HomeIndustriesING Says High-Emitting Sectors on Course to Reach Climate Goals

ING Says High-Emitting Sectors on Course to Reach Climate Goals

Banking and financial services company ING stated that five of the highest-emitting sectors that it serves, including auto and power, are on course to achieve new climate targets set by the Dutch firm.

“We have updated the pace at which the decarbonization needs to materialize, basically translating into curves that are steeper; we need to go quicker in terms of reducing the carbon intensity,” ING Global Head of Sustainability Anne-Sophie Castelnau said of the decision to set stricter targets.

The power generation sector emerged as the frontrunner in the race to lower emissions, plummeting 23% below its projected pathway to achieving its climate targets. The upstream oil and gas sector followed closely behind, dropping 15.2% below its projected pathway.

The worst performer by a significant margin was aviation, hovering 57.3% above its projected pathway, while the steel sector remained 5.4% above its pathway.

ING’s decision to tighten its climate standards comes as the banking sector is placed under rising pressure to track and reduce the emissions released by companies that they finance.

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