..As a bank, ING can make the biggest impact by supporting clients with their transition to net zero while financing the technologies and solutions needed for a sustainable future. Our approach follows the latest scientific guidance on climate change and leading global guidelines, which also consider energy affordability and security.

Our climate action approach includes limiting financing to activities that emit the most carbon. Over recent years we’ve taken important steps on our oil & gas policy, like no longer financing projects for new oil & gas fields and the infrastructure that supports them; and completely phasing out financing of upstream oil & gas by 2040. In 2024, we have stopped all new general financing to pure-play upstream oil & gas companies that continue to open new fields. However, we will consider supporting these companies with dedicated funding for their energy transition activities, like investments in renewables or carbon capture and storage.

At ING, we’ve indicated that, over time, we will be prepared to step away from client relationships that are not aligned with our portfolio pathways and our commitment to steer towards net zero. For the proportion of clients that remain unable or unwilling to progress, we will, on a case-by-case basis, apply stricter credit conditions on the type of business we want to do with these clients, or cease financing them altogether. Our client engagement starting-point continues to be inclusion-first: based on the belief that we can make the most impact by helping clients – especially the high emitters – to transition their businesses...