Accurate cost benefit analysis of climate change adaptation actions is not only critical in designing effective local-level adaptation strategies, but also for generating information that feeds into national and global climate policy agreements. One of the main challenges of this type of CBA is accommodating the wide-ranging impacts of climate change on diverse individuals and groups. While some adaptations provide public benefits, such as protecting coastal areas from rising sea levels, many others generate more private gains for individuals, firms or a consortia of these actors. This studydevelop a stakeholder-based approach to CBA that involves primary stakeholders throughout the process from identifying adaptation strategies to assessing how their costs and benefits are distributed. Five case studies from representative low- and middle-income countries were selected to pilot the approach.