Natural gas is a relatively clean fossil fuel and ING finances gas extraction. However, there are concerns about certain extraction methods, namely hydraulic fracturing of shale. The potential effects of this technique raise concerns. In the United States, shale gas takes a prominent role in the energy mix, accounting for 70% of all gas extraction. ING does have clients in the United States with shale gas-related activities. Our policy envisages enhanced due diligence including specific requirements for clients involved in shale gas extraction. However, in Europe we do not finance the mining, exploration or upgrading of shale gas.
Oil exploration in the Arctic
We recognise the ecological sensitivities of oil exploration in the Arctic. Shipping and drilling activities linked to exploration may disturb marine wildlife. A potential oil spill could have serious consequences for vulnerable marine ecosystems, and there is general concern that additional oil to the market from the Arctic could further impact the climate.
ING finances various clients and activities in the oil and gas industry. However, ING does not provide project finance services for Arctic offshore oil exploration.
We hold limited indirect exposure to certain activities in the Artic through our clients we finance, such as those supplying equipment used by oil and gas companies, and shipping companies transporting goods and supplies to oil and gas companies.
All our clients, including those providing services to companies operating in the Arctic, must comply with ING’s Environmental & Social Risk policy framework.
Oil sands, also known as tar sands or bituminous sands, are composed of a tar-like substance that is processed into oil.
Processing oil sands is known to be energy intensive, producing significant greenhouse gas emissions, contaminating water and impacting land through its substantial surface mining activities. This is in addition to potential social impacts, such as on the local native tribes historically using the land.
ING does not engage in transactions that are directly linked to the mining, exploration, transportation and processing of oil sands. As a result of our policy (in place since December 2012) we won’t finance the following oil pipe projects: TransMountain pipeline, Keystone XL, Energy East or Line 3.
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