In emerging markets, climate changethreatens infrastructure that is critical for development.Roads, airports, water systems, and power plants arevulnerable to weather changes. Severe storms and majordroughts can disrupt economic activity. Because privatecompanies and investors in emerging markets often manageinfrastructure projects through public-private partnerships,they will now need to address climate change risks whenplanning and building these projects. The uncertainty ofsuch risks has made incorporating them into project planninga challenge, but new tools and approaches, includinginsurance, are helping PPPs better respond to climate risks.