ING has committed to phase out funding for upstream oil and gas activities by 2040.
The bank aims to reduce loans to upstream oil and gas activities by 35% by 2030, resulting in a 50% reduction in absolute emissions linked to its upstream portfolio (scope 1, 2, and 3).
By 2040, ING aims to eliminate all financed emissions linked to its portfolio.
This move is part of ING’s Terra approach, designed to align its oil and gas portfolio with the net zero emissions scenario for advanced economies outlined by the International Energy Agency.
In addition to phasing out fossil fuel financing, ING has set a target to triple financing for renewable power generation, aiming for €7.5 billion (£6.4bn) annually by 2025, up from €2.5 billion (£2.1bn) in 2022.
