ING Further Limits Fossil-Fuel Financing in New Climate Pledge.

ING Groep NV, the largest bank in the Netherlands, has announced plans to further reduce its financing of fossil-fuel companies in order to lower emissions in its loan portfolio and achieve a net zero target by 2050. The bank will no longer finance companies that continue to develop new oil and gas fields, and it has already pledged to end all funding of upstream oil and gas activities by 2040. ING's outstanding exposure to upstream oil and gas activities decreased by almost 40% last year. The bank also intends to stop providing new financing for liquid natural gas terminals after 2025. ING joins a growing list of European and UK banks that have imposed restrictions on financing new oil and gas fields. However, some environmental groups argue that ING is not doing enough to curb emissions. ING is closely assessing the disclosures of its corporate clients and those that do not take sufficient steps to reduce emissions by 2026 may face stricter loan conditions or be denied financing. [Extracted from the article]