ING to stop funding utilities which rely too much on coal
ING by the end of 2025 will stop funding any utility company which relies on coal for more than 5 percent of its energy, the Dutch bank said on Tuesday. It will, however, continue to help companies with renewable energy projects and also support new clients whose reliance on coal is less than 10 percent as long as they have a strategy in place to cut that to close to zero by 2025. . . . The move is an acceleration of ING’s efforts in the global transition to a low-carbon economy, agreed through a 2015 global accord on climate change in Paris. It comes as a group of top investors said they would put more pressure on the biggest emitters.