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As we can read in the Declaration:

  • By the end of 2025, the Bank will gradually phase out lending to individual coal-fired power plants.
  • By the end of 2025, the Bank will no longer finance clients in the utilities sector that are over 5% reliant on coal fired power in their energy mix. The Bank intends to continue to finance non-coal energy projects for these clients in support of their energy transition.
  • At the same time, the Bank will establish new relationships with clients in the utilities sector only when their reliance on coal is 10% or less and they have a strategy to reduce their coal percentage to close to zero by 2025.

The Dutch ING Bank was involved in many coal-based investments. In 2015, in connection with the conclusion of the global agreement on climate protection in Paris, the Bank announced that it was finishing with the financing of new coal mines and coal-fired power plants as well as new customers that derived over 50% of the profit from this fuel. It was an important move, but it contained a serious gap – ING intended to continue cooperation with old clients with whom he had concluded contracts before 2015. It also enabled supporting coal companies in an indirect way – by granting them loans and guaranteeing bonds. ING financed, among others, coal companies in Poland. ING Bank Śląski provided financing for Polish companies including PGE and ENEA – the latter, together with ENERGA, plans to build a coal-fired power plant Ostrołęka C.

On May 8, 2017, representatives of Polish and foreign non-governmental organizations took part in the General Meeting of Shareholders of ING Bank to call on the bank to tighten its climate policy and stop financing companies that are planning new projects based on coal. There were also talks with ING Bank Śląski.

The ING Declaration is an ambitious step towards combating global warming, which makes it an authentic leader in climate protection. It has been enthusiastically received by social organizations, which expect that other banks will follow ING's example.

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