ING Pledges to Stop Financing New Upstream Oil and Gas Projects
1. ING’s New Financing Policy
ING announced that it will no longer finance pure-play oil and gas companies involved in exploration or development of new fields. This decision aligns with the bank’s commitment to support the transition to green energy and will take effect immediately.
2. Support for Net-Zero Goals
The decision was revealed in the 2024 Climate Progress Update and aligns with the International Energy Agency (IEA)’s 2050 net-zero pathway. The IEA’s strategy emphasizes energy efficiency in existing fields and halting new oil and gas extraction projects.
3. Previous Announcements and Future Plans
Last December, ING shared plans to reduce and eventually stop financing oil and gas exploration. The new policy builds on this by extending the financing halt to liquified natural gas (LNG) export terminals after 2024.
4. ING’s Commitment to Green Transition
Steven van Rijswijk, CEO of ING, highlighted the bank’s ambition to lead the low-carbon transition. He stated that ING’s role is to help customers and society decarbonize and reduce emissions, with the shared goal of achieving a thriving net-zero world.
5. Phasing Out Oil and Gas Financing
ING has committed to phasing out oil and gas exploration and production financing by 2040, ahead of the IEA’s guidelines. The bank is now expanding its policy to immediately stop all new financing for pure-play upstream oil and gas companies developing new fields.
6. Client Engagement and Green Transition
ING is firm in cutting ties with clients who do not align with its green transition strategy. Its "Terra approach" targets high-emission sectors like oil and gas, shipping, aviation, and cement, helping them transition to greener practices through financing and engagement.
Source : euronews
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