The article analyzes the role of the Brazilian Development Bank (BNDES) in financing Brazil’s climate transition from a post-Keynesian perspective, considering the evolution of its financing capacity, the sectoral and territorial composition of resources, and, specifically, the role of the Climate Fund Program. The methodology uses data from the BNDES Open Data Portal covering the period from 2002 to 2025 and, for the Climate Fund, from 2013 to 2025. Disbursements and contracted amounts were examined. Based on the operational policies, a category referred to as “Green Financing” was constructed, comprising instruments directly associated with climate change mitigation and adaptation, energy efficiency, biofuels, forests and bioeconomy, environmental protection, and sanitation. The results identify three phases in the trajectory of BNDES: expansion until the early 2010s, a sharp contraction after 2014, and a recovery beginning in 2022, although still below historical peaks. Green financing has recently increased its share. Infrastructure concentrated the largest share of green resources, followed by industry, while sanitation remained the main thematic category over the accumulated period. Territorially, resources were concentrated in the Southeast. The Climate Fund became the main driver of the recent expansion, accounting for approximately 60% of green disbursements and contracted amounts in 2025. The results show the strengthening of BNDES’s climate agenda, although challenges remain regarding the expansion of financing scale and the reduction of territorial inequalities in access to resources.
