ING publishes first Terra progress report
September 19 2019 - 4:00AM
ING publishes first Terra progress report
ING today published the first progress report on Terra, ING’s
approach to steer its €600 billion lending book in line with the
goals of the Paris Agreement to keep global warming to well-below
two degrees. With the Terra approach, ING aims to be a positive
force in the fight against climate change. The progress report
presents ING’s pathway towards climate alignment in the sectors
most responsible for climate change and is intended to be published
every year.
The disclosure addresses developments and climate alignment for
the sectors: power generation, fossil fuels, automotive, shipping,
aviation, steel, cement, residential mortgages and commercial real
estate. These are the sectors in ING’s portfolio that are most
responsible for greenhouse gas emissions. In a Climate Alignment
Dashboard (CAD) the report presents which sectors are on track for
climate alignment and where work is still in progress. This climate
change disclosure is a first for banks.
Methodologies and standards are not yet finalised for each
sector, but ING will continue to work with peers and sectors
towards creating these. Knowing where we are today is a vital part
of being able to chart a course for the low-carbon world we need in
the future. ING aims to publish the climate alignment results for
all sectors starting next year.
Ralph Hamers, CEO of ING said: “With this first Terra progress
report, we are living up to our promise to transparently deliver
results on measuring climate impact, setting targets and steering
our portfolio. I strongly believe that we can only be successful in
tackling the climate crisis if we all work together. That’s why we
looked beyond ING and are building partnerships and coalitions that
are bigger than just us. We’re working with other banks and
governments to set a global industry standard for measuring and
aligning our loan books with climate benchmarks. This unity is the
key to being effective as a sector and being able to make a real
impact.”
Note for editors
Download the full report here.
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