Refugees and vulnerable host communities in fragile settings are on the frontlines of climate change. Disproportionately exposed to climate risks and with limited capacity to adapt, they urgently need sustainable solutions to protect their livelihoods and build resilience. Accelerating climate adaptation in these contexts requires moving beyond short-term aid to long-term strategies that engage local systems and actors. This report explores how Market Systems Development approaches can be used to advance climate adaptation in fragile and displacement-affected settings. It maps current practices, identifies systemic entry points, and draws on practical case studies from Ethiopia and Uganda to offer actionable insights for more climate-purposed, inclusive, and sustainable programming.