Key Impact Points:
- ING becomes the first global systemically important bank with validated science-based targets.
- SBTi validated ING’s emission reduction targets in sectors including fossil fuels, aviation, steel, and real estate.
- Targets align with international climate science to limit global warming.
Setting a New Standard for Banks
ING today announced validation of its climate targets by the Science Based Targets initiative (SBTi), marking a significant milestone in global climate action for financial institutions.
SBTi confirmed ING’s targets to cut emissions across its own operations and extensive client portfolio, notably in sectors such as fossil fuel, power generation, cement, steel, automotive, aviation, and commercial real estate.
Targets Backed by Robust Science
SBTi validation signifies that ING’s emission reduction goals align closely with the latest climate science and international agreements on global warming.
The targets passed SBTi’s rigorous Financial Institutions Near-term Criteria, a leading global framework for financial institutions’ climate target-setting.
Leadership Recognition
Nate Aden, head of Financial Standards at SBTi, stated:
“As the first global systemically important bank with a validated science-based target, ING is showing how large financial institutions can support climate stabilisation in the real economy. This target builds on years of ING leadership on sector-level benchmarking – the combination of six sector targets with cross-portfolio fossil fuel targets sets a new precedent for climate leadership. ING’s science-based target marks an exciting milestone in the SBTi’s mission to drive science-based climate action across the global economy.”
Commitment to Sustainability
Anne-Sophie Castelnau, global head of Sustainability at ING, said:
“Having our climate targets validated by the SBTi demonstrates that they are science-based and robust. We will continue to engage with clients and support them in driving down emissions, keep building up the financing of new technologies and sustainable systems of the future, and find ways to include everyone and enable them to play their part in the transition.”
The Road Ahead
As global society transitions toward a sustainable economy, ING remains committed to supporting clients in lowering emissions and accelerating financing for sustainable technologies.
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