ING plans to end oil and gas financing after COP28 summit

ING GROEP NV plans to end all financing of upstream oil and gas activities by 2040 and aims to triple its funding of renewable energy following the COP28 summit.

The Dutch bank expects to boost its financing of renewable power generation to €7.5 billion ($8.2 billion) annually by 2025, up from €2.5 billion in 2022. It will also cut loans for oil and gas exploration and production by 35% by 2030. By 2040, the financed emissions linked to its portfolio will be reduced to zero, ING said in a Wednesday statement.

Leaders from around the world gathered in Dubai earlier this month for the two-week COP28 summit which led to the world’s first agreement to move away from fossil fuels.

ING’s Chief Executive Steven van Rijswijk said the bank intends to build on the progress made at the summit by updating its green strategy.

“We realize more work will be necessary by all parties to reach a net zero society,” said Mr. Van Rijswijk. — Bloomberg