2023-12-27 11:03:28
ING advances in its green transition strategy and sets new steps in its energy approach, phasing out funding for oil and gas extraction activities by 2040 and setting a goal of triple the new financing of renewable energies by 2025.
These measures, which represent an expansion of its Terra approach, come after recent COP28 agreements to abandon fossil fuels and triple renewable energy capacity. ING adapts its portfolio and financing policies by collaborating with clients, sector experts, scientists, regulators and governments, in order to promote sustainable development. Thus, it will accelerate the phasing out of financing for oil and gas exploration and production activities, relying on its Terra approach to guide its oil and gas portfolio in line with the International Agency’s net zero emissions scenario for advanced economies of Energy (AIE).
As a result, lending to oil and gas exploration and production activities will be reduced by 35% by 2030, resulting in a 50% reduction in absolute financed emissions linked to its exploration and production portfolio (scope 1 2 and 3). By 2040, financed emissions linked to this portfolio will have been reduced to zero.
ING will also triple the financing of renewable energy generation to reach 7.5 billion euros annually in 2025, compared to 2.5 billion in 2022. This measure is part of the agreement reached by governments during COP28 and the guidance provided by the IEA that renewable energy generation must triple its capacity by 2030 to meet net zero emissions targets.
In this sense, ING presents an ambitious objective that is five years ahead of the COP28 guidelines and expands its previous goal of increasing the financing of renewable energies by 50% by 2025, starting from a base of 1.5 billion
of euros in 2021.
ING bases its sustainable strategy on three pillars
ING, in developing its energy strategy, takes into account three key interests: the need to decarbonize to fight climate change, the need for energy to remain affordable for people and companies, and the need for the power supply remains secure. Among the main measures adopted previously were the cessation of financing of electricity generation from coal and thermal coal mining, as well as the end of financing dedicated to the exploration and production of new oil and gas fields. .
Press contact: María José Bachiller
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