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In this paper, we argue that the current mainstream sustainable finance approach, because of its embeddedness in the neoclassical paradigm, is disconnected from strong sustainability requirements, making it difficult to develop a climate finance system that is operational and aligned with the challenges of climate preservation. Based on these observations and from a critical analysis of this paradigm, and its implication for accounting, we propose to reframe sustainable finance on the basis of a more ‘traditional’ approach to finance, starting by restructuring accounting on this foundation, as a support accompanying the development of finance and its connexion with firms. Therefore, we propose an exploratory and theoretical study which introduces how and why a particular and innovative ecological accounting approach, the CARE model, currently called upon by a growing number of practitioners and researchers, is a relevant framework to re-conceptualise the issue of climate finance on this basis. From a theoretical point of view, CARE offers a suitable language for structuring the issues of ecological costs, debts and conservation and associated financing. From a practical point of view, it offers a methodological support that can be used to address these issues, from an accounting and management perspective as well as from an investor’s perspective ensuring compliance with the Paris Agreements ‘well below 2°C’ goal in particular. JEL Classification: A12, A13, D24, D62, G30, M41, Q54, Q56, Q57.