Steven van Rijswijk ING CEO and chairman Executive Board ING GroupSteven van Rijswijk ING CEO and chairman Executive Board ING Group
  • Enhanced Climate Ambition and Sustainable Transition Support
  • ESG Focus in Anticipation of Corporate Sustainability Reporting Directive
  • Restrictive Policies on Fossil Fuel Financing and New Framework for Aluminium Industry
  • Commitment to Tripling Renewable Energy Financing by 2025

Amsterdam, The Netherlands — ING Thursday released its 2023 Annual Report, highlighting challenges faced and progress made, focusing on customer experience and sustainability.

The report details efforts in climate ambition, financing policies, diversity, and financial statements. ING’s commitment to sustainability is emphasized, with ESG ratings and inclusion in sustainability indexes. Legal information and risk factors are also provided.

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CEO Steven van Rijswijk and chairman Karl Guha in their message to shareholders, clients, colleagues, and other stakeholders:

“It is fair to say that 2023 was a challenging year on many counts: geopolitical and economic shocks, supply-chain disruptions, inflationary pressures, climate-related and other natural disasters, wars, and the continuing trend of societal and political fragmentation across the globe. Against this backdrop, we are proud that we were able to navigate these conditions successfully, make good progress on our strategy, and deliver a set of strong financial results”.

In preparation for the Corporate Sustainability Reporting Directive set to be mandatory in 2025, ING has proactively included a dedicated section on Environmental, Social, and Governance (ESG) matters. This addition reflects ING’s commitment to transparency and its role in sustainable corporate practices.

Significantly, ING has revised its policies concerning the financing of certain industries, showcasing a firm stance on environmental issues. This includes the restriction of financing for mining and the use of coal in steelmaking, aligned with global efforts to reduce carbon emissions. Furthermore, ING has taken a definitive step towards sustainability by planning a gradual phase-out of financing for upstream oil and gas activities, with a target set for 2040.

A notable achievement in ING’s sustainability journey is the development of a financing framework for the aluminium industry. This framework was created in collaboration with industry experts and aligns with the previously established standards for the steel and shipping sectors. Such initiatives underline ING’s commitment to not only finance sustainable projects but also to influence industry-wide changes.

One of the most ambitious targets set by ING in its latest report is the goal to triple its financing in renewable energy projects. By 2025, ING aims to increase its renewable energy financing to €7.5 billion annually, a significant rise from the €2.5 billion target set in 2022. This bold move signals ING’s dedication to supporting the global transition to cleaner energy sources and its role as a key player in fostering sustainable development.

In conclusion, ING’s 2023 Annual Report demonstrates the financial institution’s unwavering commitment to sustainability and customer-centricity. Through enhanced ESG disclosures, restrictive financing policies, innovative industry frameworks, and a substantial increase in renewable energy financing, ING is clearly positioning itself as a leader in the transition towards a more sustainable and responsible future.

By Lisa Luckas

Lisa Luckas is a Sr. Business News Editor at Nobot.News.

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