ING Group NV is placing limits on its trade and commodity finance business as part of a move to expand its climate strategy and cut its carbon footprint.
(Bloomberg) — ING Group NV is placing limits on its trade and commodity finance business as part of a move to expand its climate strategy and cut its carbon footprint.
The bank is “one of the first and in any case the largest player to set volume based targets,” said Anne-Sophie Castelnau, the Dutch lender’s global head of sustainability. ING is targeting a 19% reduction by the end of the decade in the volumes of traded oil and gas it finances, it said in a statement on Tuesday.
The bank is still seeking input from experts and peers to co-develop a detailed methodology and plans to publish full details of its plan in 2024.
Last year, ING became the first large global bank to stop financing new oil and gas exploration and extraction projects, and is on track to reduce its upstream oil and gas portfolio by almost a fifth by 2030, it said.
ING plans to restrict the financing of midstream infrastructure linked to new oil and gas fields by the end of this year. Its oil and gas sector finance will align with the International Energy Agency’s Net-Zero Emissions by 2050 Roadmap, it said.
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