EXCLUSIVE Dutch bank ING ends financing for new oil and gas projects

The logo of ING bank is pictured at the entrance of the group’s main office in Brussels, Belgium September 5, 2017. REUTERS/Francois Lenoir

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  • IEA calls to end funding for new fossil fuel projects
  • ING’s move puts pressure on other global players to act
  • Dutch bank will still fund existing oil and gas projects

LONDON, March 23 (Reuters) – ING Groep NV (INGA.AS) will no longer finance new oil and gas projects, its energy chief said, one of the first major global banks to commit to such a step in the fight against climate change.

The move by the Dutch financial services firm raises pressure on peers to heed a call by the International Energy Agency (IEA) for a halt to funding for new fossil fuel projects to help cap global warming at no more than 1.5 degrees Celsius. read more

Michiel de Haan told Reuters that ING would not finance projects approved after Dec. 31, 2021 but would still fund energy firms, although ING is already phasing down financing to the oil and gas industry and scaling up lending for renewables.

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“Decarbonisation of the energy system … is of almost existential importance, but so is affordable energy and reliable supply of energy,” de Haan said.

“We can make the decision to discontinue our involvement in new greenfields, but we (will) continue our existing involvement in oil and gas across the world because we need to meet those other two…

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