Climate change is an unparalleled challenge for our world, one where banks also have a role to play. ING plays its part in various ways.
ING has been climate neutral since 2007, but it’s not enough to only look inwards – we know that our biggest impact is in our financing. As a bank, that’s how we can help transition to a greener economy with a smaller carbon footprint. ING has invested billions of euros in wind farms, solar energy, and geothermal power production, for example. Also, ING has decided to no longer finance new coal-fired power plants and coal mines and to continue to reduce our coal portfolio.
Still, the fact is that the economy (and a number of countries in particular) can’t yet do without fossil fuels. There is still too little renewable energy, and experts haven’t yet been able to develop an efficient and affordable means of storing sustainable energy.
We at ING recognise the need for transition and the importance of having a strong government policy on climate, including a price on carbon. You can read more in our Statement on Climate action.
We’ve also endorsed initiatives including the following in an effort to have the most impact.
- European Financial Services Round Table (EFR) Statement on Climate Change
- Renewable energy 100% (RE100)
- UNEP FI/ EBRD Statement by Financial Institutions on Energy Efficiency Finance
- World Economic Forum CEO Climate Statement
- Dutch Banking Association (NVB) Climate statement