ING is taking action for the climate
Climate change is the great challenge of our time. We all have a role to play and actions we can take. Which is why ING is working every day to help build a sustainable future.
We’re taking steps every day to reduce our own carbon footprint while developing financial solutions that help society and businesses meet the climate challenge.
Improving our environmental performance
We’ve been offsetting our carbon emissions since 2007. This means that all the carbon emitted by our buildings and employees through business travel is being offset by reforestation projects. What’s more, our buildings use only 100% renewable and locally sourced electricity. And we’re taking steps to buy sustainably from our suppliers and to constantly improve our waste management.
ING is working towards
- Reducing its water consumption and waste by 26% by 2022
- Reducing its direct CO2 emissions by 80% by 2022 and 25% by 2022 for emissions related to business travel
- Reducing its energy consumption by 65% by 2030
As a bank, we have a lever that can support the low-carbon transition: our loan portfolio. We intend to guide all our customers – from private individuals to multinationals – towards more sustainable solutions by linking our interest rates to their sustainability performance. For example, by supporting companies in their low-carbon transition thanks to a credible sectoral expertise, or by granting individuals loans at advantageous rates to support them in their energy reduction with our renovation loan and green mobility.
- ING wants to help make the private housing market energy-positive by 2050
- ING will double (by 2022 compared to 2017) funding to companies and sectors that contribute to the goal of keeping global warming below 2 degree Celsius
- ING does not grant new financing to coal-fired power stations. Existing credit will be reduced to almost zero by 2025
- ING will reduce its upstream oil and gas sector financing portfolio by 19% by 2040.
There’s still much more that needs to be done to tackle the climate challenge. We’re aware of this and our ambitions in this area are clear and transparent.
We published our first integrated climate report in September 2021, outlining the impact of our climate-change funding. And showing how we assess and reduce climate risks and highlight the measures taken to align our portfolio with the goal of net zero emissions by 2050.
To that end, we’ve developed the Terra approach: a methodology aimed at making our loan portfolio’s climate impact transparent while supporting customers towards a low-carbon transition. This approach has already been adopted by around 30 banks, and we regularly publish progress reports.
We’re also working closely with governments, experts and other banks to help the entire financial sector move in the right direction in support of the Paris Agreement. We’ve also joined the Net-Zero Banking Alliance to guide customers towards the objective of keeping global warming below 1.5°C instead of 2°C, to achieve neutrality in 2050 rather than 2070.