Climatic change is expected to have serious impacts on the Pantanal, a large tropical wetland located in the Upper Paraguay River Basin, in the centre of South America, where a range of institutional responses are being developed to mitigate and adapt to climate change. In order to examine the institutional achievements and challenges for managing the region, a specific typology is initially introduced, which comprises a schematic gradient of institutional responses. An empirical analysis was conducted in Brazil, Bolivia and Paraguay, the three countries that share the Pantanal, which identified the hybrid basis of the policy framework under construction, in the sense that it actually combines elements of various institutional responses included in the proposed typology. Important factors that seem to undermine the efficacy of institutional responses in addressing climate change in the region are the strong influence of the agribusiness sector and the still relatively low importance of the Pantanal for national environmental policy-making. This essay makes a claim that the principles of climate justice should guiding policies and interventions as it they constitute the most appropriate strategy to address the inequality and unfairness related to climate change.