ING has continued to finance oil and gas companies that are opening new fossil fuel fields, despite last year’s public commitment to withdraw support for such projects, according to a report by finance watchdog BankTrack.
Broken promises under scrutiny
In 2025, the Netherlands’ largest bank pledged to end all financing for firms that expand upstream oil and gas operations. BankTrack’s investigation, released this week, reveals that ING provided €4.3 billion in loans and underwriting services to at least 15 companies involved in bringing new fields into production.
Major beneficiaries and questionable criteria
- Royal Dutch Shell received €1.2 billion, despite announcing new North Sea developments.
- BP and ExxonMobil together secured €900 million for projects in the Gulf of Mexico and the Middle East.
- No clear definition of “new fields” in ING’s policy allows loopholes that critics say undermine the bank’s climate commitments.
BankTrack argues that ING’s client assessment focuses too heavily on long-term emission reduction targets, without demanding immediate caps on new fossil fuel extraction. “A net-zero promise means little if you keep financing tomorrow’s oil and gas wells,” said BankTrack campaigner Maria van der Veen.
ING insists on robust engagement
An ING spokesperson stressed that the bank uses strict climate criteria and engages directly with clients to improve their transition plans. “We will only continue relationships with companies that demonstrate credible pathways to reduce emissions and invest in renewable energy,” the statement said.
ING also highlighted that its financed emissions fell by 18 percent over the past year, and that it has increased sustainability-linked lending to energy companies by 35 percent.
Rising pressure on European banks
Environmental organisations say ING’s approach falls short of what’s needed to meet the goals of the Paris Agreement. Several other European banks have already adopted absolute exclusions on financing new fossil fuel projects, including BNP Paribas and Crédit Agricole.
- Shareholders at major coal and oil firms are increasingly voting against expansion plans.
- COP26 commitments and upcoming climate legislation in the EU are driving a shift in banking policies.
- Activists are calling for an industry-wide ban on funding any new fossil fuel infrastructure.
BankTrack has urged ING to close loopholes and adopt an “absolute exclusion policy” for any future oil and gas extraction. “Time is running out for a liveable climate,” van der Veen warned. “Banks must stop funding the problem and start financing the solution.”