There is growing interest in the role microfinance could play in facilitating adaptation to climate change. This article reviews the literature linking microfinance and climate change adaptation, which falls into two key areas. The first area focuses on the potential for microfinance to facilitate household adaptation, which has been only partially successful in linking microfinance and adaptation because of weak conceptualization of adaptation and terminological shortcomings. The second area examines the vulnerability of microfinance institutions to climate change, highlighting that they are directly vulnerable to climate change themselves and are indirectly vulnerable through their beneficiaries. The realization of climate-resilient microfinance requires both climate proofing internal operations to reduce direct vulnerability, and promoting climate resilience among beneficiaries. This may have already happened serendipitously to an extent, but there is scope for further action. We conclude that more evidence is needed to substantiate the links and thus progress the literature, particularly studies employing an adaptation lens.

Adger, W.N. (2003) ‘Social capital, collective action, and adaptation to climate change’, Economic Geography 79: 387–404 <http://dx.doi.org/10.1007/978-3-531-92258-4_19>.

Adger, W.N. (2006) ‘Vulnerability’, Global Environmental Change, 16: 268–81 <http://dx.doi.org/10.1016/j.gloenvcha.2006.02.006>.

Agrawala, S. and Carraro, M. (2010) Assessing the Role of Microfinance in Fostering Adaptation to Climate Change, Paris: OECD.

Alderman, H. and Haque, T. (2007) Insurance Against Covariate Shocks, Washington, DC: World Bank.

Anderson, C.L., Locker, L. and Nugent, R. (2002) ‘Microcredit, social capital, and common pool resources’, World Development, 30: 95–105 <http://dx.doi.org/10.1016/S0305-750X(01)00096-1>.

Ayers, J. and Dodman, D. (2010) ‘Climate change adaptation and development I: the state of the debate’, Progress in Development Studies, 10: 161–8 <http://dx.doi.org/10.1177/146499340901000205>.

Banerjee, A., Karlan, D. and Zinman, J. (2015) ‘Six randomized evaluations of microcredit: introduction and further steps’, American Economic Journal: Applied Economics, 7: 1–21 <http://dx.doi.org/10.1257/app.20140287>.

Barnett, J. and O’Neill, S. (2010) ‘Maladaptation’, Global Environmental Change, 20: 211–13 <http://dx.doi.org/10.1016/j.gloenvcha.2009.11.004>.

Bastiaenen, M. and Van Rooij, P. (1997) ‘Guarantee funds and NGOs: promise and pitfalls – a review of the key issues’, International Labour Office Working Paper No. 18, Geneva: International Labour Office.

Bhattamishra, R. and Barrett, C. (2008) Community-based Risk Management Arrangements: An Overview and Implications for Social Fund Programs, Washington, DC: World Bank.

Binswanger-Mkhize, H.P. (2012) ‘Is there too much hype about index-based agricultural insurance?’, The Journal of Development Studies, 48: 187–200 <http://dx.doi.org/10.1080/00220388.2011.625411>.

Bryan, E., Deressa, T.T., Gbetibouo, G.A. and Ringler, C. (2009) ‘Adaptation to climate change in Ethiopia and South Africa: options and constraints’, Environmental Science & Policy, 12: 413–26 <http://dx.doi.org/10.1016/j.envsci.2008.11.002>.

Burton, I., Huq, S., Lim, B., Pilifosova, O. and Schipper, E.L. (2002) ‘From impacts assessment to adaptation priorities: the shaping of adaptation policy’, Climate Policy, 2: 145–59 <http://dx.doi.org/10.3763/cpol.2002.0217>.

Collins, D., Morduch, J., Rutherford, S. and Ruthven, O. (2009) Portfolios of the poor: how the world’s poor live on $2 a day [online] <www.portfoliosofthepoor.com/> [accessed 12 August 2015].

De Aghion, B.A. and Morduch, J. (2005) The Economics of Microfinance, Cambridge, MA: The MIT Press.

Del Ninno, C., Dorso, P., Smith, L. and Roy, D. (2001) ‘The 1998 floods in Bangladesh: disaster impacts, household coping strategies and response’, Research Report No. 122, Washington, DC: International Food Policy Research Institute.

Dlugodecki, A. and Lafeld, S. (2005) Climate Change and the Financial Sector: An Agenda for Action, London: Association of British Insurers.

