ING helped fossil fuel firms raise over $900 million despite climate pledge
ING, a Dutch bank, pledged in 2024 to stop financing oil and gas firms developing new fields. However, data from SOMO and Bank.Green shows ING financed three such companies (Vår Energi, Aker BP, NEO Energy) with $908 million in bonds. ING defends its actions, citing policy nuances, but critics argue it violates its climate commitments. The bank's loans to upstream oil and gas firms fell from €2 billion in 2024 to €1.4 billion in 2025, but bond financing continues.
How this was made
The 30-second read
Why it matters
The breach could trigger activist lawsuits, downgrade of ESG scores, and pressure from institutional investors.
Market read
Reveals a significant gap between ING’s stated climate policy and actual financing, likely affecting its stock and broader ESG investment flows.
What to watch
Potential legal defenses by ING citing policy wording ambiguities and the distinction between project finance and general loans.
Background
ING announced a climate pledge in 2024 to stop financing new upstream oil and gas projects, but new data shows it financed three firms totaling $908 M.
Ticker impact
ING disclosed financing $908 million for three oil and gas firms despite its pledge to stop upstream fossil fuel financing.
Downward pressure on ING share price as investors reassess climate‑risk exposure.
The $908 M financing is a material breach of a publicly announced policy, likely to trigger activist pressure and possible regulatory attention.
Market effects
Highlights risk for banks with climate pledges; may affect broader financial sector ESG ratings.
European banking sector could see heightened scrutiny on climate‑finance policies.
Sets precedent for climate‑policy enforcement across global lenders.
Counterpoint
Some investors may view the financing as a short‑term profit opportunity for ING, arguing the exposure is limited.
Key entities
- BankING
Dutch lender with a public climate‑finance pledge.
- Oil CompanyAker BP
One of the three firms receiving financing.
- Oil CompanyVår Energi
Recipient of bond financing from ING.
- Oil CompanyNEO Energy
Recipient of credit from ING.
