ING Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/Will also restrict midstream finance helping new fieldson Tuesday said it had again toughened its lending policy to the oil and gas sector, restricting finance to clients engaged in commodity or trade finance and "midstream" infrastructure.
ING, a leading provider of commodity finance, said it was working on a methodology to reduce the volumes of traded oil and gas it finances in line with global climate goals with a view to setting targets by 2024.covers many types of loans, most of which are for less than a year, that facilitate global movement of goods from wheat to gasoline.
The bank's move to restrict its activity reflects the fact the world needs to be less dependent on oil and gas - and is a sizeable part of ING's exposure to the sector -- Anne-Sophie Castelnau, global head of sustainability at ING told Reuters.
ESG over economics.... sell this stock
Idiots