These losses of resilience and adaptability, inherent in natural systems, have increased the exposure of millions in urban and rural areas to extreme disasters. In 2019, India was ranked as the seventh most affected country due to climate change-led extreme weather events – both in terms of fatalities(2,267 people) as well as economic losses of over 66 million US dollars(Eckstein and others, 2021). Notably, districts particularly vulnerable to extreme hydro-met disasters – floods, droughts and cyclones – are home to over 80 per cent of India's population(Mohanty and others 2021). Correspondingly, DRR as an outcome of NbS has lately been at the centre of the discussion on disaster risk financing between the G20 countries(G20, 2022). The core issue is that DRR financing remains an aspiration with limited attention and confidence. The problem of defining outcomes of DRR work is still marked by the complexities involved in measuring the effectiveness of such interventions. Uncertain baselines, contextual variations, interconnectedness of interventions make it challenging to attribute specific outcomes solely to DRR efforts. In regions where communities confront regular climate extremes like floods, droughts, cyclones& hurricanes, etc., the prospect of achieving sustainable development appears elusive without a dedicated investment in broad-based DRR strategies. Herein, leveraging NbS, supported by financial mechanisms such as PES, emerges as a pivotal, at-scale strategy for DRR. To bring predictability and scale to the restoration of ecosystems, new-age financial constructs are needed. Impact investment is one; it not only brings in capital, but Impact investment is one; it not only brings in capital, but also unleashes entrepreneurial energy to solve socio­ecological problems at scale(Rockefeller Philanthropy Advisors, 2012). This is required for meeting local and national priorities such as food and water security, as well as the commitments to tackle the socio-economic impact of climate change and climate extremes, biodiversity loss, land degradation, and ultimately, to achieve the 2030 Agenda for Sustainable Development. . Payments for Ecosystem Services 2