Thu Sep 19 06:00:00 UTC 2024: ## ING Group Accelerates Climate Action, Tightens Financing Rules for Carbon-Intensive Clients

**Amsterdam, Netherlands (September 19, 2024) -** ING Group today announced a strengthened commitment to climate action, outlined in its annual Climate Progress Update. The bank is taking a more proactive approach to engaging with its clients to help them transition to a low-carbon economy, focusing on accelerating the decarbonization of its loan portfolio.

ING’s “Terra” approach, targeting carbon-intensive sectors, has expanded to include aluminum and dairy, bringing the total number of sectors under scrutiny to twelve. The bank reported that eight sectors are on track to meet climate goals on time, while two are behind schedule and two remain unassessed due to a new methodology.

The update also revealed new policy adjustments in ING’s energy financing strategy. The bank has declared it will no longer provide general financing to upstream oil & gas companies that continue to develop new oil & gas fields, effective immediately. Additionally, ING will cease financing new LNG export terminals after 2025, aligning with the IEA World Energy Outlook 2023.

To better assess client progress towards net-zero targets, ING has developed an online tool called ESG.X, which has been used to evaluate the sustainability disclosures of approximately 2,000 of its largest clients. This data will inform future discussions and support client transitions.

By 2026, ING intends to have a comprehensive understanding of its clients’ progress and will apply stricter conditions or cease financing altogether for those unable or unwilling to make meaningful strides towards decarbonization.

ING CEO Steven van Rijswijk expressed pride in the bank’s evolving climate approach: “The urgency of climate change is becoming more evident all the time, and ING wants to play a leading role in accelerating the global transition to a low-carbon economy.” He emphasized the importance of collaboration and advocacy in achieving this goal.

ING’s Climate Progress Update 2024 is available for download on the company website. The bank is committed to transparency and continues to share its progress towards its sustainability goals.

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