ING today published its second progress report on Terra, ING’s approach to steer its €600 billion lending book in line with the well-below two-degree climate goal of the Paris Agreement.
“With the Terra approach, ING aims to be a positive force in the fight against climate change,” said ING CEO Steven van Rijswijk. “Our approach is inclusive and collaborative. We work together with our clients to facilitate their transition to low-carbon technologies. And we’ve been working together with other banks and experts in defining a methodology standard to ultimately help the financial sector make a bigger impact.”
The progress report presents ING’s pathway towards climate alignment in the nine sectors in its portfolio most responsible for climate change: power generation, fossil fuels, shipping, cement, steel, residential real estate, automotive, aviation, commercial real estate. Which sectors are on track for climate alignment and where work is still in progress is illustrated in a Climate Alignment Dashboard (CAD).