Contrary to popular perception, ECA faces significant threats from climate change, with a number of the most serious risks already in evidence. Vulnerability over the next ten to twenty years will be dominated by socio‐economic factors and legacy issues. Even countries and sectors that stand to benefit from climate change are poorly positioned to do so. The next decade offers a window of opportunity for ECA countries to make their development more resilient to climate change while reaping numerous co‐benefits.