Dowla, A. (2006) ‘In credit we trust: Building social capital by Grameen Bank in Bangladesh’, Journal of Socio-Economics, 35: 102–22 <http://dx.doi.org/10.1016/j.socec.2005.12.006>.

Dowla, A. (2009) Climate Change and Microfinance, Washington, DC: Grameen Foundation and Oxfam America.

Duvendack, M., Palmer-Jones, R., Copestake, J., G., Hooper, L., Loke, Y. and Rao, N. (2011) ‘What is the evidence of the impact of microfinance on the well-being of poor people?’, London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London.

Eakin, H.C., Lemos, M.C. and Nelson, D.R. (2014) ‘Differentiating capacities as a means to sustainable climate change adaptation’, Global Environmental Change, 27: 1–8 <http://dx.doi.org/10.1016/j.gloenvcha.2014.04.013>.

Eriksen, S.E.H., Klein, R.J.T., Ulsrud, K., Næss, L.O. and O’Brien, K. (2007) ‘Climate change adaptation and poverty reduction: key interactions and critical measures’, GECHS Report 2007:1, Oslo: University of Oslo.

Fankhauser, S., Smith, J.B. and Tol, R.S.J. (1999) ‘Weathering climate change: some simple rules to guide adaptation decisions’, Ecological Economics, 30: 67–78 <http://dx.doi.org/10.1016/S0921-8009(98)00117-7>.

Fenton, A., Gallagher, D., Wright, H., Huq, S. and Nyandiga, C. (2014) ‘Up-scaling finance for community-based adaptation’, Climate and Development, 6: 388–97 <http://dx.doi.org/10.1080/17565529.2014.953902>.

Greatrex, H., Hansen, J., Garvin, S., Diro, R., Blakeley, S., Le Guen, M., Rao, K. and Osgood, D. (2015) ‘Scaling up index insurance for smallholder farmers: Recent evidence and insights’, CCAFS Report No. 14, Copenhagen: CGIAR Research Program on Climate Change, Agriculture and Food Security.

Hammill, A., Matthew, R. and McCarter, E. (2008) ‘Microfinance and climate change adaptation’, IDS Bulletin, 39: 113–22 <http://dx.doi.org/10.1111/j.1759-5436.2008.tb00484.x>.

Heltberg, R., Siegel, P.B. and Jorgensen, S.L. (2009) ‘Addressing human vulnerability to climate change: Toward a “no-regrets” approach’, Global Environmental Change, 19: 89–99 <http://dx.doi.org/10.1016/j.gloenvcha.2008.11.003>.

Hulme, D. (2000) ‘Impact assessment methodologies for microfinance: theory, experience and better practice’, World Development, 28: 79–98 <http://dx.doi.org/10.1016/S0305-750X(99)00119-9>.

Johnson, S. (2009) ‘Microfinance is dead! Long live microfinance! Critical reflections on two decades of microfinance policy and practice’, Enterprise Development and Microfinance, 20: 291–303 <http://dx.doi.org/10.3362/1755-1986.2009.033>.

Kelkar, U., Narula, K.K., Sharma, V.P. and Chandna, U. (2008) ‘Vulnerability and adaptation to climate variability and water stress in Uttarakhand State, India’, Global Environmental Change, 18: 564–74 <http://dx.doi.org/10.1016/j.gloenvcha.2008.09.003>.

Klein, R.J.T., Midgley, G.F., Preston, B.L., Alam, M., Berkhout, F.G.H., Dow, K. and Shaw, M.R. (2014) ‘Adaptation opportunities, constraints, and limits’, in C.B. Field and V.R. Barros (eds), Climate Change 2014: Impacts, Adaptation, and Vulnerability. Part A: Global and Sectoral Aspects. Working Group II Contribution to the Fifth Assessment Report of the Intergovernmental Panel of Climate Change, pp. 899–943, New York, NY: Cambridge University Press.

Ledgerwood, J. (2013) The New Microfinance Handbook: A Financial Market System Perspective, Washington, DC: The World Bank.

Linnerooth-Bayer, J. and Mechler, R. (2006) ‘Insurance for assisting adaptation to climate change in developing countries: a proposed strategy’, Climate Policy, 6: 621–36.

Lont, H. and Hospes, O. (2004) Livelihood and Microfinance. Anthropological and Sociological Perspectives on Savings and Debt, Delft, The Netherlands: Eburon.

Mayoux, L. (2001) ‘Tackling the down side: Social capital, women’s empowerment and micro-finance in Cameroon’, Development and Change, 32: 435–64.

