Alongside intergovernmental climate change negotiations, a groundswell of climate actions by cities, regions, businesses, investors, and civil society groups has emerged. These transnational actors seek to address mitigation and adaptation to climate change; independently, with each other and with governments and international organizations. Many have welcomed transnational climate initiatives as a crucial addition to the formal climate regime, contributing to a growing momentum to act on climate change. However, critics have raised concerns about whether transnational actors are genuinely interested in mitigation and adaptation, or whether they are they are representing business-as-usual as clean and green. Moreover, are transnational climate initiatives appropriately targeted to address needs of both developed and developing countries; do they exacerbate imbalances in global climate governance between the global North and South? This paper explores the multifaceted relation between developing countries and transnational climate governance. It discusses developing country engagement on the basis of their political support for transnational initiatives, their leadership of, and participation in transnational climate initiatives, and the implementation and performance of such initiatives from the perspective of the global South.