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In recent years, the climate funds stood out as tool to counter the climate change and its environmental impact financing adaptation. Moreover they represent an instrument to promote practices to support the developing countries in their path towards the sustainability.

The aim of this paper is to evaluate the effectiveness of the introduction of policies implementing the use of climate funds. To reach it we analyze the funds received by the recipient through a counterfactual analysis. The results show that the policy contributed to the decreasing of greenhouse gas (GHG) emissions and promoted the change in generation energy systems supporting the replacement of fossil sources with renewable sources. Moreover, in these countries highlights the leverage effect of the climate finance for the economic development.