This paper analyzes climate finance from the Post-Keynesian perspective of investment financing, contrasting it with the conventional approach to development finance. The objective is to assess the compatibility of recent climate finance proposals, particularly those discussed within the G20 and the Conferences of the Parties (COPs), with the principles of Post-Keynesian theory. The methodology combines a literature review, a historical-documentary analysis of the evolution of the COPs, and a descriptive analysis of climate finance flows directed to Brazil using data from the United Nations Framework Convention on Climate Change (UNFCCC) and the Inter-American Development Bank (IDB). The results indicate that international climate finance mechanisms have expanded the resources allocated to mitigation and adaptation, with a predominance of investments in the energy sector. From a Post-Keynesian perspective, climate finance depends on liquidity creation, active state intervention, and the availability of long-term credit rather than on prior savings. The study concludes that recent developments show partial convergence with this approach, although significant challenges remain regarding the volume and stability of mobilized financial resources.
