ING finances today’s society, which means we do also finance things that aren't sustainable. But we’re working to put sustainability at the heart of what we do. As a bank, we believe our role is to facilitate and finance society’s shift to sustainability. In other words: contribute to progress – environmental, economic, and social.
The road to net zero brings many opportunities – such as the creation of new jobs and the financing of new energy technology areas, such as hydrogen, carbon capture and energy storage. ING aims to be a leader in financing this change with our innovative sustainable finance solutions. We see this as an opportunity to use our experience and knowledge to support clients with their transition to a net zero world.
ING’s Sustainable Finance team pursues sustainable business opportunities within ING Wholesale Banking, identifying sustainable clients and deals. The team takes a broad approach, going beyond the idea that sustainability simply means a few people lending to a few renewable energy projects.
The team supports a range of clients in achieving their sustainability goals—those with a strong sustainability track record, an ambitious agenda, or that are addressing resource scarcity and seeking financing for sustainable deals in renewable energy, green buildings, waste management or water.
We’ve financed billions of euros in energy projects, from wind farms, solar energy, and geothermal power production; to energy efficiency in buildings and production lines; to electric vehicles and bio-based plastics; to (waste) water treatment and supply and circular economy solutions. This supports our clear approach to climate action.
We also finance deals that make a positive social impact, such as a social covered bond for affordable housing in Korea and one in Austria for projects such as schools, hospitals and social housing. Our sustainable finance portfolio continues to grow.
Our environmental and social risk policies guide us in our financing decisions, and we regularly look for ways to strengthen them. For example, in 2017 we sharpened our coal policy to accelerate the reduction of our financing to thermal-coal power generation, reducing our exposure to close to zero by 2025.
ING also supports the transition to a circular economy, including helping clients make the transition from ownership to access.