ING is a seasoned expert in green finance, with Korean companies as valued partners

“ING has extensive experience in delivering financial solutions to support the expansion of renewable energy and the transition of high-carbon industries to low-carbon operations. We look forward to working with South Korean companies to advance offshore wind projects and reduce carbon emissions in the shipping sector.” 

Andrew Bester, global had of Wholesale Banking at ING, shared plans to expand the bank’s financial services for Korean corporates during an interview with Seoul Economic Daily at ING’s Seoul branch in Jung-gu on the 15th. 

Bester has led ING’s Wholesale Banking division—active in 40 countries—since April 2021. He noted, “This year marks the 33rd anniversary of ING’s Seoul branch. As our history deepens, so too does the growing importance of the South Korean market.” 

He highlighted that global financial institutions are closely monitoring South Korea’s offshore wind sector, which is gaining momentum due to the government’s push for low-carbon energy. Under the 10th Basic Plan for Power Supply and Demand, South Korea’s installed offshore wind capacity is projected to increase more than 110-fold—from 124.5 MW to 14.3 GW by 2030. The government estimates that over KRW 100 trillion will be required to develop offshore wind farms and large-scale power generation complexes. 

ING, headquartered in the Netherlands, has actively financed offshore wind projects across Europe—from the Baltic Sea to the North Sea. Last year, the bank announced plans to triple its annual renewable energy financing to EUR 7.5 billion (approximately KRW 11.24 trillion) by next year, up from EUR 2.5 billion. Bester expressed confidence that ING’s experience in offshore wind projects in Europe, Taiwan, and Japan is directly applicable to South Korea. He emphasised that ING’s proven track record makes it a strong partner for Korea’s offshore wind ambitions. 

Bester also stressed the importance of supporting high-emission industries—such as shipbuilding and shipping—in their transition to low-carbon models. By helping companies reduce emissions, financial institutions can also lower the carbon exposure of their lending portfolios, creating mutual benefit. Last year, ING allocated EUR 115 billion (approximately KRW 172.38 trillion) to sustainability initiatives, including support for low-carbon transitions. 

“In South Korea, where manufacturing plays a major role, reshaping the carbon footprint of companies is essential,” Bester said. “Sustainable growth can only be achieved if the financial sector works in tandem with industry—as one team—from boardroom advice to financing.” 

Originally published in Seoul Economic Daily:  Opens in a new tabhttps://n.news.naver.com/mnews/article/011/0004380633?sid=101