ING Champions Sustainable Finance and Energy Transition at ENVEX 2024

Seoul, South Korea, 5 June 2024 – ING, a global leader in sustainable finance, showcased its efforts to sustainable finance at "Offshore Wind Technology Day" on 3 June, kicking off the 45th International Exhibition on Environmental Technology & Green Energy (ENVEX 2024) held at COEX in Seoul, South Korea.

The event offered various sessions focussed on navigating South Korea's offshore wind regulations, constructing the energy transition, and financing offshore wind projects in the country.

ING emphasised the importance of the role of private financial institutions in achieving South Korea's ambitious target of 30% renewable energy by 2036. Investment opportunities in renewable energy projects, particularly wind energy, were identified as attractive avenues for achieving this target.

Philippe van Hoof, country manager for ING Korea and chairman of the European Chamber of Commerce in Korea (ECCK), emphasised ING's 25-year commitment to sustainability, dating back to its first sustainability report in 1995. He underscored the crucial role of various private financial institutions, including banks, insurance companies, and pension funds, in achieving net-zero emissions by providing funding for low-emission assets.

Philippe further underlined the importance of collaboration among stakeholders to achieve net-zero goals by 2050. He also highlighted the significant opportunities for both South Korean and European companies presented by the development of offshore wind in South Korea.

ING recently announced progressive steps in energy-related finance, including phasing out financial support for upstream oil and gas activities by 2040 and tripling its financing for renewable energy by 2025.

Society is transitioning to a low-carbon economy. So are ING’s clients, and so is ING. The bank finances a lot of sustainable activities, but still finances more that’s not. See how ING is progressing on Opens in a new tabing.com/climate.