ING Further Cuts Fossil-Fuel Financing in New Climate Pledge [BNN Bloomberg (Canada)]
ING Group, N.V. (ING)
US:NYSE Investor Relations:
ing.com/investor-relations.htm
Company Research
Source: BNN Bloomberg
In its annual climate report published Thursday, the Netherlands' largest bank said it will no longer finance so-called pure-play companies that continue to develop new oil and gas fields. That follows an earlier pledge to end all funding of upstream oil and gas activities by 2040. ING said its outstanding exposure to upstream oil and gas activities fell almost 40% last year to €1.2 billion ($1.3 billion). The Dutch bank also plans to stop providing new financing for new liquid natural gas terminals after 2025. “ING wants to play a leading role in accelerating the global transition to a low-carbon economy,” Chief Executive Officer Steven van Rijswijk said in a statement. The bank has already promised to cut loans for oil and gas exploration and production by 35% by 2030. The company joins a growing list of European and UK banks imposing restrictions on financing new oil and gas fields and related infrastructure. In the past year, Barclays Plc, BNP Paribas SA, HSBC Holdings Plc
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ING
Earnings
- 2/1/24 - Miss
ING
Sec Filings
- 9/20/24 - Form 6-K
- 9/17/24 - Form 6-K
- 9/10/24 - Form 6-K
- ING's page on the SEC website