Multi-capital solvency. Complexity-aware reserve theory.

Financial solvency that depends on the silent deterioration of ecological, social, human, and institutional capital is structurally fictitious — it survives only by hiding the deterioration on which it depends. CIRES treats ecological integrity, human productive capacity, social resilience, and institutional capacity as load-bearing components of solvency itself.

A reserve asset is not safe in isolation; it is safe under the joint dynamics of the systems it references. CIRES asks reserve adequacy questions in those terms: under what physical and institutional conditions does this asset preserve value, and what does its backing do to those conditions in turn?

Fossil, water and ecological, human-capital, democratic-stability, and epistemic repricings share a common cause. Treating them as independent portfolio adjustments mis-specifies the underlying risk surface. A cross-domain instrument is the only honest response.

Green bonds, impact funds, and ESG screens all sit downstream of the existing safe-asset stack. CIRES re-engineers the safe-asset stack itself, with verification at the layer of physical performance rather than corporate self-report or third-party rating.