.jpg)
ING, the Dutch financial giant, has pledged to halt its funding for pure-play upstream oil and gas companies involved in new field developments and exploration. The move, effective immediately, marks a significant step in the bank’s commitment to advancing the global transition to cleaner energy sources.
This decision, outlined in ING’s 2024 Climate Progress Update, aligns with the IEA’s net-zero emissions roadmap, which emphasizes halting new oil and gas extraction while boosting energy efficiency in existing fields. ING had previously announced in December 2023 its intention to gradually withdraw support for oil and gas projects, but this new policy extends the commitment further by cutting off financing for any new explorations.
In addition to upstream oil and gas projects, ING plans to stop financing new liquefied natural gas (LNG) export terminals starting in 2025, signaling a deeper shift away from fossil fuel investments.
ING’s CEO, Steven van Rijswijk, emphasized the bank’s role in supporting the green transition: “As a systemically important bank, we believe that showing leadership means helping our customers and society decarbonize and drive down emissions, with a thriving net-zero world as our mutual goal.”
As part of its broader Terra approach, ING is targeting sectors with high carbon emissions—such as power generation, shipping, and real estate—helping them transition towards lower carbon footprints through financing and strategic client engagement. The bank has also made it clear that it will not hesitate to sever ties with clients that do not align with its sustainability goals.
With this bold move, ING is positioning itself as a leader in the financial sector’s shift towards supporting a greener, more sustainable global economy.
