ING has released its first comprehensive climate report. The report explains how our funding affects climate change. ING is working to improve its resilience to climate risks, including both physical and transition risks. By 2025, we hope to have cut our funding for upstream oil and gas by 12%. (from 2019).

ING today released our first integrated climate report, which provides a comprehensive overview of all aspects of our climate action strategy for the first time.

The report explains how our financing affects climate change, including our progress toward global climate goals (our Terra approach). It also discusses how climate change affects our business as we work to assess climate risks and implement mitigation measures.

"This report highlights what ING is doing to address the existential threat posed by climate change,"

ING CEO Steven van Rijswijk said.

"None of us can do this by ourselves. True change requires a concerted collaborative and consensus-based effort from all segments of society. We still have time to protect the future of our planet and the future generations who will inherit it if we accelerate the pace of change now."

We've begun implementing our August commitment to steer our portfolio in the direction of limiting global temperature rise to 1.5 degrees Celsius rather than well-below two degrees, with the goal of reaching net zero by 2050 rather than 2070. As we integrate this new target into our Terra approach, the integrated climate report largely reflects our progress in line with the previous ambition.

However, we have updated our target for upstream oil and gas to align with the International Energy Agency's scenario of reaching net-zero emissions by 2050. By 2025, we hope to have cut our funding for upstream oil and gas by 12%. (from 2019). Over the next few months, we'll focus on the steps and intermediate goals required to get us on the more ambitious net-zero path. By the end of 2022, we hope to have completed this for all sectors covered by Terra.

We are working to become more resilient to climate risks, both physical and transition risks, as part of our integrated approach to climate action. Climate change risks, including credit, market, liquidity, and operational risks, will be managed as part of our risk management framework.

As methodologies advance and regulatory guidance and requirements evolve, our approach will continue to evolve. This approach not only helps us to mitigate the worst effects of climate change, but it also allows us to use our experience and knowledge to provide clients with advice and financing to help them transition to a net-zero world.

Source: Ing newsroom