Daily Management Review

ING Bank to stop financing oil and gas exploration and production by 2040


By 2040, Dutch bank ING will progressively cease funding the production and development of oil and gas, the credit organization announced in a statement.

ING will specifically cut lending to upstream projects by 35% by 2030, which will result in a halving of the volume of financed emissions in this category. This volume will drop to nil by 2040.

Furthermore, by 2025, the bank hopes to have tripled the amount it finances annually for renewable energy projects, from €2.5 billion in 2022 to €7.5 billion.

Last week, the COP28 climate summit nations adopted a final declaration put out by the United Arab Emirates, which called for the phase-out of fossil fuels by 2050. In addition, the accord calls for doubling energy efficiency and tripling the usage of renewable energy.

source: reuters.com