• ING is the first global systemically important bank with climate targets validated by the Science Based Targets initiative (SBTi).
• Targets focus on significant reductions in financed emissions across fossil fuels, power generation, cement, steel, automotive, aviation, and commercial real estate sectors.
• Validation comes amidst industry backtracking, setting ING apart in climate leadership among major global banks.

ING announced today its climate targets have been validated by the Science Based Targets initiative (SBTi), marking it as the first global systemically important bank to align its emission reduction goals with the Paris Agreement’s 1.5°C ambition.

Nate Aden, head of Financial Standards at SBTi, emphasized:

“As the first global systemically important bank with a validated science-based target, ING is showing how large financial institutions can support climate stabilisation in the real economy. This target builds on years of ING leadership on sector-level benchmarking – the combination of six sector targets with cross-portfolio fossil fuel targets sets a new precedent for climate leadership.”

Several major banks globally, including HSBC and Wells Fargo, have recently stepped back from climate commitments, delaying or entirely dropping net-zero targets. Many also exited the SBTi validation process, avoiding strict limits on fossil fuel financing.

In contrast, ING’s validated targets clearly define its policy direction:

• Ending all financing to pure-play upstream oil and gas companies still developing new fields.
• No new financing for thermal coal-fired power plants or mines and phasing out coal plant lending by end-2025.
• Steering its oil and gas portfolio towards Net Zero Emissions for Advanced Economies, per the IEA scenario.

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Anne-Sophie Castelnau, Global Head of Sustainability at ING, stated:

“Having our climate targets validated by the SBTi demonstrates that they are science-based and robust. We will continue to engage with clients and support them in driving down emissions, keep building up the financing of new technologies and sustainable systems of the future, and find ways to include everyone and enable them to play their part in the transition.”

ING’s validation by SBTi underscores a tangible commitment to climate leadership at a crucial moment when financial sector peers are pulling back.

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