Will ING change the game?

Reclaim Finance criticizes ING for a 'double standard' in its climate policy: while the bank is the first major international bank to announce an end to direct project financing for new LNG export terminals starting in 2026, it continues to provide corporate financing to major LNG developers. Between 2021 and 2023, ING provided over US$5 billion to LNG expansion, making it the second-largest European financier in this sector. The document highlights ING's significant financial ties to Venture Global, including US$3 billion allocated between 2021 and 2023 and participation in its January 2025 initial public offering, as well as its role in issuing bonds for Cheniere Energy in early 2024.

• ING is the second-largest European financier of LNG expansion and the fourteenth-largest globally, having provided over US$5 billion to the sector between 2021 and 2023.
• While ING announced in September 2024 that it would stop project financing for new LNG export terminals starting in 2026, the policy excludes corporate financing for the companies developing those projects.
• ING maintains substantial financial relationships with major LNG developers, specifically Venture Global, to whom it allocated US$3 billion between 2021 and 2023, and Cheniere Energy, for whom it helped issue bonds totaling US$2.9 billion in early 2024.
• Despite its announced policy, ING continued to support LNG expansion in 2025 by participating in Venture Global's initial public offering in January, which facilitates the company's ability to fund new projects.
• The global expansion of LNG export terminals poses a significant climate risk, with 63 planned export projects estimated to potentially emit over 10 gigatons of CO2e by 2030, a figure comparable to the annual emissions of all global coal-fired power plants.

APA

Martin, L. (2025). Will ING change the game? Reclaim Finance. https://reclaimfinance.org/site/en/2025/02/12/lng-will-ing-change-the-game/

Chicago

Martin, Léo. Will ING change the game? Reclaim Finance, 2025. https://reclaimfinance.org/site/en/2025/02/12/lng-will-ing-change-the-game/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=Will ING change the game? |publisher=Reclaim Finance |date=12 February 2025 |url=https://reclaimfinance.org/site/en/2025/02/12/lng-will-ing-change-the-game/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2025will, author = {Martin, Léo}, title = {{Will ING change the game?}}, publisher = {Reclaim Finance}, year = {2025}, month = feb, url = {https://reclaimfinance.org/site/en/2025/02/12/lng-will-ing-change-the-game/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }