The energy transition will require stepping up energy financing, as well as reallocating spending toward low-emission assets. The shift in capital allocation required to finance net-zero ambitions is transforming the global financial architecture with environmental, social, and governance (ESG) mandates, emission disclosure requirements, and the emergence of new green financial instruments. For investors, governments, and multilateral agencies, the challenges are manifold to mobilize and deploy capital. For investors and companies, returns on renewable energy production and low-emission assets need to be competitive and rewarded by financial markets. Financing decarbonization in emerging markets remains a challenge. What are the opportunities and challenges created by the energy transition for investors? What are they for the financial industry?