The Glasgow Financial Alliance for Net Zero (GFANZ) has united the financial sector behind a central mission to mobilise capital to lower greenhouse gas emissions. That inevitably means a smaller role for oil and gas as part of the transition. However, recent geopolitical events have highlighted that economies are fragile to price shocks, and supply and demand have to move in sync. And GFANZ has been clear that members can continue to finance oil and gas companies, if these are taking appropriate steps to enable the transition. Oil and gas companies must demonstrate that they are taking steps to align. Between now and COP27, GFANZ will finalise guidance on transition plans and provide granularity through sector briefs on expectations from the oil and gas sector. Our insight assesses how GFANZ impacts financing for the oil and gas sector now, and as it evolves, and what oil and gas companies need to do in response.