A water vulnerability analysis is made of how sensitivity characteristics of the Ganges?Brahmaputra?Meghna (GBM) River basin may affect adaptive capacity. A co-riparian ?country perspective? highlights the importance of local level management actions. Results reveal that vulnerabilities in India and Bangladesh stem from hydrological and ecological factors, but are more linked to poverty and underdevelopment in Nepal. Poor political governance and underinvestment in the water sector add to vulnerability in Bangladesh and Nepal. Overall, Bangladesh is the most sensitive country while Nepal has the least capacity to adapt.