ING has announced that it is taking the next steps in its greening process; phasing out the financing of upstream oil and gas activities by 2040 and aiming to triple new financing for renewable energy by 2025.

The steps, updating its Terra approach, come after governments at COP28 agreed to transition away from fossil fuels and triple renewable energy capacity. Within the Terra approach the company aims to steer its oil and gas portfolio in line with the net-zero emissions scenario for Advanced Economies of the International Energy Agency (IEA). As a result, loans to upstream oil and gas activities will be reduced by 35 per cent by 2030, which translates into a reduction of 50 per cent absolute emissions financed linked to our upstream portfolio (scope 1, 2, and 3). By 2040 the financed emissions linked to our portfolio will be reduced to zero.

ING will also aim to triple the financing of renewable power generation to €7.5bn annually by 2025, up from €2.5bn in 2022. This follows the agreement made by governments at COP28 and the guidance provided by the IEA that renewable power generation must triple in capacity by 2030 to meet net-zero goals. The new target, five years ahead of the COP28 guidance, replaces the previous target of increasing renewables financing by 50 percent by 2025 from the €1.5bn base in 2021.

---