ING Vows To Cut Funding For Upstream Oil And Gas

By Silvia Martelli (September 17, 2021, 6:09 PM BST) -- ING Bank has pledged to cut its holdings in companies that produce greenhouse gasses from its portfolios as lenders and insurers face increasing pressure to turn to "greener" investments.

The Dutch bank will reduce its funding of upstream oil and gas by 12% in the next four years to help to reduce the rise in global temperatures and achieve a goal of net-zero carbon emissions by 2050, it announced on Thursday in its first integrated climate report.

ING wants to reach its new target by 2025, replacing the goal it announced last year of a 19% cut by 2040.

"At the...

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