This paper examines IFAD's experience in working with smallholder farmers across the globe and suggests three major changes in smallholder agriculture practices as a result of climate change: 1 A need for project and policy preparation to reflect higher risks, 2. Deeper appreciation of interconnect risks, including climate, should drive a major scaling of 'multi-benefit' approaches to sustainable agriculture, and 3. Climate change and fiscal austerity are reshaping the architecture of public international development finance