"ING has worked hard over the years to build a power generation lending book that’s 60% renewables, outperforming by far the most ambitious climate goal of the Paris Agreement. Today we go a step further and announce that we aim to grow new financing of renewable energy by 50% by year-end 2025 and will no longer provide dedicated finance to new oil & gas fields. We’ll continue

to support that, while increasing investments in renewables and gradually reducing funding to upstream oil & gas by 12% by 2025 and 19% by 2030. This puts us on track for minus 53% by 2040, in line with the IEA’s net-zero by 2050 roadmap." - ING Bank

If the hydrocarbon industry is constrained on the lending side, incremental volume is likely going to come from dominant incumbent players.