The sixth assessment report of the Intergovernmental Panel on Climate Change (IPCC), calls for urgent and bold mitigation and adaptation actions to seize the narrow but rapidly disappearing window of opportunities—to secure a livable future for all. This report was based on even more compelling scientific evidence referred to as “code red.” Despite more adaptation that is occurring, these are highly uneven and adaptation gap is expected to widen in some of the most vulnerable countries. Adaptation has, so far, been supported predominantly by the public sector. To effectively address the adaptation gap, particularly during the post-COVID-19 era when public finance is under more severe strain, private sector engagement is essential.