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https://www.bloomberg.com/news/articles/2024-09-19/ing-further-limits-fossil-fuel-financing-in-new-climate-pledge>
"ING Groep NV plans to further reduce the financing it provides to fossil-fuel
companies as part of its effort to drive down emissions in its loan portfolio
and achieve a net zero target by 2050.
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 and Societe Generale SA
are among the institutions that have introduced such constraints.
The International Energy Agency has said that to limit global warming to the
critical threshold of 1.5C, there should be no investment in new fossil-fuel
supplies. Still, many banks continue to finance the industry, putting them
squarely in the crosshairs of climate protesters."
Via
Fix the News:
https://fixthenews.com/create-the-right-conditions/
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
