ESG & Investing
ING Is Lone Too-Big-to-Fail Bank in Test-Run for New CO2 Metric
The ING Groep NV lion logo on office windows at the bank's Cedar campus headquarters in Amsterdam.
Photographer: Geert Vanden Wijngaert/BloombergThis article is for subscribers only.
ING Groep NV has emerged as the only global systemically important bank to agree to test a new framework for ensuring that climate claims made by the finance industry are actually credible.
The biggest bank in the Netherlands is part of a program launched by the Science Based Targets initiative, which has been seeking volunteers since July. The goal is to test new standards designed to offer the first clear pathway for what banks, insurers and asset managers must do to get their long-term net zero plans validated. Focus is on so-called Scope 3 emissions, namely those incurred by clients and suppliers.