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Last update: 2021-02-16 00:00:00
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ING (an abbreviation of Internationale Nederlanden Groep) is a Netherlands based international financial services company and one of the world's largest savings banks. It was founded through a merger in 1991 of NMB Postbank Groep and the insurance business of Nationale-Nederlanden, which history dates back to 1845. ING's primary businesses are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. ING is active in over 40 countries.
1102 CT Amsterdam
Steven van Rijswijk |
|Annual report||Annual report 2020|
listed on Euronext Amsterdam & Euronext Brussels
ING's shareholder structure can be accessed here.
|Complaints and grievances||
Individuals and communities who may be adversely affected by ING's finance can raise a complaint to the bank via email at email@example.com or via post - see the bank’s complaints page.
Stakeholders may also raise complaints via the OECD National Contact Points (see OECD Watch guidance).
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Banks, climate and energy
Bank policy scores on fossil fuel financing
A bank can obtain a total of 200 policy points for its fossil fuel policies; 120 possible points for oil and gas policies and 80 possible points for coal policies. Based on this score banks are then classified as laggards, followers, front runners or leaders.
Bank policy scores on fossil fuel expansion
Total: 16.5 points out of 82
2 points for a moderate exclusion of tar sands projects: ING prohibits direct financing for "mining, exploration and upgrading of oil sands, including pipeline infrastructure dedicated to the exclusive use of transporting oil from oil sands." The fact that the pipeline finance prohibition applies only to pipelines exclusively transporting tar sands prevents this policy from earning "strong exclusion."
1 point for a weak exclusion of Arctic oil and gas projects: ING prohibits financing for "Arctic offshore oil and gas exploration and production" projects.
1 point for a weak exclusion of fracked oil and gas projects: ING prohibits project financing for "mining, exploration and upgrading of shale gas in Europe."
1.5 points for a weak exclusion of other/conventional oil and gas projects: ING committed to the immediate exclusion of new Ecuadorian Amazon oil from their trading activities.
6 points for a strong exclusion of coal mining projects: ING does not finance new or (expansions of) existing coal mines.
4 points for a moderate exclusion of coal power projects: ING prohibits financing for new coal plants.
1 point for a weak exclusion of coal infrastructure projects: ING does not finance support infrastructure activities dedicated to thermal coal.