ING has become the first global systemically important bank to have its climate targets validated by the Science Based Targets initiative (SBTi). This milestone aligns the bank’s emission reduction goals with the Paris Agreement’s 1.5°C pathway, setting a new standard for climate leadership in the financial sector.
Nate Aden, Head of Financial Standards at SBTi, praised ING’s achievement, stating: “As the first global systemically important bank with a validated science-based target, ING is demonstrating how large financial institutions can actively contribute to climate stabilization.”
Unlike several major banks, including HSBC and Wells Fargo, which have recently scaled back their climate commitments, ING has reinforced its leadership with ambitious targets. The bank’s goals focus on significant reductions in financed emissions across sectors like fossil fuels, power generation, cement, steel, automotive, aviation, and commercial real estate.
Key components of ING’s climate strategy include:
- Ending financing to oil and gas companies that are still developing new fields.
- No new financing for thermal coal plants and mines, with plans to phase out coal lending by 2025.
- Steering its oil and gas portfolio toward net-zero emissions for advanced economies, as outlined by the International Energy Agency (IEA).
The SBTi validation signals ING’s commitment to supporting the transition to a low-carbon economy at a time when other financial institutions are retreating from climate commitments. ING continues to engage clients in reducing emissions while promoting the financing of sustainable technologies.
This significant step not only underscores ING’s climate leadership but also highlights the growing importance of financial institutions in driving global emissions reductions.
Nederlands: ING Picture by Adriana Monetory on Wikimedia
