This paper aims to shed light on the climate financing landscape in both Germany and Indonesia, with a primary focus on climate mitigation, particularly in the energy sector. With regard to Germany, this paper provides an overview of Germany’s climate financing flows, structure, and international climate finance trends. Moreover, it also takes into account the recent political discourse in Germany as well as the geopolitical conditions that followed Russia’s invasion of Ukraine, and the ensuing energy crisis in Europe. With regard to Indonesia, this paper provides an outlook on Indonesia’s climate mitigation targets and achievements, recent trends with regard to energy transition financing in the country, and potential avenues for further provision of international climate finance to support its energy transition.