ING, the Dutch bank, has published its fifth climate Progress update, announcing it will stop providing new financing for new LNG export terminals after 2025, immediately stop financing pure-play upstream oil and gas companies that continue to develop new fields, and strengthen its oversight of client’s climate transition plans, including ending business relations with clients that do not develop such plans.

The new climate commitments announced go further than those of many of its peers, having said that the bank itself admits that the new policies are not without “several shortcomings” and that some policies will apply to even few companies.

ING has its Amsterdam headquarters located three metres below sea level, so you might expect the bank to take climate change seriously.

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