Gas is a relatively clean source of energy and ING finances gas in various ways.
However, there are concerns about certain types of gas extraction, such as shale gas. This natural gas is extracted from a certain kind of rock formation and is a topic of debate in the Netherlands and the rest of the world. In the US, shale gas accounts for about 30% of the total gas extraction and ING does have clients who are involved in it there.
Our policy outlines certain requirements for clients, relating to the environment and safety for example. The situation in Europe isn’t as developed as the US for various reasons, and it’s still being researched and debated. That’s why ING won’t finance any shale gas production in Europe until at least the end of 2019.
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.