Finance First Mover: ING Pledges to End New Oil and Gas Projects

Stand.earth Praises & Calls On Other Banks to Follow Suit 

New York – Dutch financial services firm ING announced today it would no longer finance new oil and gas projects, making it one of the first major international banks to cut off direct flows of money to new drilling. The bank did caveat that it “will continue to provide financing to clients active in keeping oil and gas flowing.” ING says that at the same time, they “aim to grow new financing of renewable energy by 50% by year-end 2025.” ING is one of the first major international banks to make this move, leading analysts to speculate it could signal the beginning of a shift in the financing of new fossil fuel projects. 

In response, Stand.earth Climate Finance Director Richard Brooks said:

“ING’s new commitment is a good thing globally and shows that some banks are beginning to pull away from the pack. They were amongst the first banks to end the oil financing in Ecuador and Peru that was driving Amazon destruction, and they now are one of the first banks to end direct financing of new fossil fuel projects globally. They have not restricted financing to companies who are active in expanding infrastructure, and that’s what we need to see next. With the United Nations Secretary General calling the ‘addiction to fossil fuels, mutually assured destruction,’ it’s never been more urgent for banks – the financial enablers of climate destruction – to step up.”

Stand.earth Forests Campaign Director Tyson Miller added:

“ING had been a key first mover on Amazon oil with specific commitments to end oil financing in Ecuador and Peru last year, so this leveling up is good for the Amazon and the climate. Crucially, it also sets a precedent for other banks to follow. If other banks step up, it will reinforce the need to end new oil drilling in critical regions like the Amazon and globally – proof to decision-makers in the Amazon that it’s not only a sound moral decision to protect nature and Indigenous rights, but a sound financial one as well.”  

Contact: Travis Nichols travis@stand.earth 404 432 1362

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