ING has released its annual Climate Report, detailing the impact of its financing on climate change and how climate change influences its business. The report covers ING’s efforts to steer the nine most carbon-intensive sectors in its loan portfolio toward global climate goals through its Terra approach. It also highlights the bank’s engagement with clients to support their transitions and its work in assessing and mitigating climate risks.
Key points from the report include:
- ING is working on sector financing standards for decarbonization, particularly in the steel, shipping, and aluminum sectors.
- The bank has set 2030 and 2050 targets for decarbonizing not only the upstream but also the midstream and downstream segments of the oil and gas value chain. They aim to expand their approach to cover the entire value chain of oil and gas under their Terra approach.
- ING is increasingly integrating climate considerations into its decision-making and business processes.
- The Terra approach is being expanded into other areas, including Business Banking (specifically agriculture and transportation in the Netherlands) and global commercial real estate.
- ING is advocating for governments and regulators to provide harmonized policies and incentives that accelerate the decarbonization of the global economy.
As the landscape of climate action evolves, ING is committed to improving its approach continually. This report allows the bank and its stakeholders to reflect on the progress made and identify areas for further action, collaboration, and advocacy.
By FCCT Editorial Team
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