ING: The First Global Bank to Have SBTi-Approved Targets

Global banking and financial services firm ING has taken a big leap forward in its sustainability journey, as its emission reduction targets receive the approval of the Science Based Targets initiative (SBTi).

When it comes to climate targets, SBTi is the gold standard.

The organisation has rubberstamped ING’s targets, showing that they align with the latest scientific recommendations and the broader international objective of mitigating global warming.

The validation applies to both ING’s own operational emissions and those within its client portfolio.

And make no mistake: ING has been ambitious in its target setting. 

Its targets cover sectors including fossil fuels, power generation, cement, steel, automotive services, aviation and commercial real estate.

But what exactly is so special about ING’s newly established targets?

A benchmark for financial institutions

First things first, this approval makes ING the first global bank to achieve this milestone.

“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,” says Nate Aden, Head of Financial Standards at SBTi.

“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 approach is rooted in its Terra initiative, which was introduced in 2018 to guide sector-specific decarbonisation pathways towards net zero by 2050.

The bank has set intermediate 2030 targets for high-emission industries, which have now been validated under SBTi’s updated criteria for financial institutions.

This marks a crucial point in ING’s broader commitment to integrating climate science into its business strategy.

Supporting clients in the transition

For ING, achieving climate goals is not just about internal emissions reductions but also about steering its clients toward more sustainable practices.

The bank acknowledges that the transition to a low-carbon economy will be gradual, requiring continued engagement with businesses in carbon-intensive sectors.

Anne-Sophie Castelnau, ING’s Global Head of Sustainability, believes that collaboration is key in the future of the energy transition.

“Having our climate targets validated by the SBTi demonstrates that they are science-based and robust,” she says.

“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.”

The bank has committed to increasing financing for green technologies, including renewable energy, energy storage and green hydrogen.

It was also an early pioneer of sustainability-linked loans and continues to innovate in structuring financing that incentivises decarbonisation.

What are the challenges ahead?

Despite these advancements, ING acknowledges that financing sustainable projects alone will not be enough.

The bank continues to fund activities in sectors that are not yet fully aligned with net zero pathways, reflecting the broader reality of today’s economy.

However, it sees its role as one of guiding businesses towards long-term climate compatibility rather than withdrawing funding prematurely.

As regulatory expectations and scientific understanding evolve, ING has signalled that it will continue refining its approach.

The validation by SBTi provides external assurance that its targets meet global best practices, but the real test will come in implementation.

ING’s progress will be closely watched as financial institutions increasingly come under pressure to demonstrate tangible climate action.

With the global financial sector playing a critical role in addressing climate change, ING’s validated targets could serve as a model for other banks seeking to align their lending portfolios with science-based emissions reductions.

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