Mcgray, H., Hammill, A., Bradley, R., Schipper, E.L. and Parry, J. (2007) ‘Weathering the storm: options for framing adaptation and development’, WRI Report, Washington, DC: World Resources Institute.

Meze-Hausken, E., Patt, A. and Fritz, S. (2009) ‘Reducing climate risk for micro-insurance providers in Africa: A case study of Ethiopia’, Global Environmental Change, 19: 66–73.

Miamidian, E., Arnold, M., Burritt, K. and Jacquand, M. (2005) ‘Surviving disasters and supporting recovery: a guidebook for microfinance institutions. Tackling vulnerability to disasters through microfinance’, Disaster Risk Management Working Paper Series No. 10, Washington, DC: The World Bank.

Mitchell, T. and Maxwell, S. (2010) ‘Defining climate compatible development’, CDKN Policy Brief, London: Climate and Development Knowledge Network.

Morduch, J. and Sharma, M. (2002) ‘Strengthening public safety nets from the bottom up’, Development Policy Review, 20: 569–88 <http://dx.doi.org/10.1111/1467-7679.00190>.

Nagarajan, G. and Brown, W. (2000) Bangladeshi Experience in Adapting Financial Services to Cope with Floods: Implications for the Microfinance Industry, Bethesda, MD: Development Alternatives.

Osbahr, H., Twyman, C., Adger, W.N. and Thomas, D.S.G. (2008) ‘Effective livelihood adaptation to climate change disturbance: Scale dimensions of practice in Mozambique’, Geoforum, 39: 1951–64 <http://dx.doi.org/10.1016/j.geoforum.2008.07.010>.

Pantoja, E. (2002) Microfinance and Disaster Risk Management: Experiences and Lessons Learned, Washington, DC: Prevention Consortium, The World Bank.

Park, S.E., Marshall, N.A., Jakku, E., Dowd, A.M., Howden, S.M., Mendham, E. and Fleming, A. (2012) ‘Informing adaptation responses to climate change through theories of transformation’, Global Environmental Change, 22: 115–26 <http://dx.doi.org/10.1016/j.gloenvcha.2011.10.003>.

Patt, A., Suarez, P. and Hess, U. (2010) ‘How do small-holder farmers understand insurance, and how much do they want it? Evidence from Africa’, Global Environmental Change, 20: 153–61 <http://dx.doi.org/10.1016/j.gloenvcha.2009.10.007>.

Pierro, R. and Desai, B. (2008) ‘Climate insurance for the poor: challenges for targeting and participation’, IDS Bulletin, 39: 123–9 <http://dx.doi.org/10.1111/j.1759-5436.2008.tb00485.x>.

Pretty, J. and Ward, H. (2001) ‘Social capital and the environment’, World Development, 29: 209–27 <http://dx.doi.org/10.1016/S0305-750X(00)00098-X>.

Satterthwaite, D., Huq, S., Reid, H., Pelling, M. and Lankao, P.R. (2007) ‘Adapting to climate change in urban areas: the possibilities and constraints in low- and middle-income nations’, Human Settlements Discussion Paper Series: Climate Change and Cities – 1, London: IIED.

Scoones, I. (2009) ‘Livelihoods perspectives and rural development’, Journal of Peasant Studies, 36: 171–96 <http://dx.doi.org/10.1080/03066150902820503>.

Sebstad, J. and Cohen, M. (2001) Microfinance, Risk Management and Poverty, Washington, DC: Consultative Group to Assist the Poorest.

Shoji, M. (2010) ‘Does contingent repayment in microfinance help the poor during natural disasters?’ The Journal of Development Studies, 46: 191–210 <http://dx.doi.org/10.1080/00220380902952381>.

Smit, B., Burton, I., Klein, R.J.T. and Street, R. (1999) ‘The science of adaptation: a framework for assessment’, Mitigation and Adaptation Strategies for Global Change, 4: 199–213 <http://dx.doi.org/10.1023/A:1009652531101>.

Smit, B. and Wandel, J. (2006) ‘Adaptation, adaptive capacity and vulnerability’, Global Environmental Change, 16: 282–92 <http://dx.doi.org/10.1016/j.gloenvcha.2006.03.008>.

