The bank has – according to its own Latest climate report – That is, more than 7 billion euros of loans are still owed to companies active in the oil and gas field. These are activities from transporting oil through refining to sale at pumping stations.

4 billion euros

For these activities, ING wants to be climate neutral by 2050, Bank reports. As for oil and gas extraction itself, which is often described as upstream, the bank has set itself a more ambitious target for 2040. The bank still has $1.9 billion in outstanding loans to companies active in the sector.

The total amount lent is much higher at €4 billion. This also includes investments through stocks, for example. The bank will sell this as well, with a deadline of 2040. This is a tightening of the current policy, as the bank will no longer finance new oil or gas extraction projects.

Dubai Climate Agreement

ING’s total investment portfolio in oil and gas extraction amounts to €14 billion. The fact that this is higher than the sum of the various activities again relates to the money that has been indirectly invested in fossil fuels.

ING’s decision was partly inspired by the recently concluded climate agreement in Dubai. “The world needs energy, but much of it still comes from fossil fuels.” said CEO Steven van Rijswijk. “We recognize that more efforts are needed by all parties to achieve a climate-neutral society.”

Not only will ING phase out investments in fossil fuels. At the same time, the bank wants to lend more money to companies that produce renewable energy. Last year, the bank invested €2.5 billion in this area, and by 2025 this should reach €7.5 billion.

In comparison, the bank has nearly 800 billion euros of outstanding loans. More than €34 billion of this goes to companies in sectors responsible, according to the bank, for the most emissions.

Eco-clubs: not enough

Environmental organizations react sparingly to the news. “ING is taking a step in the right direction, but our planet is burning,” said Martin De Zeeuw, a climate expert at Greenpeace Netherlands. “Let’s face it: just staying away from the fire isn’t enough, as long as you keep fanning the flames in the meantime.”

Fossil-free NL is also crucial. The organization states the decision on X ‘crumbs’ To keep customers and employees involved happy.