Climate finance, particularly International Climate Finance (ICF), is instrumental in addressing the multifaceted challenges posed by climate change on a global scale. Despite its theoretical importance, ICF has encountered criticisms regarding its effectiveness, equity, and alignment with recipient countries' priorities. This thesis delves into these debates by scrutinizing the MUEVE Project, a Costa Rican urban development initiative under the EU’s Partnerships for Sustainable Cities Program. Through an analysis of power dynamics and processes within MUEVE’s international partnerships, this study showcases the project as an exemplar of successful and equitable ICF transfer, wherein all actors benefit significantly. The discussion highlights nuanced debates surrounding ICF, including power relationships, debt-based financing, co-benefits, and technical approaches, all of which are pertinent for evaluating the impact of international climate finance and proposing improvements. The MUEVE Project, by centering equity, collaboration, and longevity, demonstrates how recipient actors can be empowered to guide aid utilization, fostering a sense of ownership and agency. Moreover, it emphasizes the importance of fostering collaboration, coordination, and partnerships between donor and recipient actors, which are crucial for the future of ICF and broader climate change initiatives. This study contributes to understanding the complexities of ICF processes and underscores the necessity of equitable implementation for just climate outcomes.