ING’s climate targets validated by the Science Based Targets initiative (SBTi)
Today, we announced that the Science Based Targets initiative (SBTi) has validated our climate targets to reduce greenhouse gas emissions in our own operations and in our client portfolio. In our client portfolio, the SBTi validated the fossil fuel, power generation, cement, steel, automotive, aviation, and commercial real estate sector targets.
The SBTi has concluded that the emission reduction targets - which we use to steer our climate goals - are in line with the latest science and the goal of limiting global warming to internationally agreed levels. The SBTi validated ING’s target against its Financial Institutions Near-term Criteria, which is a global framework for financial institutions’ near-term target-setting in line with climate science.
The SBTi is an organisation that has enabled over 7,400 companies worldwide to set science-based targets. It was established by CDP, the United Nations Global Compact, the World Resources Institute (WRI), the World Wide Fund for Nature (WWF) and as one of the We Mean Business Coalition commitments.
Nate Aden, head of Financial Standards at SBTi, said: “As the first global systemically important bank with a validated science-based target, ING is showing how large financial institutions can support climate stabilisation in the real economy. This target builds on years of ING leadership on sector-level benchmarking - the combination of six sector targets with cross-portfolio fossil fuel targets sets a new precedent for climate leadership. ING’s science-based target marks an exciting milestone in the SBTi’s mission to drive science-based climate action across the global economy.”
Anne-Sophie Castelnau, global head of Sustainability, stated: “Having our climate targets validated by the SBTi demonstrates that they are science-based and robust. We will continue to engage with clients and support them in driving down emissions, keep building up the financing of new technologies and sustainable systems of the future, and find ways to include everyone and enable them to play their part in the transition.”
More details of our SBTi-validated targets.
As society transitions to a low-carbon economy, so do our clients and so does ING. We finance a lot of sustainable activities, but we finance more that isn't sustainable. See how we're progressing on www.ing.com/climate.