ING's move puts pressure on other global players to actwill no longer finance new oil and gas projects, its energy chief said, one of the first major global banks to commit to such a step in the fight against climate change.
"We can make the decision to discontinue our involvement in new greenfields, but we continue our existing involvement in oil and gas across the world because we need to meet those other two targets." ING's plan to reduce funding for existing oil and gas clients and projects is more gradual, with a target to cut it by 12% to about 3.5 billion euros by 2025.
Investor pressure on banks to act faster on climate change has increased in the year since the IEA published its report on ending fossil fuel funding.
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