Today ING publishes a new climate update. Milieudefensie has read the plans and is disappointed.
Director Donald Pols: “ING's emissions are 207 megatons higher than ING said so far, and this only covers 22% of ING's loans. ING's emissions are already one and a half times the size of the Netherlands, and this is just the tip of the iceberg. ING is clutching at straws for fear of Milieudefensies climate case. ING has long known that it should stop financing any and all oil and gas companies that start new fields. It is absurd that ING can now continue to roll out the orange carpet for the biggest polluters through a clever PR trick.”
ING provides more insight into the emissions ING is responsible for in its climate report. In March this year, the bank said that their financed emissions are 57 megatons in scope 1 and 2. “So now, while only reporting 22% of scope 3, they end up with 264 megatons, an absurd increase. This shows again how important our Climate Case against ING is, given the huge impact the bank has on our climate,” Pols continued.
ING is proud of the so-called ''Terra Approach,'' in which the bank has set out its emission reduction targets. "It is notable the bank only has reduction targets for less than half of their total emissions. This falls seriously short if ING wants to stop contributing to dangerous climate change. We are disappointed in this new climate policy and continue to prepare our climate case against the bank of the climate crisis.”
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