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Agriculture in developing countries must undergo a significant transformation in order to meet the related challenges of achieving food security and responding to climate change. Projections based on population growth and food consumption patterns indicate that agricultural production will need to increase by at least 70 percent to meet demands by 2050. Most estimates also indicate that climate change is likely to reduce agricultural productivity, production stability and incomes in some areas that already have high levels of food insecurity. Developing climate‐smart agriculture is thus crucial to achieving future food security and climate change goals. This paper examines some of the key technical, institutional, policy and financial responses required to achieve this transformation.