ESG Today’s Post

ING has updated its energy financing policy to stop financing companies developing oil and gas projects – stating that it will end new general financing (including corporate financing and bonds) towards pure-play upstream oil and gas companies that continue opening new oil and gas fields. The bank also said that it has started assessing its clients' climate transition process. These policies, which the bank says aims to steer the most carbon intensive parts of its portfolio to net-zero by 2050, build on earlier efforts to tighten conditions and policies on fossil fuel financing – including the end of dedicated upstream finance for oil and gas fields, reduction of the volume of oil and gas financed in the Trade and Commodity Finance business, commitment to stop providing loans in oil and gas exploration and production by 2040. Additionally, ING has committed to triple the financing of renewable energy by 2025. https://lnkd.in/eb5ds7QK

Barclays Ends Direct Financing for New Oil and Gas Projects #Energy #Barclays #ESG #FossilFuels #OilAndGas #FossilFree #BarclaysClimate #SustainableFinance #ClimateAction #GreenFinance #OilAndGasProjects 

ING has announced it will halt all new general financing to pure-play upstream oil & gas companies that continue to develop new oil & gas fields, as outlined in its annual Climate Progress Update. The update highlights ING’s progress on its ‘Terra’ approach, which focuses on aligning the most carbon-intensive sectors within its loan portfolio with global climate targets. ING’s approach centres on financing, enabling clients to achieve their net-zero ambitions while backing technologies and solutions that contribute to a sustainable future. “I am proud to see our climate approach keep on developing every year,” said Steven van Rijswijk, CEO of ING. “In the past year, we’ve taken several important steps to sharpen the way we engage with clients on their transition towards net-zero. We assessed the sustainability disclosures of around 2,000 of our largest clients with an online tool we’ve developed. “This gives us the foundation for more data-informed discussions with our clients about their progress and how we can support them in their transition and drive down their emissions. The urgency of climate change is becoming more evident all the time and ING wants to play a leading role in accelerating the global transition to a low-carbon economy. We all have a part to play, and we can all make the difference for present and future generations if we work together towards the same goals.” ING has developed a specialised tool, ESG.X, to assess the sustainability disclosures of approximately 2,000 wholesale banking clients. This tool, which ING plans to make externally available, aims to support the broader financial sector in accelerating climate action. By 2026, after two years of using ESG.X for disclosure assessments, ING expects to have a clearer understanding of clients’ progress. For clients unwilling or unable to transition, the bank may apply stricter conditions or cease financing on a case-by-case basis. In line with the International Energy Agency (IEA)’s World Energy Outlook 2023, ING has also announced it will stop providing new financing for LNG export terminals starting in 2025. #cleanenergy

Barclays Ends Direct Financing for New Oil and Gas Projects The-14 #Energy #Barclays #ESG #FossilFuels #OilAndGas #FossilFree #BarclaysClimate #SustainableFinance #ClimateAction #GreenFinance #OilAndGasProjects 

"The new policy introduces a series of restrictions and expectations for Barclays’ energy sector clients, including ending project finance, or other direct finance to energy clients for upstream oil and gas expansion projects or related infrastructure, no longer providing financing to new clients with more than 10% of planned oil and gas capex for focused on expansion, and significantly restricting financing to non-diversified energy clients engaged in long lead-time upstream oil & gas project expansion..." #ESG #financingavailable #financing

There is optimism that the announced $1 trillion dedicated to sustainable and transition financing will significantly address methane reduction and monitoring in existing Oil & Gas assets. Fixing leaks is low-hanging fruit. It's crucial for the capital markets to collaborate closely with the insurance sector to pioneer and implement effective methane reduction solutions. "Barclays also released a new transition finance framework, outlining its criteria for classifying financing to decarbonize high-emissions sectors as “transition,” as part of its efforts to achieve its goal to facilitate $1 trillion in sustainable and transition finance by 2030."

ING stops financing new upstream oil and gas projects. This is a big step for our transition to clean energy. We need more. I wonder if we will see existing projects and companies in the fossil fuel space facing stricter norms or more expensive rates, going forth. #sustainability #climatechange #cleanenergy https://lnkd.in/gDRJ-hf7

UK-based bank #Barclays will no longer directly finance new oil and gas projects, and will require its energy sector clients to produce transition plans or decarbonization strategies by the beginning of next year, according to a new “#ClimateChange Statement” released by the bank.

Multilateral development banks play a key role in financing and guiding the energy transition. They provide financial assistance and technical expertise to governments and organisations aiming to reduce reliance on fossil fuels and promote renewable energy projects across Asia. Explore their initiatives and understand why environmental and social impact assessments are essential for a successful transition. https://lnkd.in/es8Agpx4 #energytransition #decarbonisation #sustainability #esg #carbonfootprint #renewableenergy #renewables #finance #internationaldevelopment #banks #infrastructure #utilities #energy #environmentalmanagement #compliance #envirosc #inogenalliance