The Dutch bank “ING” stopped providing financial support to all companies in the oil and gas industry involved in developing or producing and exploring new investments. The decision will take effect immediately.
The new plan was published on Thursday in the bank’s 2024 Climate Progress Update.
The decision comes in support of the International Energy Agency’s (IEA) 2050 net-zero emissions pathway, which includes strategies such as improving efficiency energy in existing fields and stopping new oil and gas projects.
ING already announced last December that they intend to reduce and stop financial support for oil and gas production and exploration.
ING also plans to end financial support for liquefied natural gas (LNG) export terminals after next year.
Steven van Reiswijk, CEO of ING, said in the report: “ING aims to be a leader in accelerating the transition to a low carbon footprint because it is important to our business, to our customers, to society -social and environmental.
“As a systemically important bank, we believe that leadership means helping our clients and society to decarbonize and reduce emissions, and our shared goal is a rich world with net zero emissions. It also means being a leader in funding the economy of the future and funding the changes needed to make it happen. And that means finding ways to empower people to prepare for the future, starting with the customers whose homes they help finance.
“We are also taking the next steps in our approach to the oil and gas industry. This year we pledged to cut our funding for oil and gas exploration and production to zero by 2040, well ahead of the International Energy Agency (IEA) guidelines. Now we are expanding our policy – from today we will stop new funding for oil and gas companies that continue to develop new investments.”
The bank has also been very vocal about not hesitating to cut ties with customers who disagree with its green transition philosophy.
ING has a strategy called the Terra approach which aims to help reduce the carbon intensity of its loan portfolios.
It targets the most emitting industries such as oil and gas, shipping, power generation, aviation, cement, commercial buildings, steel and others, helping them achieve their green transition goals through financing and customer engagement.
2024-09-21 19:35:43
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