Current:Home > MyDutch bank ING says it is accelerating its shift away from funding fossil fuels after COP28 deal-LoTradeCoin
Dutch bank ING says it is accelerating its shift away from funding fossil fuels after COP28 deal
View Date:2024-12-24 00:32:15
THE HAGUE, Netherlands (AP) — Dutch bank ING announced Wednesday that it is accelerating its phasing out of funding for oil and gas exploration and production activities while it increases financing for renewable energy.
ING has faced fierce criticism from Dutch climate activists for its funding of fossil fuel companies.
The ING announcement came a week after nearly 200 countries at the COP28 climate meeting in Dubai agreed to move away from planet-warming fossil fuels in a document that critics said contained significant loopholes.
ING said its loans to oil and gas exploration and production activities will be cut by 35% by 2030 and 10 years later “the financed emissions linked to our portfolio will be reduced to zero.” Meanwhile, the bank said, it will raise financing of renewable power generation to 7.5 billion euros ($8.2 billion) annually by 2025 from 2.5 billion euros ($2.7 billion) in 2022.
“The world needs energy, but still too much of that is coming from fossil fuels,” ING CEO Steven van Rijswijk said in a statement.
Greenpeace in the Netherlands called the announcement a “step in the right direction,” but warned that “our planet is on fire, let’s be honest: only stepping away from the fire is not enough as long as you keep fanning the flames.”
veryGood! (3)
Related
- US wholesale inflation picks up slightly in sign that some price pressures remain elevated
- Illinois State apologizes to Norfolk State after fan shouts racial slur during game
- Federal Reserve leaves interest rate unchanged, but hints at cuts for 2024
- DWTS’ Alfonso Ribeiro Shares Touching Request for Derek Hough and Hayley Erbert After Health Scare
- Advance Auto Parts is closing hundreds of stores in an effort to turn its business around
- Stock market today: Asian shares are mostly higher after the Dow hits a record high, US dollar falls
- Rooney Rule hasn't worked to improve coaching diversity. But this new NFL program might
- Stock market today: Asian shares are mostly higher after the Dow hits a record high, US dollar falls
- Cowboys owner Jerry Jones responds to CeeDee Lamb's excuse about curtains at AT&T Stadium
- University of Arizona announces financial recovery plan to address its $240M budget shortfall
Ranking
- Why California takes weeks to count votes, while states like Florida are faster
- Brooklyn Nine-Nine cast pays homage to Andre Braugher
- Veteran Taj Gibson rejoining New York Knicks, reuniting with Thibodeau
- Will the American Geophysical Union Cut All Ties With the Fossil Fuel Industry?
- Black and Latino families displaced from Palm Springs neighborhood reach $27M tentative settlement
- Use of Plan B morning after pills doubles, teen sex rates decline in CDC survey
- Hong Kong places arrest bounties on activists abroad for breaching national security law
- How Taylor Swift Celebrated Her Enchanting Birthday Without Travis Kelce
Recommendation
-
Michigan soldier’s daughter finally took a long look at his 250 WWII letters
-
Use of Plan B morning after pills doubles, teen sex rates decline in CDC survey
-
In 'The Boy and the Heron,' Hayao Miyazaki looks back
-
Turkish minister says Somalia president’s son will return to face trial over fatal highway crash
-
Apologetic rapper Tekashi 6ix9ine gets 45 days in prison for probation violations
-
University of Arizona announces financial recovery plan to address its $240M budget shortfall
-
Barbie director Greta Gerwig heads jury of 2024 Cannes Festival, 1st American woman director in job
-
How Shohei Ohtani can opt out of his $700 million contract with Los Angeles Dodgers