ING to Phase Out Upstream Oil and Gas Financing by 2040
20 Dezembro 2023 - 4:17AM
Dow Jones News
By Christian Moess Laursen
ING said it will phase out upstream oil and gas financing by
2040 and triple renewables financing by 2025, responding to the
pact to pivot away from fossil fuels at COP28 last week.
The Dutch bank said Wednesday that loans to upstream oil and gas
activities will be reduced by 35% by 2030, and by 2040 the financed
emissions linked to its portfolio will be reduced to zero.
ING also aims to triple the financing of renewable power
generation to 7.5 billion euros ($8.24 billion) annually by 2025,
up from EUR2.5 billion in 2022.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
December 20, 2023 02:02 ET (07:02 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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