This Dutch lender is walking their talk in being kinder to nature.
ING Bank has announced that they will wind down lending to coal-fired power plants over the coming years, with the target of bringing their exposure to “close to zero” by 2025.
This is in keeping with programs to mitigate climate change, which will also prompt global power producers to find sustainable alternatives.
?We realise that contributing to the Paris Agreement targets is also about making clear choices in what we?ll no longer finance, especially when there are good alternatives available,? ING Vice Chairman Koos Timmermans said in a statement.
?We are taking this decisive step as part of our overall ambition to support the energy transition.?
By end-2025, ING will no longer finance clients who are over 5% reliant to coal-fired power supply.
At present, ING lends to new clients only if their coal dependence is at 10% or less, with the caveat that they will work to reduce their coal exposure in the years ahead.
“We will phase out our lending to individual coal-fired power plants by the end of 2025. In 2015 we said that we wouldn?t finance any new coal-fired power plants, excluding standing commitments. As a result, lending to individual coal-fired power plants has already decreased by 9% in 2016,” ING said.