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Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. See how we’re progressing on ing.com/climate.
Sustainability: our direction and actions
At ING, sustainability is a core part of our strategy. We have a responsibility to society to define new ways of doing business that align economic growth with positive environmental and social impact. We're determined to take a leading role and we have the ambition to be a leader in environmental sustainability by protecting the planet and by supporting our customers to make the necessary low-carbon transition.
Being sustainable is not just about reducing our environmental footprint. As a bank, we believe our role is to facilitate and finance society’s shift to sustainability. In other words: contribute to progress – environmental, economic, and social.
Sustainability is one of the world’s biggest challenges. Climate change threatens our planet and us all. Many people around the world struggle with inequality, poor financial health and a lack of basic human rights. Putting sustainability at the heart of what we do recognises that we have a responsibility to society to define new ways of doing business that align economic growth with positive environmental and social impact.
We’re determined to be a banking leader in building a sustainable future for our company, our customers, society and the environment.
ING commitments and reports towards sustainability :
ING Luxembourg is labelled “Entreprise Socialement Responsable” since 2012...
Sustainability: our direction and actions
Investment activity
As a signatory to the Principles for Responsible Investment, the ING group is firmly intent on positioning itself as a player in the sphere of sustainable investment products. In Luxembourg, we are:
- Since 2020, our flagship investment ING ARIA fund is aiming at increasing the offering of sustainable related investments.
In 2021 the share of sustainable assets in ARIA rose from 50% to 80% today. And the goal it to achieve and objective of 85% to get the fund classified as article 8 SFDR by the regulator. - Our ING ARIA Sustainable Bonds fund got the Luxflag and Febelfin labels in 2021.
The ING ARIA Sustainable Bonds Fund is directly invested in a selection of green, social and sustainable bonds from the best issuers in terms of ESG practices. It has been awarded the "Towards Sustainability" label developed at the initiative of "FEBELFIN", the Belgian Federation of the Financial Sector.
The Belgian sustainability label is one of the strictest in Europe. It combines three requirements: transparency, ESG analysis (environmental, social and governance) on all the portfolios and all the exclusions with low threshold. This label is a guarantee for investors that they are investing in companies with a well-defined and transparent sustainability strategy.
More information
Lending activity
As a credit institution, we must embed climate and environmental risk in our sustainable lending strategy. We are currently working on projects to develop our lending offering to support the transition towards a greener economy.
For example:
As a bank, we make the most positive impact on climate action through our financing, via the money we loan to companies and customers. We’re steering hundreds of billions of euros in our loan book towards meeting net-zero climate goals. We call this the Terra approach.
ING is focusing on the sectors in our loan book that are responsible for most greenhouse gas emissions: power generation, fossil fuels, automotive, shipping, aviation, steel, cement, residential mortgages and commercial real estate.
We are measuring whether our lending in each sector is adding up to contribute to achieving net-zero greenhouse gas emissions by 2050. Per sector, we use the most appropriate methodology available, acknowledging that there are many roads to net zero and in the end it’s the impact that counts.
We released our 2022 Climate report. It details our progress and targets on climate alignment in the nine sectors in our loan book most responsible for climate change.
This opportunity is being seized by both the private sector, for example with the NetZero Banking Alliance which ING has committed to, and the public sector, for example with the European Commission’s Green Deal. At ING, we want to carry this momentum forward. We want to help finance a social and green recovery that limits global warming, and at the same time creates jobs, speeds up sustainable growth and builds more resilient societies. ING’s commitment to sustainability started more than 20 years ago. We have a key role in financing the real economy, and as the economy transitions to a low carbon future, we are committed to financing that transition. Our Terra approach demonstrates our commitment to be a positive force in the fight against climate change. Our commitment to achieve net zero greenhouse gas emissions by 2050 will be integrated in our Terra approach, meaning we’ll now evolve the approach to steer our loan book towards limiting the rise in global temperatures to a maximum of 1.5 degrees Celsius, rather than the previous target of well below 2 degrees Celsius.
The year 2050 is a long way away. It’s important to have earlier targets so that we know we’re on the right track and we can engage with clients on their shorter-term plans. So we’ve added 2030 targets for all nine sectors. (Please check the report to see what they are.)
Combatting climate change requires greater ambitions and faster action. That’s why ING has joined the Race to Zero, where we now aim to align our portfolio to achieve net zero emissions by 2050 or sooner.
Corporate Social Responsibility (CSR)
Environmental responsibility
- Employees travelling for business less than 500km away will be asked to use the train or their company car following an update to our travel procedure. The restriction on air travel is one of the ways we're aiming to reduce ING's carbon footprint as part of our commitment to put sustainability at the heart of what we do.
- ING Luxembourg has participated in the reforestation of forests in Luxembourg and neighbouring countries. For every credit, leasing or management mandate contract signed over the period 2022-2023, ING Luxembourg has undertaken to plant a tree to help restore forest ecosystems in partnership with Reforest'Action.
Thanks to our customers, we were able to finance a total of 31,366 trees. Thank you for your participation!
Reforest'Action is a B-Corp* certified company whose mission is to preserve, restore and create forests around the world.
