The study presents an approach to assess the vulnerability of nature-based tourism in Risaralda, Colombia, to climate change. An environmental reference model is adapted to the tourism sector. The results reveal high vulnerability at the municipal level, conservation areas, ecosystems and tourism supply, especially in high mountain ecosystems. This underlines the importance of adaptive tourism management and measures to reduce vulnerability, such as avoiding concentration of tourism supply, since some of the most vulnerable tourism destinations are paradoxically the most competitive in terms of sustainability. This approach is applicable to other tourism destinations.