ING has unveiled its Climate Progress Update for 2024, underscoring its dedication to promoting a low-carbon economy.
The report highlights the bank’s strategic initiatives to assist clients in transitioning away from carbon-heavy practices through its innovative Terra approach.
Jun Palanca, country manager for the Philippines, emphasized the nation’s gradual shift toward sustainability, noting the essential role of sustainable finance in this transformation.
He stated, “As we strive for climate resilience, we see significant opportunities ahead,” reiterating ING’s commitment to collaborating with clients on their sustainability journeys.
The update outlines ambitious targets, including a pledge to triple renewable power financing to €7.5 billion annually by 2025, replacing a previous goal of a mere 50% increase from a €1.5 billion baseline set in 2021.
Additionally, ING aims to mobilize €150 billion annually by 2027 to support sustainable business models.
As of June 2024, the bank has already mobilized €56.9 billion in sustainable financing, reflecting a robust 21% year-on-year increase and encompassing 367 sustainability deals in the first half of the year.
ING’s Terra approach now spans twelve sectors, with eight on track to meet climate goals.
To enhance client engagement, ING introduced ESG.X, a tool designed to monitor climate data for approximately 2,000 major clients in carbon-intensive sectors.
Effective immediately, ING will cease new general financing for upstream oil and gas companies involved in new field developments.
By 2025, the bank will also halt financing for LNG export terminals in alignment with international climate standards.
As society collectively moves toward a low-carbon future, ING remains steadfast in its mission to finance sustainable initiatives while recognizing the challenges that lie ahead.
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