We provide new details about the shift the world’s major infrastructure financiers would have to make to meet mounting promises to cut carbon emissions to “net-zero” by mid-century. Using two World Bank databases of infrastructure projects throughout the developing world, and applying a methodology for imputing the projects’ likely future carbon output, we assess the emissions profile of power-plant projects executed from 2018 through 2020 — the three years immediately preceding the spate of net-zero pledges. We find that approximately half the generation executed in those years is too carbon-intensive to align with keeping Earth’s average temperature from exceeding 1.5° C above pre-industrial levels, largely because of the prevalence of new natural-gas-fired power plants. We also find new evidence of host countries’ agency in shaping carbon trajectories: much of the climate-misaligned financing is not foreign but domestic. And we find different institutions are financing infrastructure portfolios with significantly differing carbon intensities.