Dutch bank ING plans to put an end to its financing of projects which involve the exploration for oil and gas fields, and the extraction of those fossil fuels. The bank told Reuters that it plans to follow the agreement reached at the recent United Nations Climate Change Conference, known as COP28, by shifting more attention from fossil fuel projects to sustainable energy. The bank intends to triple its financing of renewable energy projects within two years.
Governments must set tougher
rules to aid the decarbonisation of real estate and other
sectors, ING s CEO said, warning that the Dutch bank will
otherwise struggle to hit its climate targets. .