The Science Based Targets initiative (SBTi) has validated ING's emission reduction targets, confirming their alignment with the latest scientific standards and international goals for limiting global warming. This validation places ING among the financial institutions setting near-term climate targets based on science.
The SBTi is an organization that supports over 7,400 companies globally in establishing science-based targets. It was founded by CDP, the United Nations Global Compact, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF), as part of commitments under the We Mean Business Coalition.
Nate Aden, head of Financial Standards at SBTi, remarked: “As the first global systemically important bank with a validated science-based target, ING is showing how large financial institutions can support climate stabilisation in the real economy. This target builds on years of ING leadership on sector-level benchmarking - the combination of six sector targets with cross-portfolio fossil fuel targets sets a new precedent for climate leadership. ING’s science-based target marks an exciting milestone in the SBTi’s mission to drive science-based climate action across the global economy.”
Anne-Sophie Castelnau, global head of Sustainability at ING, stated: “Having our climate targets validated by the SBTi demonstrates that they are science-based and robust. We will continue to engage with clients and support them in driving down emissions, keep building up the financing of new technologies and sustainable systems of the future, and find ways to include everyone and enable them to play their part in the transition.”