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The private sector is already experiencing the impacts of climate change, from increased operational costs to disrupted production. Investors are increasingly asking companies to disclose these risks as the physical consequences of climate change become financially material. In reviewing more than 1,600 corporate adaptation strategies, we find significant blind spots in companies' assessments of climate change impacts and in their development of strategies for managing them. Adaptation approaches that consider broader climate change risks to supply chains, customers and employees, and that integrate ecosystem-based strategies, could limit the 'tragedy of the horizon' characterized by inadequate and too-late action.