There is a familiar way of describing the climate adaptation challenge in agriculture.

Climate risks are increasing. Smallholder farmers are highly exposed. Solutions already exist: drought-resilient seeds, solar irrigation, cold storage, weather advisory, water-management systems, renewable-energy technologies and better post-harvest infrastructure. Yet adoption remains low.

From there, the discussion often moves quickly to finance.

Farmers cannot afford the technologies. Local enterprises cannot finance inventory. Banks are reluctant to lend. Adaptation capital is insufficient. Therefore, more finance is required.

There is truth in each of these statements.

But...