ING: “Banks have a key role in achieving 30% renewable energy target”

ING, the global financial group, has emphasised the crucial role of private financial institutions—such as banks—in helping Korea reach its target of 30% renewable energy by 2036. 

The announcement was made at the Offshore Wind Technology Day, an official side event of the 45th International Environmental Industrial Technology & Green Energy Exhibition (ENVEX 2024), held at COEX in Samseong-dong, Seoul, on the 3rd. 

On the same day, ING stated that support from institutional investors and private financial institutions is essential to achieving the 30% renewable energy goal, noting that wind energy and other renewable projects present attractive investment opportunities. 

Philippe van Hoof, country manager for ING Korea and chairman of the European Chamber of Commerce in Korea (ECCK), remarked, “Private financial institutions—including banks, insurance companies, and pension funds—can play a decisive role in achieving carbon neutrality by 2050 by providing the necessary capital to expand carbon-reducing assets.” 

“To reach carbon neutrality by 2050 and support Korea’s offshore wind power ambitions, collaboration and action from a wide range of stakeholders is vital. This presents significant opportunities for both Korean and European companies,” he added. 

Recently, ING announced its energy financing strategy, which includes phasing out funding for oil and gas development by 2040 and tripling its financing for renewable energy growth by 2025. ING continues to lead in sustainable finance, having received an ‘AA’ rating in MSCI’s ESG evaluation at the end of 2021. 

Originally published in Herald Business: Opens in a new tabhttps://n.news.naver.com/mnews/article/016/0002318323?sid=101