This report is the first-ever global analysis of climate risks to cotton production. The study provides a high-level analysis of physical climate risks across global cotton-growing regions for the 2040s. Both environmental and social impacts of climate change will affect the entire cotton value chain and cannot be tackled in isolation. The information in this report needs to be considered not just for the changing environmental context for cotton production, but for how the impacts of climate will affect actors all along the supply chain. There are darker possibilities to factor in, such as the likelihood of societal disruption fuelled by resource scarcity or unequal distribution, leading to conflict or even war. All of this will have impacts not just on production, but transportation and distribution of goods, and beyond.