Droughts are becoming more frequent and severe, placing growing pressure on communities, ecosystems and economies across the globe. As climate change intensifies these trends, the need for proactive and adaptive responses to strengthen drought resilience has never been more urgent. This report provides a global assessment of drought risk, impacts and policy in the context of climate change. It examines observed and projected drought trends and their drivers, and explores how climate change influences the frequency, duration and intensity of drought events. It also highlights the wide-ranging economic, social and environmental consequences of drought, providing data analysis and new insights into the scale and scope of these challenges. Drawing on international experiences and good practices, the report identifies policy options and measures that can support adaptation and enhance long-term resilience to a drier future.