This paper describes how urban centers in low- and middle-income countries concentrate a large proportion of those most at risk from the effects of climate change. The paper also develops an operational tool - an asset adaptation framework - that serves to highlight the measures and interventions needed to address not only long-term protection from climate change, but also to support low-income households and communities to cope with extreme-weather related disasters during pre-disaster damage limitation, immediate post-disaster responses and rebuilding.