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This study examines whether urban adaptation governance reduces these frictions. Using nonfinancial A\u2010share firms listed in Shanghai and Shenzhen from 2012 to 2025, we construct a firm\u2013year panel of disclosed physical energy inputs and exploit the staggered rollout of China's Climate Adaptation City Pilots. Firm and year fixed\u2010effects estimates show a significant decline in energy input intensity after cities enter the effective pilot period, with no systematic pretreatment differences. The result is robust to matched difference\u2010in\u2010differences, double machine learning, placebo timing, alternative measures, sample adjustments, and alternative policy\u2010timing specifications. Energy\u2010input and revenue\u2010side analyses indicate that the decline is primarily reflected in lower aggregate energy inputs rather than revenue expansion. The mechanism analysis provides evidence consistent with a pollution\u2010control practices channel. The effect is stronger for firms with greater energy dependence, firms in cities with higher baseline pollution pressure, and firms with lower pre\u2010existing environmental\u2010governance investment, but weakens as managerial environmental\u2010governance cognition and the breadth of city energy\u2010transition governance agendas increase. Urban risk governance can therefore influence firms\u2019 real resource allocation by improving the operating conditions of production.<\/jats:p>","DOI":"10.1111\/nyas.70393","type":"journal-article","created":{"date-parts":[[2026,8,24]],"date-time":"2026-08-24T19:21:55Z","timestamp":1787599315000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Urban Climate Risk Governance and Corporate Energy Intensity: Evidence From China's Climate Adaptation City Pilots"],"prefix":"10.1111","volume":"1562","author":[{"ORCID":"https:\/\/orcid.org\/0009-0003-7922-2342","authenticated-orcid":false,"given":"Shi","family":"Liang","sequence":"first","affiliation":[{"name":"College of Public Administration Huazhong University of Science and Technology  Wuhan 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