By Christian Moess Laursen

ING said it will phase out upstream oil and gas financing by 2040 and triple renewables financing by 2025, responding to the pact to pivot away from fossil fuels at COP28 last week.

The Dutch bank said Wednesday that loans to upstream oil and gas activities will be reduced by 35% by 2030, and by 2040 the financed emissions linked to its portfolio will be reduced to zero.

ING also aims to triple the financing of renewable power generation to 7.5 billion euros ($8.24 billion) annually by 2025, up from EUR2.5 billion in 2022.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

December 20, 2023 02:02 ET (07:02 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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