Reaction to announcement Friends of the Earth

Reaction to announcement Friends of the Earth

ING has taken notice of the announcement that Friends of the Earth Netherlands (Milieudefensie) holds ING liable for alleged contribution to climate change and their threat to initiate legal proceedings against ING.

We're in regular dialogue with a variety of stakeholders including Friends of the Earth Netherlands. We are confident that we take impactful action to fight climate change and sustainability is part of our overall strategic direction. We will of course respond in court if necessary.

As society transitions to a low-carbon economy, about 80% of energy used globally today is still fossil-fuel based. So even though we finance a lot of sustainable activities, we reflect the global economy and still finance more that’s not sustainable.

We aim to play our part in the social and low-carbon transformation that’s necessary to achieve a sustainable future, steering the most carbon-intensive parts of our portfolio towards reaching net zero by 2050.

Our approach is based on science and we adapt it as the (insights based on) science evolve. For example, we announced in December 2023 that we will phase out the financing of upstream oil and gas activities by 2040 and aim to triple new financing of renewable power generation to €7.5 billion annually by 2025, up from €2.5 billion in 2022, following the agreements made at COP28 and the latest scenarios from the International Energy Association (IEA).

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ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries.

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Sustainability is an integral part of ING’s strategy, evidenced by ING’s leading position in sector benchmarks. ING's Environmental, Social and Governance (ESG) rating by MSCI was affirmed 'AA' in July 2023. As of December 2023, Sustainalytics considers ING’s management of ESG material risk to be ‘strong’. ING Group shares are also included in major sustainability and ESG index products of leading providers Euronext, STOXX, Morningstar and FTSE Russell.

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• PR - Reaction to announcement Friends of the Earth_FINAL