ING to triple renewables funding by 2025

ING Groep NV (AMS:INGA) plans to triple its financing of renewable power generation to EUR 7.5 billion (USD 8.2bn) annually by 2025, up from EUR 2.5 billion in 2022, the Dutch bank said on Wednesday.

The decision was based on guidance provided by the International Energy Agency (IEA) that renewable power generation must triple in capacity by 2030 to meet net-zero goals.

ING said its new target replaces a previous goal of lifting renewables funding by 50% by 2025 from EUR 1.5 billion in 2021.

The bank also said it plans to accelerate its exit from the financing of upstream oil and gas activities, expecting a phase-out by 2040. In line with the target, ING seeks to lower its loans for oil and gas activities by 35% by 2030.

(EUR 1 = USD 1.096)

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