ING’s stance is in sharp contrast to many other financial institutions, especially in the US where banks such as Bank of America have loosened some climate targets.
| Dutch bank ING will dump large clients it believes are not making sufficient progress on reducing their climate impact, in the latest sign of divergence between European and US banks over the risks of global warming.
“Our goal is to make sure we fight climate change. It is not to say goodbye to clients,” he said. “But if it is about them not being willing , then that will mean we will say goodbye.”ING wanted to move “in tandem with Paris”, the global agreement to limit global temperature rises to below 2C and ideally to 1.5C above pre-industrial levels.
Mr Van Rijswijk said he was concerned that discussions around climate change were becoming more polarised, adding that even if competitors were reluctant to talk about the issue, ING wanted to be “as open and honest as we can be”.over the inclusion of environmental, social and governance factors into business decisions, prompting a wave of greenhushing – where companies are reluctant to talk about climate issues.
“There is also a financial risk involved. There are companies who have more imminent financial risks because their assets might be stranded.”
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