Twigg, J. (2004) ‘Disaster risk reduction: mitigation and preparedness in development and emergency programming’, HPN Good Practice Review, 9 <www.odihpn.org/hpn-resources/good-practice-reviews/disaster-risk-reduction-mitigation-and-preparedness-in-aid-programming> [accessed 12 August 2015].

WFP-Oxfam (2015) R4 Rural Resilience Initiative 2014 Annual Report, Rome: World Food Programme and Oxfam America.

World Bank (1999) Bangladesh: Key Challenges for the Next Millennium, Washington, DC: The World Bank.

Yunus, M. (2004) ‘Grameen Bank, microcredit and Millennium Development Goals’, Economic and Political Weekly, 39: 4077–80.

Adger, W.N. (2003) ‘Social capital, collective action, and adaptation to climate change’, Economic Geography 79: 387–404 <http://dx.doi.org/10.1007/978-3-531-92258-4_19>.

Adger, W.N. (2006) ‘Vulnerability’, Global Environmental Change, 16: 268–81 <http://dx.doi.org/10.1016/j.gloenvcha.2006.02.006>.

Agrawala, S. and Carraro, M. (2010) Assessing the Role of Microfinance in Fostering Adaptation to Climate Change, Paris: OECD.

Alderman, H. and Haque, T. (2007) Insurance Against Covariate Shocks, Washington, DC: World Bank.

Anderson, C.L., Locker, L. and Nugent, R. (2002) ‘Microcredit, social capital, and common pool resources’, World Development, 30: 95–105 <http://dx.doi.org/10.1016/S0305-750X(01)00096-1>.

Ayers, J. and Dodman, D. (2010) ‘Climate change adaptation and development I: the state of the debate’, Progress in Development Studies, 10: 161–8 <http://dx.doi.org/10.1177/146499340901000205>.

Banerjee, A., Karlan, D. and Zinman, J. (2015) ‘Six randomized evaluations of microcredit: introduction and further steps’, American Economic Journal: Applied Economics, 7: 1–21 <http://dx.doi.org/10.1257/app.20140287>.

Barnett, J. and O’Neill, S. (2010) ‘Maladaptation’, Global Environmental Change, 20: 211–13 <http://dx.doi.org/10.1016/j.gloenvcha.2009.11.004>.

Bastiaenen, M. and Van Rooij, P. (1997) ‘Guarantee funds and NGOs: promise and pitfalls – a review of the key issues’, International Labour Office Working Paper No. 18, Geneva: International Labour Office.

Bhattamishra, R. and Barrett, C. (2008) Community-based Risk Management Arrangements: An Overview and Implications for Social Fund Programs, Washington, DC: World Bank.

Binswanger-Mkhize, H.P. (2012) ‘Is there too much hype about index-based agricultural insurance?’, The Journal of Development Studies, 48: 187–200 <http://dx.doi.org/10.1080/00220388.2011.625411>.

Bryan, E., Deressa, T.T., Gbetibouo, G.A. and Ringler, C. (2009) ‘Adaptation to climate change in Ethiopia and South Africa: options and constraints’, Environmental Science & Policy, 12: 413–26 <http://dx.doi.org/10.1016/j.envsci.2008.11.002>.

Burton, I., Huq, S., Lim, B., Pilifosova, O. and Schipper, E.L. (2002) ‘From impacts assessment to adaptation priorities: the shaping of adaptation policy’, Climate Policy, 2: 145–59 <http://dx.doi.org/10.3763/cpol.2002.0217>.

Collins, D., Morduch, J., Rutherford, S. and Ruthven, O. (2009) Portfolios of the poor: how the world’s poor live on $2 a day [online] <www.portfoliosofthepoor.com/> [accessed 12 August 2015].

De Aghion, B.A. and Morduch, J. (2005) The Economics of Microfinance, Cambridge, MA: The MIT Press.

Del Ninno, C., Dorso, P., Smith, L. and Roy, D. (2001) ‘The 1998 floods in Bangladesh: disaster impacts, household coping strategies and response’, Research Report No. 122, Washington, DC: International Food Policy Research Institute.

Dlugodecki, A. and Lafeld, S. (2005) Climate Change and the Financial Sector: An Agenda for Action, London: Association of British Insurers.

Dowla, A. (2006) ‘In credit we trust: Building social capital by Grameen Bank in Bangladesh’, Journal of Socio-Economics, 35: 102–22 <http://dx.doi.org/10.1016/j.socec.2005.12.006>.

