ING to Cut Financing of Oil & Gas Trading in Landmark Move
(16 March 2023 – Netherlands) Dutch bank ING is excluding new financing for oil and gas infrastructure dedicated to new fields although critics claim crucial gaps remain.
A year after Dutch bank ING announced it would no longer finance new upstream oil and gas projects, the group published a new policy to also exclude financing for ‘midstream’ projects. These investments include pipelines and terminals that would unlock new oil and gas fields.
ING echoed that it will continue financing clients that are active in the oil and gas sector, noting that its strategy aims to balance the needs to decarbonize, for energy to remain affordable and to ensure the security of energy supply.
“This move from ING acknowledges that it makes no sense to end direct finance for oil and gas exploration projects while continuing to fund the infrastructure that transports this oil and gas. Although important gaps remain, ING could once more set in motion a positive shift in bank financing for the fossil fuel industry if this example is followed by other banks,” said BankTrack Campaign Lead Banks and Climate, Maaike Beenes.
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