The move by the Dutch financial services firm raises pressure on peers to heed a call by the International Energy Agency.
De Haan said the bank would target a 50% increase in lending for renewable energy by 2025, building on strong growth in 2021, when financing grew 26% to €7.3 billion. "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," he added.
"ING's commitment to reduce its funding to the overall sector without committing to quickly exclude companies opening new oil and gas fields does not augur well for our climate," she said.
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