ING makes progress on climate protection, calls for cooperation
ING today published its annual climate report, which provides an overview of the progress we are making on climate protection. The report details our integrated approach to climate action and outlines how our funding impacts climate change; This includes aligning our loan portfolio with the global climate goals of 1.5 degrees net zero, providing green finance and advice to clients and achieving net zero in our own operations. It also addresses how climate change is affecting our business as we work to assess the risks in our portfolio and take action to mitigate them.
“The world now looks very different from 2021 with the war in Ukraine, high inflation and rising energy prices,” said ING CEO Steven van Rijswijk. “Everything that is happening makes us even more determined to achieve our goals and become a leading banking company to build a sustainable future for our customers, society and the environment. We’re proud of the steps we’re taking and the transparency with which we share the progress toward our goals. But none of us can do this alone. For true transformative change to happen at the pace that is becoming ever more urgent, a concerted, collaborative, and consensus-based effort from all segments of society is urgently needed. We all have a role to play, and we can all do much more. Let’s do it together before it’s too late.”
A key element of the report is our progress in aligning our portfolio with global climate goals – our Terra Approach. It shows that five sectors are on track: power generation, upstream oil and gas, automotive, commercial real estate and marine. Two sectors, cement and residential, are within 5% of their path and steel is just above 5% of its path. Aviation is well above path due to the exceptional impact Covid-19 has had on the sector, although it is gradually returning to its decarbonization path as the sector recovers.
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