Climate change exacerbates livelihood struggles and poverty, especially among disadvantaged groups. Structural disadvantages like marginalization drive vulnerability to climate impacts. Averages mask disproportionate effects on local communities. Three key risks for the poor are that climate change acts as a threat multiplier for livelihoods, worsens existing poverty and inequalities, and can trigger new vulnerabilities. Current climate policies may have mixed outcomes for poor people despite potential synergies with poverty reduction.