Estimation of spatially and temporally disaggregated climate risks is a critical prerequisite for the assessment of effective and efficient adaptation and mitigation climate change strategies and policies in complex urban areas. This interdisciplinary research reviews current literature and practices, identifies knowledge gaps, and defines future research directions for creating a risk‐based climate change adaptation framework for climate and cities programs. The focus is on cities in developing and emerging economies. The framework unpacks risk into three vectors—hazards, vulnerabilities, and adaptive capacity. These vectors consist of a combination of physical science, geographical, and socioeconomic elements that can be used by municipal governments to create and carry out climate change action plans. Some of these elements include climate indicators, global climate change scenarios, downscaled regional scenarios, change anticipated in extreme events, qualitative assessment of high‐impact and low‐probability events, associated vulnerabilities, and the ability and willingness to respond.