ING CEO Sees Climate Approach as a Major, Complex Challenge

The approach to climate change is one of the biggest challenges we face in the world, if not the biggest. However, it is also complicated, according to ING CEO Steven van Rijswijk, who discussed the issue during the bank's annual results presentation. His comments were in response to a climate lawsuit recently filed against the financial institution by the environmental group Milieudefensie.

Milieudefensie has labeled ING as "the Netherlands' most influential banker of the climate crisis." Van Rijswijk, however, emphasized that the bank opts for a "science-based approach," listening to the insights of climate scientists and attempting to engage with customers to encourage them to reduce their polluting emissions. "We exclude customers who are not willing to implement change."

Milieudefensie, which previously succeeded in a climate case against Shell, aims to force ING through the courts to cease its cooperation with polluting companies. This action is deemed necessary to align the bank's policies with the Paris Climate Agreement.

Van Rijswijk, however, stated that this alignment is already the case with his bank. He also pointed out that the company has announced plans to stop financing the exploration and production of oil and gas by 2040.

Milieudefensie's response to Van Rijswijk's remarks underscores the necessity of the climate case against ING. "If anyone needs to do more in the fight against climate change, it's ING. Stopping new oil in 2040 is fifteen years too late."

The environmental organization also wants the emissions for which ING is responsible through its financing to be reduced by nearly half by 2030. Scientists have determined that this is necessary to keep the global temperature increase temporarily below 1.5 degrees Celsius.

According to Van Rijswijk, however, this is more a task for the world as a whole and not a specific company like ING. "The world needs it, but we are not an exact copy of the world."

ING has not yet set aside funds for potential financial consequences of Milieudefensie's case. Formally, according to Van Rijswijk, there is not yet a lawsuit, as ING has only been named so far and has been given time to respond. In the view of the company, it is absolutely not yet possible to say whether the case will impact ING and what that impact would be.