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The development of energy systems toward a decarbonized economy is increasingly constrained not only by technological challenges, but also by deficiencies in the organization, coordination, and governability of sustainable financing. This study aims to substantiate an integrated conceptual model and a multi-level governance framework for the sustainable financing mechanism of energy system development under decarbonization, ensuring the alignment of financial instruments with transition strategies, performance indicators, and feedback mechanisms. The methodology combines a bibliometric analysis of Scopus-indexed journal publications with an examination of international statistical and analytical data produced by leading global organizations, complemented by systemic, institutional, and comparative analytical approaches. The bibliometric analysis was conducted in 2025 and covered peer-reviewed articles published during 2017–2025, while empirical financial indicators were synthesized for the most recent available period of 2022–2024 using comparable time-series data reported by international institutions. The results indicate that despite global energy investments reaching approximately $3 trillion in 2024—nearly $2 trillion of which was allocated to clean energy technologies—a persistent annual financing gap for climate change mitigation in the energy sector remains. Moreover, to remain consistent with the Net Zero trajectory, investments in clean energy must increase by approximately 1.7 times by 2030. The synthesis of contemporary research and empirical evidence reveals a predominance of studies focused on individual green and transition finance instruments, accompanied by persistent fragmentation between financial flows, governance structures, and measurable decarbonization outcomes. To address this gap, the paper proposes a conceptual model that interprets sustainable finance as a governed system rather than a collection of isolated instruments, together with a multi-level governance framework integrating strategic (policy), sectoral, and project-level decision-making with systems of key performance indicators, monitoring, and feedback. The findings demonstrate that the effectiveness of sustainable financing critically depends on the coherence between financial instruments, governance architectures, and decarbonization objectives, which ultimately determines the capacity to translate mobilized capital into tangible energy infrastructure modernization and measurable emissions reductions. The proposed approach provides a practical foundation for improving energy transition policies and investment strategies at both national and supranational levels.