Dutch bank ING finances tenfold the amount they officially report in firms developing new oil and gas fields. A policy that spells disaster for the planet. These are findings from the recent report 'Uncovering a Multibillion-Euro Fossil Fuel Financing’.
This report was in collaboration with SOMO, the Dutch Centre for Research on Multinational Corporations.
Key takeaways from the research:
- ING’s financing of companies that develop new oil and gas fields is ten times larger than ING themselves reports.
- ING keeps financing fossil fuel companies that develop new oil and gas projects, while on average other banks are reducing financing of these polluting companies.
- At present, ING has 45 ongoing collaborations with fossil fuel companies that will end no sooner than 2040. 5 of these deals were signed in 2024, and one of them will end only by 2054.
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