HeyJaredThe Risk & Resilience Ledger
Writing on the architecture behind climate resilience, disaster risk finance, and nature finance - who pays, who bears risk, and what actually changes.
- Indexed issues, last 90 days
- 4
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- Sep 14, 2026
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- Jul 7, 2026
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When Finance Becomes the Objective (opens the original)
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I have spent much of my career working on what is often called innovative finance. When I encounter a proposed climate or nature finance instrument, or a request for proposals built around one, I usually ask what exactly needs financing. Lately, though, I have started to think that asking what needs financing still assumes finance is the starting point.Before asking how to finance something, we should start with the outcome we are trying to achieve: nature finance exists because we want to conse
Follow the Risk, Trace the Cash Flows, Test the Instrument (opens the original)
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The Risk & Resilience Ledger recently passed 1,000 subscribers.Many of you arrived through different posts – on insurance withdrawal, nature as an asset class, catastrophe bonds, watershed finance, debt conversions or, most recently, what a nature bond actually finances. Across them, a common method emerged: follow what happens to the underlying risk; trace how money moves from payer to allocation and expenditure, and what outcomes follow; and test whether the instrument matches the constraint i
What Does a Nature Bond Actually Finance? (opens the original)
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In the last post, I argued that the word “bond” is doing too much work across climate and nature finance. This post applies a simple reading test to Ecobank’s recent Sustainable Agriculture and Natural Capital Bond: what happens to the money, what creates the link to nature, and who ultimately bears the risk.Here, a labelled bond means a bond carrying a sustainability-related designation – such as green, blue or nature – under a framework that defines eligible use
The Word “Bond” Is Doing Too Much Work in Climate and Nature Finance (opens the original)
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In climate and nature finance, almost everything now seems to be called a bond: green bonds, blue bonds, sustainability-linked bonds, outcome bonds, impact bonds, catastrophe bonds, resilience bonds.There is a reason for that. “Bond” carries weight. It signals scale, investor participation, legal structure, and capital-market credibility. It suggests that a problem has moved beyond grants, pilots, and policy ambition into the world of investable financial structures.But the same word is now bein
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