ING to stop funding oil and gas extraction by 2040 and aims to triple funding for renewables by 2025


Alphavalue / Divacons| The Dutch financial institution announced new targets in its energy transition financing strategy. The bank will stop financing oil and gas extraction by 2040 and aims to triple financing for renewables by 2025. This is a step forward from the previous policy adopted by the bank last year, which sought to end financing for new oil and gas fields and restrict financing to any related infrastructure. On the other hand, ING’s renewables financing target is to triple its annual financing to the sector from €2.5bn in 2022 to €7.5bn. This is also a clear advance on the previous renewables policy, which targets a +50% increase by 2025 from a base of €1.5bn in 2021. In terms of financing the transition from brown to green, the bank will adopt the same selective approach as for the closure of coal plants in 2017, when it decided not to finance any utility customers whose energy matrix was more than 5% coal-dependent, allowing it to accompany customers in the energy sector in their transition to green energy.

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