A new investigation by Reclaim Finance and Credit Reform reveals that ING, despite its public pledge last year to cease funding oil and gas companies that open new fields, has continued to underwrite significant fossil fuel projects. Since announcing its policy in September 2024, the Dutch bank has provided more than €5.6 billion in financing to 14 firms actively developing new oil and gas operations.
Key findings of the report
- €5.6 billion in support over the past two years to companies expanding fossil fuel production.
- 26 corporate clients received loans or underwriting, 14 of which are launching new fields.
- Notable deal: a €100 million loan to Norway’s Aker ASA in March 2026—six months after ING’s stated cutoff.
ING’s rationale and response
ING insists its policy targets only the “hard-to-abate” sectors lacking green alternatives, and that it will fully exclude firms whose new field projects extend beyond 2030. The bank also highlights a 30% reduction in overall fossil fuel lending since 2023, framing its approach as a balanced transition strategy.
Critics say plan is insufficient
Climate campaigners argue that any continued financing for new oil and gas developments contradicts the goals of the Paris Agreement. They warn that a 2030 cutoff date leaves too much room for further carbon lock-in and undermines efforts to limit global warming to 1.5 °C.
Market implications
As investors and regulators tighten scrutiny on banks’ environmental practices, ING’s next moves will be closely watched. The report adds to growing pressure on European lenders to align their portfolios with ambitious climate targets or face reputational and financial risks.
