Climate change may seem too gradual to be an urgent investment factor. Scientists analyze the impact of a warming planet over centuries. Such a long-term view typically resides outside of most investment outlooks and political discussions. But factors related to climate change—regulation, municipal efforts at adaptation to sea-level rise, and subsidies for renewables, to name a few—are already creating winners and losers. Examples of potential beneficiaries could be infrastructure companies and renewable-energy companies.