BANCOS DE DESENVOLVIMENTO E A FUNCIONALIDADE DO SISTEMA FINANCEIRO PARA A TRANSIÇÃO VERDE SUSTENTÁVEL

Abstract

This article discusses the role of development banks in building a functional financial system capable of financing the green-sustainable transition in a context of radical uncertainty. Starting from the diagnosis that climate, environmental, and social crises are interdependent and systemic in nature, the text proposes an institutional reconfiguration guided by the Sustainable Development Convention, which articulates public planning, long-term financing, and multilateral cooperation. The notion of financial functionality, rooted in the post-Keynesian tradition, is central to the analysis: a functional financial system is one that ensures liquidity, credit, and macroeconomic stability, supporting productive investment and structural transformation. In this sense, the article argues that mere operational efficiency of institutions does not guarantee development - the financial system must be aligned with public and sustainability objectives. Development banks play a strategic role in this process, as they direct credit and long-term investment toward high-risk sectors with low private attractiveness but high environmental and social relevance. Integrated into State planning, these banks operate as Big Smart Government Banks - a concept that combines the stabilizing functions of Big Government with the strategic intelligence of Smart Development Banks - articulating fiscal, monetary, and industrial policy to sustain the transition.