We are committed to building a sustainable future. That's why we have set a bold goal to phase out financing for upstream oil and gas by 2040, while also tripling our investments in renewable energy by 2025. Together, we can create a better world for future generations.
Our energy financing plans at a glance
The Conference of the Parties of the UNFCCC, most commonly COP28, came to an agreement that signals the “beginning of the end” of the fossil fuel era by laying the ground for a swift, just and equitable transition, underpinned by deep emissions cuts and scaled-up finance.
In that light, ING takes the next steps on energy financing by updating our sustainability approach with 2 bold goals.
- First, we commit to phase out upstream oil and gas financing to zero by 2040. This refers to the exploration and production of oil and gas. However, this does not mean we’re exiting oil & gas completely. For midstream and downstream activities, which involve oil and gas transportation and conversion into fuels, we have emissions intensity targets to reach our net zero by 2050 targets.
- Second, we aim to triple our renewable energy financing to €7.5 billion annually by 2025, up from €2.5 billion in 2022. This new target is five years ahead of the COP28 guidance and replaces the previous target of increasing renewables financing by 50% by 2025 from the €1.5 billion base in 2021.
These changes are part of our ongoing efforts to align our portfolio with the goals of the Paris Agreement. We’re not exiting fossil fuels completely because the world still needs some fossil fuels for things like fertilisers, chemicals, plastics, and steelmaking. The best way to reduce the demand for fossil fuels is to increase the availability of renewable energy, and our new renewables target supports this.
For companies that are active in upstream as well as other areas, we’ll develop an approach similar to the one we applied for utilities companies when we phased out coal-fired power plants in 2017.
For more details, please refer to the full press release.
Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. See how we’re progressing on ing.com/climate