Why invest in pipelines?

Want to have a solid discussion on why some of the world's most well-known, reputed and sophisticated institutional investors invested in these infrastructure like assets albeit ones that may become stranded in a few decades if not years because of climate change.

I get the point regarding stability and visibility of contracted cash flows and the resulting compelling yields vs. where treasuries are and expected to be.

But where's the alpha in these investments? How will they exit? Who will buy these assets as it gets even closer to the day of reckoning re impacts from climate change?