Dowla, A. (2009) Climate Change and Microfinance, Washington, DC: Grameen Foundation and Oxfam America.

Duvendack, M., Palmer-Jones, R., Copestake, J., G., Hooper, L., Loke, Y. and Rao, N. (2011) ‘What is the evidence of the impact of microfinance on the well-being of poor people?’, London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London.

Eakin, H.C., Lemos, M.C. and Nelson, D.R. (2014) ‘Differentiating capacities as a means to sustainable climate change adaptation’, Global Environmental Change, 27: 1–8 <http://dx.doi.org/10.1016/j.gloenvcha.2014.04.013>.

Eriksen, S.E.H., Klein, R.J.T., Ulsrud, K., Næss, L.O. and O’Brien, K. (2007) ‘Climate change adaptation and poverty reduction: key interactions and critical measures’, GECHS Report 2007:1, Oslo: University of Oslo.

Fankhauser, S., Smith, J.B. and Tol, R.S.J. (1999) ‘Weathering climate change: some simple rules to guide adaptation decisions’, Ecological Economics, 30: 67–78 <http://dx.doi.org/10.1016/S0921-8009(98)00117-7>.

Fenton, A., Gallagher, D., Wright, H., Huq, S. and Nyandiga, C. (2014) ‘Up-scaling finance for community-based adaptation’, Climate and Development, 6: 388–97 <http://dx.doi.org/10.1080/17565529.2014.953902>.

Greatrex, H., Hansen, J., Garvin, S., Diro, R., Blakeley, S., Le Guen, M., Rao, K. and Osgood, D. (2015) ‘Scaling up index insurance for smallholder farmers: Recent evidence and insights’, CCAFS Report No. 14, Copenhagen: CGIAR Research Program on Climate Change, Agriculture and Food Security.

Hammill, A., Matthew, R. and McCarter, E. (2008) ‘Microfinance and climate change adaptation’, IDS Bulletin, 39: 113–22 <http://dx.doi.org/10.1111/j.1759-5436.2008.tb00484.x>.

Heltberg, R., Siegel, P.B. and Jorgensen, S.L. (2009) ‘Addressing human vulnerability to climate change: Toward a “no-regrets” approach’, Global Environmental Change, 19: 89–99 <http://dx.doi.org/10.1016/j.gloenvcha.2008.11.003>.

Hulme, D. (2000) ‘Impact assessment methodologies for microfinance: theory, experience and better practice’, World Development, 28: 79–98 <http://dx.doi.org/10.1016/S0305-750X(99)00119-9>.

Johnson, S. (2009) ‘Microfinance is dead! Long live microfinance! Critical reflections on two decades of microfinance policy and practice’, Enterprise Development and Microfinance, 20: 291–303 <http://dx.doi.org/10.3362/1755-1986.2009.033>.

Kelkar, U., Narula, K.K., Sharma, V.P. and Chandna, U. (2008) ‘Vulnerability and adaptation to climate variability and water stress in Uttarakhand State, India’, Global Environmental Change, 18: 564–74 <http://dx.doi.org/10.1016/j.gloenvcha.2008.09.003>.

Klein, R.J.T., Midgley, G.F., Preston, B.L., Alam, M., Berkhout, F.G.H., Dow, K. and Shaw, M.R. (2014) ‘Adaptation opportunities, constraints, and limits’, in C.B. Field and V.R. Barros (eds), Climate Change 2014: Impacts, Adaptation, and Vulnerability. Part A: Global and Sectoral Aspects. Working Group II Contribution to the Fifth Assessment Report of the Intergovernmental Panel of Climate Change, pp. 899–943, New York, NY: Cambridge University Press.

Ledgerwood, J. (2013) The New Microfinance Handbook: A Financial Market System Perspective, Washington, DC: The World Bank.

Linnerooth-Bayer, J. and Mechler, R. (2006) ‘Insurance for assisting adaptation to climate change in developing countries: a proposed strategy’, Climate Policy, 6: 621–36.

Lont, H. and Hospes, O. (2004) Livelihood and Microfinance. Anthropological and Sociological Perspectives on Savings and Debt, Delft, The Netherlands: Eburon.

Mayoux, L. (2001) ‘Tackling the down side: Social capital, women’s empowerment and micro-finance in Cameroon’, Development and Change, 32: 435–64.

Mcgray, H., Hammill, A., Bradley, R., Schipper, E.L. and Parry, J. (2007) ‘Weathering the storm: options for framing adaptation and development’, WRI Report, Washington, DC: World Resources Institute.

