Environmental degradation and issues of climate change have attracted world’s attention during the past several decades. Both rich and poor nations are prone to the adverse socio-economic consequences of environmental deterioration and Global Warming. But the poor and developing countries suffer much more than the developed ones. Due to economic compulsions and technological constraints, a large number of developing countries is unable to take firm policy-decisions for quick actions to address the climate and environment-related problems. Most of the challenges in this regard are specific to the developing countries. This article identifies some of these challenges, which pertain to conceptual uncertainties, energy scarcities, disappointment with the multilateral initiatives, weak international cooperation and lack of global direction for the future action. However, some opportunities have also been envisaged despite these challenges. As a major opportunity, the case of nuclear power has been highlighted, which has the potential to address the climate-related problems with appreciable advantage over other carbon emitting energy sources. The role of renewable energy technologies in mitigating carbon dioxide emissions is also important, although these technologies still require further technical advancement and commercial acceptability. International mechanisms to manage nuclear power on global level have good prospects in the future. Policy perceptions for a consensual, legally binding and sustainable post Kyoto Protocol agreement have also been treated with reference to the requirements of the developing countries. The conclusions reemphasize the need of collective global action against the climate change, on urgent basis, and more proactivity on the part of developing countries to draw benefits from the post-Copenhagen negotiations. Developed countries need to enhance cooperation with the developing countries in capacity-building through transfer of technology and financial assistance.