By Simon Jessop
LONDON (Reuters) – Dutch lender ING <INGA.AS> has sharply cut the carbon emissions linked to its lending to the power industry over the past year after reducing funding to coal-fired power plants and boosting financing for renewable energy, it said on Thursday.
ING said it had reduced its direct exposure to coal-fired power plants by 22% and increased renewable power generation financing by 1.9 billion euros in 2019.
ING is part of a small group of banks seeking to lead the way in aligning a combined 2.4 trillion euros in lending with the 2015 Paris climate agreement, aiming to keep global warming well below 2 degrees Celsius above pre-industrial norms by 2050.
Along with BBVA, BNP Paribas, Standard Chartered and Societe Generale and non-profit think tank the 2° Investing Initiative, ING has begun developing science-based methods and tools to help them measure their impact and guide lending