ING has dedicated to part out funding for upstream oil and gasoline actions by 2040.
The financial institution goals to scale back loans to upstream oil and gasoline actions by 35% by 2030, leading to a 50% discount in absolute emissions linked to its upstream portfolio (scope 1, 2, and three).
By 2040, ING goals to get rid of all financed emissions linked to its portfolio.
This transfer is a part of ING’s Terra strategy, designed to align its oil and gasoline portfolio with the web zero emissions situation for superior economies outlined by the Worldwide Power Company.
Along with phasing out fossil gas financing, ING has set a goal to triple financing for renewable energy technology, aiming for €7.5 billion (£6.4bn) yearly by 2025, up from €2.5 billion (£2.1bn) in 2022.
