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The scale of climate change adaptation investments demands robust assessments of the expected and actual returns. We need to know how effectively adaptation keeps development on track and equally importantly how equitably adaptation costs and benefits are distributed. Adaptation initiatives may be placed into three broad categories: addressing the existing ‘adaptation deficit’; managing incremental changes in climate-related risks; and proactively addressing the more profound longer term manifestations and impacts of climate change by transforming or replacing existing systems and practices.