ING publishes second progress report on climate alignment
October 08 2020 - 1:00AM
ING publishes second progress report on climate alignment
ING publishes second progress report on climate
alignment
ING today published its second progress report on Terra, ING’s
approach to steer its €600 billion lending book in line with the
well-below two-degree climate goal of the Paris Agreement.
“With the Terra approach, ING aims to be a positive force in the
fight against climate change,” said ING CEO Steven van Rijswijk.
“Our approach is inclusive and collaborative. We work together with
our clients to facilitate their transition to low-carbon
technologies. And we’ve been working together with other banks and
experts in defining a methodology standard to ultimately help the
financial sector make a bigger impact.”
The progress report presents ING’s pathway towards climate
alignment in the nine sectors in its portfolio most responsible for
climate change: power generation, fossil fuels, shipping, cement,
steel, residential real estate, automotive, aviation, commercial
real estate. Which sectors are on track for climate alignment and
where work is still in progress is illustrated in a Climate
Alignment Dashboard (CAD).
Furthermore, targets for all nine sectors are presented to
ultimately align our portfolio with the Paris climate goals. We aim
to do this by supporting and engaging with existing clients to
shift their investments more towards low-carbon technologies and by
shifting our own capital allocation choices more towards low-carbon
technologies and away from high-carbon. This includes reducing our
financing of sectors that require a decline in production over time
to meet the Paris goals, such as coal and upstream oil & gas,
while financing more renewables.
As announced earlier, this year’s Terra progress report for the
first time includes the oil & gas sector, including a target.
ING aims to reduce financing to upstream oil & gas by 19% by
2040 from 2019 levels. ING will align this portfolio by decreasing
exposure and by engaging with clients to facilitate their
transition to low-carbon technologies. This includes a relatively
sharper decline for oil, while gas as a bridging fuel will more
gradually decrease, after an initial increase. We will steer our
client base and lending exposure towards low-emissions leaders.
Following the Paris-aligned pathway for oil and gas, this target is
also in line with the IEA Sustainable Development Scenario (SDS).
If a revised SDS transition pathway requires a greater decline in
oil and gas production, at a faster rate, that scenario will guide
the direction that ING will take.
This sector-specific methodology application was co-developed
with our partner the 2˚ Investing Initiative (2DII) and other
banks. Just like the climate alignment methodology for lending
portfolios it builds on, this sector-specific application is
open-source and available for all banks to use. We think that
having an industry-wide standard will increase transparency and
therefore collective effectiveness. We will continue to monitor and
report on our progress, engaging with clients and other
stakeholders to advance on our journey to combat climate
change.
Note to editors
The full Terra progress report is available for download
here
For further information on ING, please visit www.ing.com.
Frequent news updates can be found in the Newsroom or via the
@ING_news Twitter feed. Photos of ING operations, buildings and its
executives are available for download at Flickr. ING presentations
are available at SlideShare.
Press enquiries |
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Investor enquiries |
Astrid Overeem |
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ING Group Investor Relations |
+31 20 563 8490 |
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+31 20 576 6396 |
Astrid.Overeem@ing.com |
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Investor.Relations@ing.com |
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and capital required to fund our operations, (26) the other risks
and uncertainties detailed in the most recent annual report of ING
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- PR Terra Progress Report 2020
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