Dutch multinational banking giant ING has decided to restrict financing for new oil and gas fields and increase financing for renewables. Dutch multinational banking giant ING has decided to restrict financing for new oil and gas fields while at the same time increasing renewable energy efforts to push forward the energy transition. The decision is part of ING’s Terra approach to steer its portfolio towards keeping the rise in global temperatures to 1.5 degrees Celsius to achieve net-zero by 2050. ING said that it worked hard over the years to build a power generation lending book that’s 60 percent renewables, ‘outperforming by far the most ambitious’ climate goal of the Paris Agreement. “Today we go a step further and announce that we aim to grow new financing of renewable energy by 50 percent by year-end 2025 and will no longer provide dedicated finance to new oil and gas fields,” […]