<p>Developing countries, despite their low contribution to global greenhouse gas emissions, are now among the most active countries in multilateral environmental agreements. This growing interest of developing countries in multilateral environmental agreements comes at a time when the scale of climate change and its consequences for developing countries tend to increase. This article, therefore, aims to examine the role of multilateral climate-related agreements in the vulnerability of developing countries to climate change. The study was conducted using panel data collected from 72 developing countries between 1995 and 2018. The main results are obtained by the two-stage least squares method applied to a fixed effects panel. Alternative methods are used in robustness analyses. These include the dynamic panel generalized method of moments and the cross-section augmented ARDL model estimations. The results indicate that multilateral climate-related agreements contribute to reducing climate change vulnerability in developing countries. However, this effect varies with the sector or the component of vulnerability to climate change considered. It appears that multilateral climate-related agreements reduce vulnerability to climate change in the ecosystem, infrastructure, housing, and water sectors, whereas they increase vulnerability to climate change in the food and health sectors. Furthermore, multilateral climate-related agreements increase climate change vulnerability in African and least-developed countries, while they significantly reduce it in Asian and European countries, as well as in oil-producing and rapidly developing countries. The findings suggest that greater participation in multilateral climate agreements is essential to reduce climate vulnerability in developing countries, as it can enhance their bargaining power while reinforcing local knowledge systems, learning capacities, and technology diffusion mechanisms.</p>