This report explores key aspects of the two-way relationship between commodities and climate change, discusses the concept of natural resource conversion and explores its application to renewable and non-renewable resources. In addition, it analyses the challenges and opportunities posed by climate change and the Paris Agreement to commodity-dependent developing countries, and discusses commodity-sector strategies in a changing climate. The report concludes with policy recommendations. 1. Introduction -- 2. Interactions between commodities and climate change -- 3. Impacts of the Paris Agreement on commodity-dependent developing countries -- 4. Commodity sector strategies for climate change mitigation and adaptation -- 5. General conclusions -- Annex A Commodity-dependent developing countries (CDDCs) -- Annex B Commodity-dependent developing countries (CDDCs) by income group -- Annex C Commodity-dependent developing countries (CDDCs) by type of main commodity export.