One of the key drivers of the global political economy of climate change is the evolving financial architecture; yet there is little research into how this plays out at the national level. How will the new ideas and ideologies be received and interpreted in national policymaking arenas? What does this mean for how power, processes and resources are negotiated and institutionalised? This article addresses these questions through a case study analysis of the Pilot Program for Climate Resilience (PPCR) in Nepal. We examine how the global objectives of the PPCR are being interpreted and re‐conceptualised by different actors; and how this conceptualisation is influenced by, and reinforces or challenges, existing political ideologies and interests. We suggest that attention to these dynamics could help resolve some emerging tensions as the PPCR moves forwards towards implementation.