Dutch bank ING cuts carbon emissions linked to power industry lending

has sharply cut the carbon emissions linked to its lending to the power industry over the past year after reducing funding to coal-fired power plants and boosting financing for renewable energy, it said on Thursday.

ING is part of a small group of banks seeking to lead the way in aligning a combined 2.4 trillion euros in lending with the 2015 Paris climate agreement, aiming to keep global warming well below 2 degrees Celsius above pre-industrial norms by 2050. “Our approach is inclusive and collaborative. We work together with our clients to facilitate their transition to low-carbon technologies,” ING CEO Steven van Rijswijk said.

The biggest improvement was in the impact of the bank’s lending to the power generation sector, where carbon intensity - measured by kilograms of CO2 per megawatt hour - was now 14.9% below the target pathway and ahead of schedule.

We have to destroy the people who run these banks or they will destroy us completely.

Put that 4 bil euros they invest in oil into renewables next year or before and they're getting there. I know it's hard, as they're a business, but it has to be done

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