Citigroup Inc. says a failure to cut greenhouse gas emissions at the pace needed to limit climate change means more capital is required to protect homes, cities and infrastructure from extreme weather events.

“A slowing or stagnant advancement in climate-change mitigation increases the pressure to adapt to a changing climate,” Georgina Smartt, a director of environmental, social and governance research at Citigroup, and a team of analysts wrote in a report published Tuesday. That “creates significant opportunities,” particularly in the emerging markets, they said.