ING To Redirect Financing Towards Greener Shipping, Together With Other High Greenhouse Gas Emission Segments Back to News & Events List


ING has a lending portfolio of over €500 billion across many sectors, which we’ll now begin steering towards meeting the Paris Agreement’s well-below two-degree goal.

We’re able to start doing this by co-creating an innovative, accurate way to measure our portfolio, called the Terra approach. With this, we’re the first global bank to commit to using science-based scenarios to steer our business strategy.

The Terra approach looks at the technology shift that’s needed across certain sectors to keep the rise of global temperatures to well below two degrees Celsius. In the automotive sector, for example, it’s not enough to lower emissions by making fewer petrol-powered cars – more electric cars must be made, too.

Terra then measures that needed shift in technology against the actual technology clients are using today and planning on using in the future. This is where financing comes in – and where ING can have an impact.

“Banks have a responsibility to finance positive change and we are stepping up to that. We believe the Terra approach will enable us to make a real difference,” said Isabel Fernandez, head of ING Wholesale Banking.

We worked on the Terra approach with the 2˚ Investing Initiative (2˚ii), a global think tank for researching climate-related metrics in financial markets. 2˚ii is backed by bodies including the European Commission and various European governments, and supported by academics, expert groups and civil society organisations.

 

Source: ING

 


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