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ING's Climate Strategy: Phasing Out Oil & Gas Financing by 2040
Here is an article by Reuters, on an announcement made by ING. According to the announcement
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ING, the largest bank in the Netherlands, plans to stop financing oil and gas exploration and production by 2040, cutting loans to upstream oil and gas by 35% by 2030 and reducing absolute emissions from its portfolio by 50%.
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ING aims to triple its lending to renewable energy from 2.5 billion euros in 2022 to 7.5 billion euros by 2025, accelerating its target five years ahead of the COP28 climate talks agreement.
This move is sure to provide incentive to companies to start progressing towards net-zero emissions.
Here are some similar moves and initiatives taken up by other companies and countries around the world:
- Iberdrola, a Spanish utility company, has invested over €100 billion in renewable energy projects globally since 2001, making it one of the world's largest investors in clean energy, with over 35 GW of installed renewable capacity.
- Microsoft has pledged $1 billion into their Climate Innovation Fund for the development of carbon reduction and removal technologies
- Vestas, a Danish wind turbine manufacturer, has launched its V236-15.0 MW offshore wind turbine, which is the world's largest and most powerful wind turbine to date, and is Designed for a 25-year lifetime.
