Water...
but not the 'water industry'
Hydroclimatic Risk refers to climate-change-induced water-related headaches outside of the 'water industry'
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Scalable as a result of breakthroughs in IoT, EO, AI, and edge computing, which have dramatically lowered the cost of advanced water-risk mgmt—unlocking adoption at scale across industries and geographies that previously could not afford these tools.
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Data on hydroclimatic risks is a long-term asset can be monetized across sectors, creating recurring revenue streams and defensible competitive moats.
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Impact in hydroclimatic risk is tangible. Beyond financial returns, investments in tools that democratize access to adaptation, help protect vulnerable communities, preserve critical ecosystems, and ensure that resilience is not a privilege for the few but a shared capability for all.
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Spending on technology solutions to manage hydroclimatic risks is projected to go from $425 billion in 2024 to $1.27 trillion by 2030, far surpassing spending on wildfires, wind, pests, and extreme temperatures.
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Dealflow of early-stage companies focused on hydroclimatic risk is broad and deep, spanning earth observation, in-situ monitoring, AI, digital twins, and a myriad of digital applications for sectors that face water quantity/ quality risks.
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Exit markets are actionable, including a wide range of corporates and private equity seeking to acquire innovations that help industry & society adapt to hydroclimatic risk in our new climate reality.
Wait, so this isn't the 'water industry'?
Hydroclimatic Risk
Water risk is fundamentally hydroclimatic risk—financial and operational exposure created by climate-driven disruptions to the water cycle, including floods, droughts, and surface water degradation. These forces increasingly threaten assets, supply chains, and communities at scale.
Beyond the Water Utility Sector
This domain is distinct from the traditional water and wastewater utility industry and the ecosystem that gathers around events like AWWA Annual Conference & Exposition and WEFTEC. While utilities manage water (and wastewater) infrastructure, hydroclimatic risk concerns the broader economic consequences of water-cycle disruption.
Cross-Economy Exposure
As a result, hydroclimatic risk spans industries far beyond water and wastewater utilities—including infrastructure, agriculture, energy, logistics, insurance, and the built environment—where climate-driven changes in water availability and movement create new operational and financial risks.
Hydroclimatic Risk... defined
This isn't our term. It's theirs.
The term 'Hydroclimatic Risk' was not coined in a fund manager's office — it is the language of the world's leading climate scientists. The Potsdam Institute for Climate Impact Research (PIK), ranked among the top environmental think tanks worldwide and led by Earth scientist Johan Rockström, maintains a dedicated research group called Hydroclimatic Risks — focused on cross-sectoral impact assessments to analyze societal feedbacks, support adaptation planning, and improve resilience across agriculture, water resources, and broader economic systems. When the best minds in climate science needed a term precise enough to describe what is happening to the world's water cycle, this is the one they reached for.
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We saw the gap between the science and the capital markets...snd filled It.
Mazarine Climate was founded on the conviction that this scientific framework needed a corresponding investment thesis. As climate change destabilizes the water cycle — producing extremes of too much, too little, or impaired water — the financial exposures that follow are material, mispriced, and accelerating. We invest at the intersection of hydroscience and capital markets, backing the companies building solutions to the defining physical risk of the coming decades.
A primer on Hydroclimatic Risk
TOO MUCH WATER
Rising sea levels, floods, and extreme rainstorms are disrupting infrastructure, supply chains, and property values.
TOO LITTLE WATER
Droughts and water scarcity threaten power generation, supply chains, and business operations.
IMPAIRED WATER
Harmful algal blooms and saltwater intrusion result in public health & safety threats and biodiversity loss.
These hydroclimatic risks go far beyond
simply water/wastewater utilities
Hydroclimatic Risk = Pain & Suffering
Where is the money in hydroclimatic risk?
We are experts in this
Deep expertise in hydroclimatic risk & Industry 4.0 solutions
Strong industry network with corporates & follow-on investors
Highly specialised investment thesis