This edition of UNCTAD's Trade and Environment Review examines the physical impacts of climate change and their effects on developing country economies and trade; the vulnerabilities of developing countries to climate change; costs and finance for climate change adaptation; and finally, ways that developing countries can enhance their trade-climate readiness, i.e., enhance the resilience of their trade to climate change through adaptation actions and economic diversification. Special attention is given to examining the challenges faced by the poorest and most vulnerable developing countries, specifically the least developed countries (LDCs) and small island developing states (SIDS). Climate change, and response policies designed to mitigate it, will have different and complex effects on world markets and trade affecting productivity, transportation costs, competitiveness, sectoral comparative advantages, and trade policies. Each developing country will have a unique trade-climate resilience pathway.