India's Himalayan hydropower projects face escalating climate risks from melting glaciers, extreme rainfall, and floods, as recent catastrophes confirm. Current project economics fail to adequately price these vulnerabilities, impacting financial viability and causing delays. The author advocates a strategic shift from capacity maximization to a climate-adjusted approach. This requires comprehensive climate and geological stress tests, basin-wide assessments, and integrating climate risks into project costs, financing, and insurance. The aim is to prioritize resilient, financially viable projects, potentially diversifying with storage, rather than simply building in fragile areas.