$61 Billion Dutch ING Bank to Stop Financing Large Clients Lagging Climate Change Including New Financing to Pure-Play Upstream Oil & Gas Companies with Immediate Effect & New LNG Export Terminals after 2025
20th September 2024 | Hong Kong
Dutch ING Bank ($61 billion market value) has announced to stop financing to large clients lagging climate change, including stopping new financing to pure-play upstream oil & gas companies with immediate effect and new LNG export terminals after 2025. ING (19/9/24): “ING today published its annual Climate Progress Update 2024. The update shows how we engage with our clients to help them in the transition to a low-carbon economy. It also includes our progress on steering the most carbon-intensive sectors in our loan portfolio towards global climate goals – our ‘Terra’ approach. As a bank, the most impactful way for us to contribute to the transition is through financing: working with clients on their transitions to net zero while financing the technologies and solutions needed for a sustainable future. And because the global transition needs to include everyone, we’re also finding new ways to enable people to stay a step ahead on climate change. For the assessment of the disclosures of around 2,000 wholesale banking clients we used specially developed tooling called ESG.X. We intend to make this tooling externally available to help accelerate the efforts of our peers and clients. As of 2026, after two years of disclosure assessments and more strategic engagement with our clients, we’ll have a more robust understanding of how they’re progressing. Based on that, we will continue with business as usual or, for those that are unable or unwilling to progress, apply stricter conditions on a case by case basis or we will consider ceasing financing them altogether. In the Progress Update we also announced new steps in our policy for energy financing. We will stop all new general financing to so-called pure-play upstream oil & gas companies that continue to develop new oil & gas fields. This policy is applicable with immediate effect. In addition, guided by the IEA World Energy Outlook 2023, we’ve decided to stop providing new financing for new LNG export terminals after 2025. We’ve also expanded the scope of our Terra approach to the aluminium and dairy sectors, bringing the total number of sectors in scope to twelve. Eight sectors are (almost) on track to meet climate goals on time, with two sectors behind schedule and two can’t yet be assessed because a new methodology is used. To successfully fight climate change, action is needed at all levels of society. That’s why advocacy and collaboration are such big parts of our approach. We’re very clear about what we believe governments and policymakers need to do in order for society to meet climate goals. We will continue this advocacy work, playing an active role in climate standard-setting and directing our resources to where our contribution will have the most impact. The Climate Progress Update 2024 is available to download here. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. See how we’re progressing on our climate approach.”
“ $61 Billion Dutch ING Bank to Stop Financing Large Clients Lagging Climate Change Including New Financing to Pure-Play Upstream Oil & Gas Companies with Immediate Effect & New LNG Export Terminals after 2025 “
Steven van Rijswijk, CEO of ING: “I am proud to see our climate approach keep on developing every year. In the past year, we’ve taken several important steps to sharpen the way we engage with clients on their transition towards net-zero. We assessed the sustainability disclosures of around 2,000 of our largest clients with an online tool we’ve developed. This gives us the foundation for more data-informed discussions with our clients about their progress and how we can support them in their transition and drive down their emissions. The urgency of climate change is becoming more evident all the time and ING wants to play a leading role in accelerating the global transition to a low-carbon economy. We all have a part to play, and we can all make the difference for present and future generations if we work together towards the same goals.”
$61 Billion Dutch ING Bank to Stop Financing Large Clients Lagging Climate Change Including New Financing to Pure-Play Upstream Oil & Gas Companies with Immediate Effect & New LNG Export Terminals after 2025
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