Although Bhutan is committed to a high level of environmental protection, it remains at significant risk of the localised impacts caused by global climate change. Much climate change attention in Bhutan focuses on the risks of melting glaciers and glacial lake outburst floods. These risks are considerable and are compounded by the threats of flash floods and droughts, changing cropping seasons, and other shocks and gradual shifts. But a missing dimension from public dialogue is precisely how an individual, household or community are vulnerable to climate risks. This report argues that progress and sustainability of Bhutan’s human development achievements define the conditions for vulnerability to climate risks.