Banks aren’t the most trustworthy institutions in the world, so take whatever they say with a grain of salt. But if Dutch banking giant ING is to be believed, then it is taking climate change so seriously that it has announced that it is going to stop financing oil and gas companies that continue developing new fields. And it says it will drop clients that fail to meet its plans to hit net zero emissions.
ING plans to phase out all financing for oil and gas companies by 2040. ING’s CEO, Steven van Rijswijk, explained that since companies have until 2026 to meet the climate goals established by the Paris Agreement, he is no longer fucking around. Companies either change their ways or they’re not getting money from ING anymore.
The restrictions could impact around 25 clients representing €1 billion in lending. ING’s overall loan portfolio is €656 billion, so €1 billion spread across 25 clients is a sort of a drop in the bucket for them. And they’ve already got a head start. ING has reportedly already reduced its investments in oil and gas by around 40% in the past year and will reduce it by a further 35% by 2030.
ING has told around 2,000 clients to reassess their sustainability efforts to offer new plans to transition to renewable energy. Many have not yet provided those plans. ING has made it abundantly clear to their clients that if they’re not on track to decarbonize their businesses by 2026, they can kiss their money goodbye.
It should be noted that ING is the largest oil and gas financer in the Netherlands, and they’re constantly protested against for it. Less than a year ago, 300 climate activists blocked a major highway in Amsterdam as they demanded ING immediately stop financing fossil fuel projects. So either ING is full of shit and just trying to appease the climate protesters with plans they won’t stick to, or the protest actually worked. If it’s the latter, nice. Keep naming and shaming.
The post After Protests, Dutch Bank ING Will Restrict Lending to Climate Polluters appeared first on VICE.
The post After Protests, Dutch Bank ING Will Restrict Lending to Climate Polluters appeared first on VICE.
