Mitigation and adaptation spending are not equivalent. Mitigation spending will go to new energy systems, new public transit systems, new agricultural systems. It will yield innovation, higher productivity, new jobs, and improved quality of life. It’s like paying for your kid to go to college or building a factory for your business — the high upfront costs yield substantial long-term returns, paying themselves back many times over. Mitigation spending is investment. Adaptation spending isn’t like that. It goes to maintaining the value of existing investments. It’s as though the maintenance costs on your factory doubled. You’re not getting any additional value out of the factory, you’re just putting more money in. Adaptation spending is pure cost, a net loss that displaces other productive investments.