Climate case

On 28 March Milieudefensie (Friends of the Earth Netherlands) formally started a court case against ING regarding our climate action approach. This follows a long period of dialogue and correspondence.

We are confident in our approach to climate action. We will not let a lengthy legal process distract us from taking the actions we need to take to tackle the climate challenge. Our focus continues to be on working with our clients to help them transition and be future-proof.

Climate action infographic

Climate action at ING in short
 

Frequently asked questions

What’s our reaction to the Milieudefensie legal case?

To tackle climate change a transition to a low-carbon economy is necessary. As a bank, we contribute to that through our elaborate climate action approach which is based on the latest insights from scientists and experts.

Milieudefensie’s claims in the past years have been unrealistic and unreasonable as they do not reflect the role of a bank in the transition and do not support the systemic change that needs to happen. We have the same goal but we do not agree on the way to get there. We are happy to discuss with Milieudefensie, as we have been doing for many years.

Now that a legal procedure is started, we will of course also explain our case in court. But we will not let a lengthy legal process distract us from progressing with our climate action approach.

Why are we confident in our climate approach?

Sustainability is a core element of ING’s strategy and we have led the way with many important steps over the years.

We were one of the first major international banks to commit to supporting the goals of the Paris Agreement, and we co-created a detailed and scientific way to steer financing towards the Paris Agreement’s goal of reaching net zero by 2050. We are doing just that for the most carbon-heavy parts of our portfolio.

We were one of the first major international banks for other milestones, too. We’re reducing financing to coal-fired power plants to close to zero by end 2025. In response to publications by the International Energy Agency we decided to no longer provide dedicated finance to new oil & gas fields and to speed up the reduction of our upstream oil & gas financing to zero by 2040. And in response to the call from the international community at COP28 in Dubai to triple renewable energy capacity, we also aim to triple new financing of renewable power generation to €7.5 billion annually by 2025, up from our earlier €2.5 billion target for 2025.

We take a science based approach to climate action and adapt according to the latest insights. Our climate targets have also been validated by the Science Based Targets Initiative (SBTi).

It's important to note that as society transitions to a low-carbon economy, about 80% of energy used globally today is still fossil-fuel based. So even though we finance a lot of sustainable activities, we still finance more that’s not sustainable. That is a reflection of the current global economy.

What are the next steps?

Court proceedings are lengthy processes. In the meantime – most importantly - we will continue to progress with our climate action strategy.

What was new in our climate action in 2024?

The urgency of climate change is undeniable and ING wants to play a leading role in accelerating the transition to a low-carbon economy. As a bank, we do this through financing: working with clients on their transitions to net zero while financing the technologies and solutions needed for a sustainable future. And because the global transition needs to include everyone, we’re also finding new ways to enable people to stay a step ahead on climate change.

See our our annual report including our latest climate disclosures for more information.

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