ING Accelerates Shift from Fossil Fuels to Renewable Energy Financing

The Dutch bank plans to cut fossil fuel loans by 35% by 2030 and increase renewable energy financing to 7.5 billion euros annually by 2025.

ING, a Dutch bank, has announced that it will speed up its transition away from funding fossil fuel companies.
The bank plans to cut its loans to oil and gas exploration and production activities by 35% by 2030, and by 2040, it aims to reduce the financed emissions linked to its portfolio to zero.
ING will increase its financing of renewable power generation to 7.5 billion euros ($8.2 billion) annually by 2025, a significant increase from 2.5 billion euros ($2.7 billion) in 2022.
The announcement comes a week after the COP28 climate meeting, where nearly 200 countries agreed to move away from planet-warming fossil fuels.
Despite the bank's announcement, Greenpeace in the Netherlands warns that stepping away from the fire is not enough as long as you keep fanning the flames.