Meze-Hausken, E., Patt, A. and Fritz, S. (2009) ‘Reducing climate risk for micro-insurance providers in Africa: A case study of Ethiopia’, Global Environmental Change, 19: 66–73.

Miamidian, E., Arnold, M., Burritt, K. and Jacquand, M. (2005) ‘Surviving disasters and supporting recovery: a guidebook for microfinance institutions. Tackling vulnerability to disasters through microfinance’, Disaster Risk Management Working Paper Series No. 10, Washington, DC: The World Bank.

Mitchell, T. and Maxwell, S. (2010) ‘Defining climate compatible development’, CDKN Policy Brief, London: Climate and Development Knowledge Network.

Morduch, J. and Sharma, M. (2002) ‘Strengthening public safety nets from the bottom up’, Development Policy Review, 20: 569–88 <http://dx.doi.org/10.1111/1467-7679.00190>.

Nagarajan, G. and Brown, W. (2000) Bangladeshi Experience in Adapting Financial Services to Cope with Floods: Implications for the Microfinance Industry, Bethesda, MD: Development Alternatives.

Osbahr, H., Twyman, C., Adger, W.N. and Thomas, D.S.G. (2008) ‘Effective livelihood adaptation to climate change disturbance: Scale dimensions of practice in Mozambique’, Geoforum, 39: 1951–64 <http://dx.doi.org/10.1016/j.geoforum.2008.07.010>.

Pantoja, E. (2002) Microfinance and Disaster Risk Management: Experiences and Lessons Learned, Washington, DC: Prevention Consortium, The World Bank.

Park, S.E., Marshall, N.A., Jakku, E., Dowd, A.M., Howden, S.M., Mendham, E. and Fleming, A. (2012) ‘Informing adaptation responses to climate change through theories of transformation’, Global Environmental Change, 22: 115–26 <http://dx.doi.org/10.1016/j.gloenvcha.2011.10.003>.

Patt, A., Suarez, P. and Hess, U. (2010) ‘How do small-holder farmers understand insurance, and how much do they want it? Evidence from Africa’, Global Environmental Change, 20: 153–61 <http://dx.doi.org/10.1016/j.gloenvcha.2009.10.007>.

Pierro, R. and Desai, B. (2008) ‘Climate insurance for the poor: challenges for targeting and participation’, IDS Bulletin, 39: 123–9 <http://dx.doi.org/10.1111/j.1759-5436.2008.tb00485.x>.

Pretty, J. and Ward, H. (2001) ‘Social capital and the environment’, World Development, 29: 209–27 <http://dx.doi.org/10.1016/S0305-750X(00)00098-X>.

Satterthwaite, D., Huq, S., Reid, H., Pelling, M. and Lankao, P.R. (2007) ‘Adapting to climate change in urban areas: the possibilities and constraints in low- and middle-income nations’, Human Settlements Discussion Paper Series: Climate Change and Cities – 1, London: IIED.

Scoones, I. (2009) ‘Livelihoods perspectives and rural development’, Journal of Peasant Studies, 36: 171–96 <http://dx.doi.org/10.1080/03066150902820503>.

Sebstad, J. and Cohen, M. (2001) Microfinance, Risk Management and Poverty, Washington, DC: Consultative Group to Assist the Poorest.

Shoji, M. (2010) ‘Does contingent repayment in microfinance help the poor during natural disasters?’ The Journal of Development Studies, 46: 191–210 <http://dx.doi.org/10.1080/00220380902952381>.

Smit, B., Burton, I., Klein, R.J.T. and Street, R. (1999) ‘The science of adaptation: a framework for assessment’, Mitigation and Adaptation Strategies for Global Change, 4: 199–213 <http://dx.doi.org/10.1023/A:1009652531101>.

Smit, B. and Wandel, J. (2006) ‘Adaptation, adaptive capacity and vulnerability’, Global Environmental Change, 16: 282–92 <http://dx.doi.org/10.1016/j.gloenvcha.2006.03.008>.

Twigg, J. (2004) ‘Disaster risk reduction: mitigation and preparedness in development and emergency programming’, HPN Good Practice Review, 9 <www.odihpn.org/hpn-resources/good-practice-reviews/disaster-risk-reduction-mitigation-and-preparedness-in-aid-programming> [accessed 12 August 2015].

