ABN Amro to back 2050 net zero goals with enhanced climate investments

Dutch lender ABN Amro Bank NV (AMS:ABN) on Friday pledged to extend lending for renewables and other decarbonisation technologies to at least EUR 4 billion (USD 4.3bn) by 2025 amid efforts to support the global energy transition.

Up to EUR 1 billion in development capital will be also disbursed by 2030 to speed up the transition to a zero-carbon energy economy by 2050. The funds are earmarked for climate-focused early-stage companies and technologies.

The investments are proposed to be made under ABN Amro’s new climate strategy, under which the bank will seek to support the goal for net zero emissions economy and align its investment portfolios with the target to limit global warming to a maximum temperature increase of 1.5°C. The framework sets specific interim carbon reduction targets by 2030 for the bank’s portfolios, focusing on residential mortgages and corporate loans, oil and gas, power generation and shipping. Meanwhile, financing for carbon-intensive activities such as coal mining and power generation, arctic drilling, oil extraction from oil sands will be excluded or strictly limited.

For its own operations, ABN Amro will seek to become net zero by 2030.

In line with the plan, ABN Amro has become a member of the Net Zero Banking Alliance (NZBA), a UN-convened initiative that gathers financial institutions that have committed to complying with the global net-zero emission goals.

(EUR 1.0 = USD 1.064)

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