Climate Co-Benefits are the financial resources committed by the World Bank to development operations, which deliver positive benefits associated with the reduction of greenhouse gas (GHG) emissions (climate change mitigation) and/or enable project/program beneficiaries to adapt to impacts of climate change (climate change adaptation). Climate change adaptation is undertaken to lower the current and expected risks or vulnerabilities posed by climate change. A project's climate change adaptation co-benefits are determined by counting the financing dedicated to components, sub-components, prior actions (PAs), or disbursement-linked indicators (DLIs) that address, or are designed as adaptation measures to, climate change risks, and that increase the overall climate resilience of the project, project sector, and/or project beneficiaries. The World Bank calculates adaptation co-benefits for its lending operations using the Joint MDB Methodology, which stipulates a context- and location-specific approach to capture financing directly linked to addressing climate change vulnerability in projects. Under this approach, adaptation co-benefits can be assigned to projects/programs only if their documents: (i) provide the project's climate change vulnerability context; (ii) articulate an Intent to Address vulnerability; and (iii) establish a link to project activities. This approach, referred to as the âthree steps,â has been refined over time in discussions with other MDBs, but the basic steps remain as they were originally published in 2012. This report aims to specify the type and extent of information that project documents need to incorporate to ensure that climate co-benefits assessments fully capture adaptation co-benefits generated by project activities.