This report aims to: conceptualise and analyse the relationships between microfinance and adaptation, map out what could be considered good microfinance practice for adaptation, or “adaptation-oriented microfinance,” and identify types of adaptation projects and activities that microfinance institutions (MFIs) could be involved in to take full advantage of their service delivery infrastructure. The study focuses on one country, Bangladesh, a country that is highly vulnerable to climate change and one that has four decades of experience with delivering microfinance services to the poor. There is an extensive published evaluation literature on microfinance in Bangladesh, which provides rich material for the analysis.