Overcoming Barriers and Solutions for Catalysing Private Capital in Climate Adaptation: A Stakeholder‐Informed Agenda for Hong Kong's Intermediary Role in Southeast Asia

ABSTRACT This study investigates stakeholder perspectives on mobilising private‐sector finance for climate adaptation in Southeast Asia, emphasising Hong Kong's role as a financial intermediary. Through semi‐structured interviews with diverse stakeholders, including practitioners, policymakers, insurers, and project developers, we employed a grounded theory approach to identify key themes. The findings reveal significant opportunities for private capital across five adaptation domains: flood resilience, energy resilience, early warning systems, digital infrastructure resilience, and insurance coverage. However, stakeholders also identified barriers, such as fragmented project pipelines, the public‐good nature of adaptation initiatives, and challenges in quantifying adaptation risks. To overcome these obstacles, participants advocated for a Hong Kong‐based Adaptation Aggregation Facility, developing blended‐finance instruments, and introducing an adaptation taxonomy with disclosure protocols to enhance local capacity. Policy implications highlight the need for seed capital, credit enhancements, tax incentives, and regulatory sandboxes to attract private investment. This study provides actionable insights for scaling private adaptation finance and underscores priorities for further interdisciplinary and practice‐oriented research.