ING is taking a more critical look at loans to oil and gas companies

This article was last updated on September 19, 2024

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ING is taking a more critical look at loans to oil and gas companies

ING will stop lending money to some companies in the oil and gas industry. With immediate effect, the bank will no longer grant new loans to companies that only focus on pumping oil and gas and developing new fields.

This does not concern large oil companies such as Shell and BP. Because they are active on a broader scale, with refineries and petrol stations, for example.

An ING spokesperson does not want to name companies that are no longer welcome, but does clarify that about 25 of these oil and gas companies still have loans.

No more LNG export terminals

From 2026, ING will no longer finance new LNG export terminals. These are facilities where natural gas is liquefied and then exported by ship. ING now finances around 20 companies in that sector, including in the US.

ING will continue to finance LNG terminals intended for the import of natural gas. After Russia invaded Ukraine, much less Russian gas came to Europe via pipelines. Since then, countries have focused more on gas imports via LNG terminals. So it came quickly a floating LNG terminal in Groningen’s Eemshaven.

Broader climate policy

The measures are part of a broader climate policy at the bank. From 2040, ING no longer wants to lend anything to companies that pump oil and gas.

The bank now monitors the sustainability measures of 2,000 major customers. Customers who, in the eyes of ING, do not take enough steps may be excluded from new loans in the future.

Extinction Rebellion

ING was recently regularly the target of climate action group actions Extinction Rebellion. He wants ING to immediately stop financing the fossil industry.

An ING spokesperson says today’s move has nothing to do with pressure from Extinction Rebellion. “We have been focusing on sustainability in our loan portfolio since 2018.” The bank says it is always willing to have a conversation with Extinction Rebellion and is happy to explain its sustainability policy.