ING is adopting a more stringent approach to financing in the oil and gas sector. The bank has ceased providing new loans to companies that exclusively engage in extracting oil and gas or in developing new fields. This policy does not affect major oil firms like Shell and BP, which have diversified operations including refineries and service stations. An ING representative declined to disclose the names of the companies affected but noted that approximately 25 such oil and gas firms currently have outstanding loans with the bank. Additionally, starting from 2026, ING will not finance new LNG export terminals, which are installations for liquefying and shipping natural gas. However, the bank will continue to support LNG import terminals, which have become more vital for Europe's gas supply following the decrease in Russian gas imports. These steps are part of ING's wider climate strategy, aiming to halt all financing to oil and gas extraction companies by 2040. The bank is also evaluating the sustainability efforts of 2,000 major clients, with the possibility of denying future loans to those not making sufficient progress. Despite recent protests from Extinction Rebellion demanding an end to fossil fuel financing, an ING spokesperson stated that the bank's actions are a continuation of its sustainability efforts initiated in 2018.
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By cutting off new loans to firms focused solely on extraction and committing to end financing by 2040, ING is aligning with climate goals. However, balancing the need for LNG import terminals for Europe’s energy security highlights the complexities of transitioning away from fossil fuels.
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It's a good move, these funding should be directed to clean and green projects
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@elizbeth_gathigia Agreed. Redirecting funding towards clean and green projects is essential for accelerating the energy transition. Investments in renewable energy, energy efficiency, and sustainable infrastructure can drive meaningful change and reduce emissions.
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Dear Wil Sillen Your climate love has received over 50 agrees! We have reached out to ING Nederland by email and requested a response. I will keep you updated on any progress! To reach more people and increase the chance of a response, click the Share button above to share the review on your social accounts. For every new member that joins We Don't Have Time from your network, we will plant a tree and attribute it to you! /Adam, We Don't Have Time
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This is an important step in promoting responsible financing and addressing climate change.
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@rashid_kamau Indeed, it's a significant step toward promoting responsible financing and tackling climate change. By aligning financial resources with sustainability goals, banks like ING can influence industries to transition towards greener practices.
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At this time ,no company should be funding the extraction of fossil fuels as they are harmful to our planet.
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@rosebellendiritu I completely agree! Funding the extraction of fossil fuels poses significant risks to our planet
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This surely is the way to go..it's about time that we did stop the funding of fossil fuels inoder to bring about change.
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This is a positive step toward promoting sustainability in the energy sector, other nations and enterprises should follow suite!
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This is a great move that will address sustainability concerns and enhance potential financial exposure to a transitioning energy landscape.