In the past few years, the world has seen a number of extreme weather events that are most likely the result of climate change. Examples are heat waves, droughts and extreme wet periods. These events present a large threat to society, as they put many things we value (people, assets and nature) at risk. Critical infrastructure assets have a special position in this problem field. They are not only vulnerable for the extreme events (as any other asset) but their failure typically has a leveraged impact. Given that asset management is all about value delivery and management of the associated risks, addressing climate change in asset management seems a natural fit. However, focus tends to be limited to the engineering part of asset management, typically only resolving part of the problem. Attention for the whole system and then especially changing the balance between cost, risk an performance (i.e. asset governance) seems more rare. In this paper the potential for such an integrated approach is explored. First, the theoretical concept of risk and risk management is reviewed, including the theoretically appropriate approach for dealing with climate change based on complexity, uncertainty and ambiguity. Next, a high level review of the risk of climate change for assets and their management is presented. Purpose of this analysis is highlighting value conflicts. The realism of this analysis, the value conflicts and the need to reconsider the requirements is demonstrated with two cases from long term infrastructure planning from the Netherlands. We will end the paper with lessons drawn from these cases and a plea to take the whole value impact associated with climate change into account earlier in decision making.