Climate change imposes some special risks on Least Developed Countries, and the chapter presents a methodological framework, which can be used to assess the impacts of key assumptions related to damage costs, risks and equity implications on current and future generations. The methodological framework is applied to a case study of severe storms in Cambodia based on statistical information on past storm events including information about buildings damaged and victims. Despite there is limited data available on the probability of severe storm events under climate change as well on the actual damage costs associated with the events in the case of Cambodia, we are using the past storm events as proxy data in a sensitivity analysis. It is here demonstrated how key assumptions on future climate change, income levels of victims, and income distribution over time, reflected in discount rates, affect damage estimates and thereby the economic recommendations for climate change adaptation decision making. The conclusion is that taken vulnerabilities and equity concerns into consideration in adaptation planning for Least Developed Countries really makes a strong case for allocating economic resources to the protection of these countries.