ING publishes first Terra progress report

ING publishes first Terra progress report
19.09.2019 09:01 am

ING publishes first Terra progress report

Banking

ING today published the first progress report on Terra, ING’s approach to steer its €600 billion lending book in line with the goals of the Paris Agreement to keep global warming to well-below two degrees. With the Terra approach, ING aims to be a positive force in the fight against climate change. The progress report presents ING’s pathway towards climate alignment in the sectors most responsible for climate change and is intended to be published every year.

The disclosure addresses developments and climate alignment for the sectors: power generation, fossil fuels, automotive, shipping, aviation, steel, cement, residential mortgages and commercial real estate. These are the sectors in ING’s portfolio that are most responsible for greenhouse gas emissions. In a Climate Alignment Dashboard (CAD) the report presents which sectors are on track for climate alignment and where work is still in progress. This climate change disclosure is a first for banks.

Methodologies and standards are not yet finalised for each sector, but ING will continue to work with peers and sectors towards creating these. Knowing where we are today is a vital part of being able to chart a course for the low-carbon world we need in the future. ING aims to publish the climate alignment results for all sectors starting next year.

Ralph Hamers, CEO of ING said: “With this first Terra progress report, we are living up to our promise to transparently deliver results on measuring climate impact, setting targets and steering our portfolio. I strongly believe that we can only be successful in tackling the climate crisis if we all work together. That’s why we looked beyond ING and are building partnerships and coalitions that are bigger than just us. We’re working with other banks and governments to set a global industry standard for measuring and aligning our loan books with climate benchmarks. This unity is the key to being effective as a sector and being able to make a real impact.” 

Related News

PayNearby announces partnership with Sub-K Impact Solutions; enables access to loan repayment options through its retail network

India’s largest agent banking platform, PayNearby is happy to formally announce its partnership with Sub-K Impact Solutions Ltd (Sub-K), a leading player facilitating loans,... Read more »

OpenLegacy to support Shimane Bank in accelerating its digital transformation

OpenLegacy, a pioneer in digital-driven integration for core legacy systems, was recently... Read more »

Banking Circle secures five finalist places at 2020 Emerging Payments Awards

Banking Circle, the financial infrastructure provider to Payments businesses and Banks has secured 5 finalist slots in the 2020 Emerging Payments Awards.... Read more »

Lanistar chooses W2 to power its new banking alternative

W2 partners with Lanistar, ahead of its polymorphic debit card launch that will revolutionise how customers manage their money. W2, the... Read more »

FSS brings AutoPay and conversational capabilities to UPI

FSS (Financial Software and Systems), a global digital payment and financial technology company, has augmented its UPI 2.0 platform with a range of new... Read more »

NatWest brings Apple Pay to business credit cards

NatWest today brings Apple Pay to its Business credit card customers, providing a safer, more secure and private way to pay that helps... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel