"nx-nr-gateway-h\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">Reports<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Contribute<\/span><\/div><h2 id=\"nx-nr-gateway-h\" class=\"nx-section-title\">Send evidence or a correction on Global Resilience Investment and National Portfolios.<\/h2><p class=\"nx-lede\">Reports is the Consortium&#8217;s quarterly publication, written by six desks. This page sits with the GCRI <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">Systems<\/a> Evidence desk. What you know about this subject can become evidence, a case or a correction in the next edition, credited to you and published under CC BY 4.0 where it is your own work. Sent to the wrong desk, it is forwarded, not refused.<\/p><div class=\"nx-chips\"><span class=\"nx-chip\">GCRI Systems Evidence desk<\/span><span class=\"nx-chip\">Strategic Systems<\/span><\/div><\/div><div class=\"nx-section-body\"><ul class=\"nx-dest\"><li><a class=\"nx-dest-card\" href=\"https:\/\/therisk.global\/nexus-reports\/write-to-us\/contact\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Email<\/span><span class=\"nx-dest-host\">Gateway GW-GCRI<\/span><\/span><span class=\"nx-dest-title\">Send it from this page<\/span><span class=\"nx-dest-why\">Evidence, a correction, a case, a method, a review, a translation or profile input. It arrives tagged with this page, so the editor who owns it receives it.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><li><a class=\"nx-dest-card\" href=\"https:\/\/therisk.global\/nexus-reports\/open-science\/#nx-sec-zenodo\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Zenodo<\/span><span class=\"nx-dest-host\">Open deposit<\/span><\/span><span class=\"nx-dest-title\">Deposit it and submit to the community<\/span><span class=\"nx-dest-why\">Publish your own record on Zenodo with your ORCID iD, then submit it to the Reports community there. Curators review it; the DOI stays yours.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><li><a class=\"nx-dest-card\" href=\"https:\/\/therisk.global\/nexus-reports\/contribute\/#nx-sec-routing\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Reports<\/span><span class=\"nx-dest-host\">GCRI<\/span><\/span><span class=\"nx-dest-title\">See which desk takes what you have<\/span><span class=\"nx-dest-why\">The routing table opens the contribution page: what you have, the desk that takes it, how each contribution is reviewed and credited, and the licence.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><\/ul><div class=\"nx-live-slot\" data-nxf-slot=\"contribute\" data-nxf-kind=\"workflow\" data-nxf-resource=\"nexus:\/\/gcri\/nexus-reports\/editions\/sr-14\/full#contribute\" data-nxf-title=\"Contribute evidence\" data-nxf-height=\"480\" hidden><\/div><p class=\"nx-note nx-mt-3\">Never send personal data, sensitive infrastructure detail or anything you have no right to share. A contribution is reviewed before use; sending it confers no authorship or editorial rights, and sponsorship never buys a finding.<\/p><\/div><\/div><\/section><\/div><p class=\"nx-note\" data-nr-rights=\"true\"><a class=\"nx-link\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY 4.0<\/a> Free to read. Text and figures: CC BY 4.0. Data: CC0 1.0. Authors keep copyright. Published by GCRI Canada.<\/p><section class=\"nx-section nx-deeper-band\" aria-labelledby=\"nx-deeper-therisk-global-nexus-reports-editions-sr-14-full-h\"><div class=\"nx-container\"><nav class=\"nx-deeper\" aria-labelledby=\"nx-deeper-therisk-global-nexus-reports-editions-sr-14-full-h\" data-nx-deeper=\"3\" data-nx-resources=\"1 1 1\"><h2 class=\"nx-deeper-h\" id=\"nx-deeper-therisk-global-nexus-reports-editions-sr-14-full-h\">Go deeper<\/h2><ul><li><a href=\"https:\/\/docs.therisk.global\/organization\/model\/scenarios\/urban-flood\" data-ext><span class=\"nx-deeper-k\">Documentation:<\/span> Urban flood<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><li><a href=\"https:\/\/risksacademy.com\/risk-science\/risk-information-standards\/\" data-ext><span class=\"nx-deeper-k\">Academy:<\/span> Risk information standards and interoperability<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><li><a href=\"https:\/\/nexustandards.com\/data\/identification-standards\/\" data-ext><span class=\"nx-deeper-k\">Standards:<\/span> Identification (the UNI)<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><\/ul><\/nav><\/div><\/section><\/div><\/div><script class=\"_iub_cs_skip\">window.__nxMount ? window.__nxMount(document.currentScript) : null;<\/script><style>@media print { @page { margin: 20mm 17mm 20mm 17mm; @top-left { content: \"Nexus Reports\"; font: 500 7.5pt \"IBM Plex Mono\", monospace; color: #4a4a4a; } @top-right { content: \"Strategic Systems Report 2026: Global Resilience Investment and National Portfolios \\0000b7  Baseline Edition 2026\"; font: 400 7.5pt \"IBM Plex Sans\", sans-serif; color: #4a4a4a; } @bottom-left { content: \"NR-STRATEGIC-INVESTMENT-GLOBAL-2026-BASELINE \\0000b7  Draft, not released\"; font: 400 7pt \"IBM Plex Mono\", monospace; color: #4a4a4a; } @bottom-center { content: \"CC BY 4.0. 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