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Protected areas remain a cornerstone of global conservation efforts. The double impacts of climate change and biodiversity loss are major threats to achieving the Millennium Development Goals, especially those relating to environmental sustainability, poverty alleviation and food and water security. The growing awareness of the planet’s vulnerability to human driven changes also provides an opportunity to re-emphasize the multiple values of natural ecosystems and the services that they provide. Protected areas, when integrated into landuse plans as part of larger and connected conservation networks, offer practical, tangible solutions to the problems of both species loss and adaptation to climate change. Natural habitats make a significant contribution to mitigation by storing and sequestering carbon in vegetation and soils, and to adaptation by maintaining essential ecosystem services which help societies to respond to, and cope with climate change and other environmental challenges. Many protected areas could be justified on socioeconomic grounds alone yet their multiple goods and services are largely unrecognized in national accounting. This paper argues that there is a convincing case for greater investment in expanded and better-connected protected area systems, under a range of governance and management regimes that are specifically designed to counter the threats of climate change, increased demand and altered patterns of resource use. The new agenda for protected areas requires greater inclusivity of a broader spectrum of actors and rights holders, with growing attention to landscapes and seascapes protected by indigenous peoples, local communities, private owners and other actors which complement conservation areas managed by state agencies. Greater attention also needs to be focused on ways to integrate and mainstream protected areas into sustainable development, including promotion of “green” infrastructure as a strategic part of responses to climate change.