Dutch bank ING has announced that it will no longer provide financial support to pure-play oil and gas companies for new exploration or development projects, as part of its commitment to supporting the transition to green energy. This decision, which will go into effect immediately, aligns with the International Energy Agency’s 2050 net-zero pathway.
In their 2024 Climate Progress Update, ING CEO Steven van Rijswijk emphasized the bank’s ambition to lead in accelerating the low-carbon transition. The bank had previously announced plans to phase out financing for oil and gas production and exploration by 2040, ahead of the IEA’s guidance. ING will also stop financing liquified natural gas (LNG) export terminals after next year.
Through its Terra approach, ING aims to reduce the carbon intensity of its loan portfolios by focusing on high-emission sectors, including oil and gas. The bank is committed to helping these sectors transition to greener practices through financing and client engagement.
ING’s proactive stance on green energy and its willingness to cut ties with clients who do not support its green transition philosophy demonstrates its dedication to creating a more sustainable future. As a systemically important bank, ING believes that leadership means supporting customers and society in decarbonizing and achieving a thriving net-zero world.
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