WFP-Oxfam (2015) R4 Rural Resilience Initiative 2014 Annual Report, Rome: World Food Programme and Oxfam America.

World Bank (1999) Bangladesh: Key Challenges for the Next Millennium, Washington, DC: The World Bank.

Yunus, M. (2004) ‘Grameen Bank, microcredit and Millennium Development Goals’, Economic and Political Weekly, 39: 4077–80.

Adger, W.N. (2003) ‘Social capital, collective action, and adaptation to climate change’, Economic Geography 79: 387–404 <http://dx.doi.org/10.1007/978-3-531-92258-4_19>.

Adger, W.N. (2006) ‘Vulnerability’, Global Environmental Change, 16: 268–81 <http://dx.doi.org/10.1016/j.gloenvcha.2006.02.006>.

Agrawala, S. and Carraro, M. (2010) Assessing the Role of Microfinance in Fostering Adaptation to Climate Change, Paris: OECD.

Alderman, H. and Haque, T. (2007) Insurance Against Covariate Shocks, Washington, DC: World Bank.

Anderson, C.L., Locker, L. and Nugent, R. (2002) ‘Microcredit, social capital, and common pool resources’, World Development, 30: 95–105 <http://dx.doi.org/10.1016/S0305-750X(01)00096-1>.

Ayers, J. and Dodman, D. (2010) ‘Climate change adaptation and development I: the state of the debate’, Progress in Development Studies, 10: 161–8 <http://dx.doi.org/10.1177/146499340901000205>.

Banerjee, A., Karlan, D. and Zinman, J. (2015) ‘Six randomized evaluations of microcredit: introduction and further steps’, American Economic Journal: Applied Economics, 7: 1–21 <http://dx.doi.org/10.1257/app.20140287>.

Barnett, J. and O’Neill, S. (2010) ‘Maladaptation’, Global Environmental Change, 20: 211–13 <http://dx.doi.org/10.1016/j.gloenvcha.2009.11.004>.

Bastiaenen, M. and Van Rooij, P. (1997) ‘Guarantee funds and NGOs: promise and pitfalls – a review of the key issues’, International Labour Office Working Paper No. 18, Geneva: International Labour Office.

Bhattamishra, R. and Barrett, C. (2008) Community-based Risk Management Arrangements: An Overview and Implications for Social Fund Programs, Washington, DC: World Bank.

Binswanger-Mkhize, H.P. (2012) ‘Is there too much hype about index-based agricultural insurance?’, The Journal of Development Studies, 48: 187–200 <http://dx.doi.org/10.1080/00220388.2011.625411>.

Bryan, E., Deressa, T.T., Gbetibouo, G.A. and Ringler, C. (2009) ‘Adaptation to climate change in Ethiopia and South Africa: options and constraints’, Environmental Science & Policy, 12: 413–26 <http://dx.doi.org/10.1016/j.envsci.2008.11.002>.

Burton, I., Huq, S., Lim, B., Pilifosova, O. and Schipper, E.L. (2002) ‘From impacts assessment to adaptation priorities: the shaping of adaptation policy’, Climate Policy, 2: 145–59 <http://dx.doi.org/10.3763/cpol.2002.0217>.

Collins, D., Morduch, J., Rutherford, S. and Ruthven, O. (2009) Portfolios of the poor: how the world’s poor live on $2 a day [online] <www.portfoliosofthepoor.com/> [accessed 12 August 2015].

De Aghion, B.A. and Morduch, J. (2005) The Economics of Microfinance, Cambridge, MA: The MIT Press.

Del Ninno, C., Dorso, P., Smith, L. and Roy, D. (2001) ‘The 1998 floods in Bangladesh: disaster impacts, household coping strategies and response’, Research Report No. 122, Washington, DC: International Food Policy Research Institute.

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Linnerooth-Bayer, J. and Mechler, R. (2006) ‘Insurance for assisting adaptation to climate change in developing countries: a proposed strategy’, Climate Policy, 6: 621–36.

Lont, H. and Hospes, O. (2004) Livelihood and Microfinance. Anthropological and Sociological Perspectives on Savings and Debt, Delft, The Netherlands: Eburon.

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Mcgray, H., Hammill, A., Bradley, R., Schipper, E.L. and Parry, J. (2007) ‘Weathering the storm: options for framing adaptation and development’, WRI Report, Washington, DC: World Resources Institute.

