ING has published its second progress report on Terra, ING’s approach to steer its €600bn lending book in line with the well-below two-degree climate goal of the Paris Agreement.

“With the Terra approach, ING aims to be a positive force in the fight against climate change,” said ING CEO Steven van Rijswijk. “Our approach is inclusive and collaborative. We work together with our clients to facilitate their transition to low-carbon technologies. And we’ve been working together with other banks and experts in defining a methodology standard to ultimately help the financial sector make a bigger impact.”

ING aims to reduce financing to upstream oil & gas by 19 per cent by 2040 from 2019 levels. ING will align this portfolio by decreasing exposure and by engaging with clients to facilitate their transition to low-carbon technologies. This includes a relatively sharper decline for oil, while gas as a bridging fuel will more gradually decrease, after an initial increase.

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