Meze-Hausken, E., Patt, A. and Fritz, S. (2009) ‘Reducing climate risk for micro-insurance providers in Africa: A case study of Ethiopia’, Global Environmental Change, 19: 66–73.

Miamidian, E., Arnold, M., Burritt, K. and Jacquand, M. (2005) ‘Surviving disasters and supporting recovery: a guidebook for microfinance institutions. Tackling vulnerability to disasters through microfinance’, Disaster Risk Management Working Paper Series No. 10, Washington, DC: The World Bank.

Mitchell, T. and Maxwell, S. (2010) ‘Defining climate compatible development’, CDKN Policy Brief, London: Climate and Development Knowledge Network.

Morduch, J. and Sharma, M. (2002) ‘Strengthening public safety nets from the bottom up’, Development Policy Review, 20: 569–88 <http://dx.doi.org/10.1111/1467-7679.00190>.

Nagarajan, G. and Brown, W. (2000) Bangladeshi Experience in Adapting Financial Services to Cope with Floods: Implications for the Microfinance Industry, Bethesda, MD: Development Alternatives.

Osbahr, H., Twyman, C., Adger, W.N. and Thomas, D.S.G. (2008) ‘Effective livelihood adaptation to climate change disturbance: Scale dimensions of practice in Mozambique’, Geoforum, 39: 1951–64 <http://dx.doi.org/10.1016/j.geoforum.2008.07.010>.

Pantoja, E. (2002) Microfinance and Disaster Risk Management: Experiences and Lessons Learned, Washington, DC: Prevention Consortium, The World Bank.

Park, S.E., Marshall, N.A., Jakku, E., Dowd, A.M., Howden, S.M., Mendham, E. and Fleming, A. (2012) ‘Informing adaptation responses to climate change through theories of transformation’, Global Environmental Change, 22: 115–26 <http://dx.doi.org/10.1016/j.gloenvcha.2011.10.003>.

Patt, A., Suarez, P. and Hess, U. (2010) ‘How do small-holder farmers understand insurance, and how much do they want it? Evidence from Africa’, Global Environmental Change, 20: 153–61 <http://dx.doi.org/10.1016/j.gloenvcha.2009.10.007>.

Pierro, R. and Desai, B. (2008) ‘Climate insurance for the poor: challenges for targeting and participation’, IDS Bulletin, 39: 123–9 <http://dx.doi.org/10.1111/j.1759-5436.2008.tb00485.x>.

Pretty, J. and Ward, H. (2001) ‘Social capital and the environment’, World Development, 29: 209–27 <http://dx.doi.org/10.1016/S0305-750X(00)00098-X>.

Satterthwaite, D., Huq, S., Reid, H., Pelling, M. and Lankao, P.R. (2007) ‘Adapting to climate change in urban areas: the possibilities and constraints in low- and middle-income nations’, Human Settlements Discussion Paper Series: Climate Change and Cities – 1, London: IIED.

Scoones, I. (2009) ‘Livelihoods perspectives and rural development’, Journal of Peasant Studies, 36: 171–96 <http://dx.doi.org/10.1080/03066150902820503>.

Sebstad, J. and Cohen, M. (2001) Microfinance, Risk Management and Poverty, Washington, DC: Consultative Group to Assist the Poorest.

Shoji, M. (2010) ‘Does contingent repayment in microfinance help the poor during natural disasters?’ The Journal of Development Studies, 46: 191–210 <http://dx.doi.org/10.1080/00220380902952381>.

Smit, B., Burton, I., Klein, R.J.T. and Street, R. (1999) ‘The science of adaptation: a framework for assessment’, Mitigation and Adaptation Strategies for Global Change, 4: 199–213 <http://dx.doi.org/10.1023/A:1009652531101>.

Smit, B. and Wandel, J. (2006) ‘Adaptation, adaptive capacity and vulnerability’, Global Environmental Change, 16: 282–92 <http://dx.doi.org/10.1016/j.gloenvcha.2006.03.008>.

Twigg, J. (2004) ‘Disaster risk reduction: mitigation and preparedness in development and emergency programming’, HPN Good Practice Review, 9 <www.odihpn.org/hpn-resources/good-practice-reviews/disaster-risk-reduction-mitigation-and-preparedness-in-aid-programming> [accessed 12 August 2015].

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Yunus, M. (2004) ‘Grameen Bank, microcredit and Millennium Development Goals’, Economic and Political Weekly, 39: 4077–80.