What are the main stages in Reforestation?
Reforest’Action ensures that each project supported takes account of local specificities and the needs of the local populations as much as possible, and ensures the trees planted or regenerated are managed sustainably.
A genuine collaboration is forged between local partners and Reforest’Action to ensure biodiversity is preserved and local populations protected.
What are the environmental impacts?
One tree planted means:
Climate
carbon captured from the atmosphere.
Biodiversity
an average of 3 shelters for animals created.
Health
an average of 4 months of oxygen generated.
Jobs
an average of 1 hour's work created.
Why is it so important to support this cause?
Forests are our formidable allies in the fight against climate change and absorb a significant amount of CO2 each year. They also have a critical role in the water cycle: rain-makers, water retrievers, water purifiers.
*B-Corp is an international label awarded to companies that meet societal and environmental, governance and public transparency requirements.
Social reponsibility
- We support the local community and the NGO’s through the ING Solidarity Awards. Since 9 years, 88 projects have received a donation and also visibility.
The aim of the ING Solidarity Awards is to reward and support the charitable community in Luxembourg through a competition.
All non-profit associations, foundations or “Sociétés d’Impact Sociétal” (SIS) registered and established in Luxembourg and meeting the eligibility criteria stipulated in the ING Solidarity Awards rules are invited to participate, regardless of whether or not they are ING Luxembourg customers.
Supporting and promoting the local non-profit sector is a direct application of this ”raison d’être”. With 43 non-profits applying, the 2021 vintage is once again excellent.
- Our employees are part of the following programs :
The European Money Week organized by the ABBL Foundation is an initiative aiming to raise children's awareness to the value and role of money in our society. Workshops and activities organised in 90 to 120 minute sessions by willing financial experts help pupils learn the money ABC and the basics of consumerism.
This is not an advertisement campaign, but a non-commercial educative initiative helping children learn how money works. The initiative covers saving, creating livelihoods, gaining employment and entrepreneurship. Today's children and youth should become empowered economic citizens who have a solid grasp of the importance of saving and investing for the future.
The Zuumer Academy also organized by the ABBL Foundation is a program of 8-session training course to adults needing a helping hand to better manage their personal finances. Volunteers provide participants with the basics to better understand money issues and their relationship with their bank.
Fit for Life is a Jonk Entrepreneuren program to teach students aged 14 to 16 basic financial concepts (salary, insurance, loans, budget…) and therefore help them to make the right decisions.
The aim of these initiatives is to introduce young students to the world of finances, to answer their questions, and to share some professional and personal experiences.
Job Shadow Day is also a Jonk Entrepreneuren program to allow students aged 16 to 18 to get a glimpse of the world of work.
The aim of this initiative is to enable students to actively participate in an ordinary day at a company and thus receive important impressions of professional life.
M- Proj, organised by Maison du Coaching Mentoring & Consulting, is a professional orientation support and an initiative for social inclusion between the world of school and the world of work.
The employees of companies as ING are mentors. So they contribute to the pupills’wellbeing and fullfilment by allowing them to make inspired and motivated choices for their educational and professional life path.
* financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs such as transactions, payments, savings, credit and insurance, delivered in a responsible and sustainable way.
- ING Luxembourg has supported "Digital Inclusion" NGO since 2018 when they won the ING Solidarity Awards.
- Our colleagues share their expertise in accountancy and review the accounts each year.
- Our smartphones were donated at the end of the lease so that they stay in the circular economy and help those who need them.
- Some donations of more than 30 000 Eur have been made to allow the purchase of iPhones and Laptops to help people in need.
- ING Luxembourg participated in digital inclusion by donating some of its replaced office equipment from 2019 to 2021.
- Our replaced computers, monitors, etc. stayed in the circular economy via donations to the "Close the gap" NGO. From 2019 to 2021, we donated more than 200 items which supports the inclusion of people in need.
- ING Luxembourg also participated in digital inclusion by selling ING branded items in favor of "Digital Inclusion" NGO.
* digital inclusion means that individuals and businesses have access to information technology and computing.
- Build mixed teams on the basis of Principle 70 in our overall priorities gender, nationality and age group.
- We received the label “Actions positives pour l’égalité entre les femmes et les hommes” more than 10 years ago.
- Diversity and inclusion is part of our DNA so we want to support women who want to become a board member via the sponsoring of the "Female Board Pool" initiative.
- Being inclusive. Our motto is: “Your whole self is welcome here”
As its purpose is Empowering people to stay a step ahead in life and in business, ING feels that every person should have the right to be who they are.
ING believes that to meet client’s needs, the bank’s workforce should reflect society’s diversity.
Accordingly, the ING group has been a leader in LGBT workplace equality since 2004 and was the first company to sign the declaration of Amsterdam, a commitment to create a culture where LGBT+ employees are valued, can be themselves and unleash their full potential.
This commitment to inclusiveness and diversity is on full display in Luxembourg since 2018 as ING has been a main partner of the Luxembourg Pride week that takes place in Esch-sur-Alzette in July.
The Luxembourg Pride, previously known as the GayMat, has been held since 1999, attracting about five thousand visitors from the Greater Region.
As a proud sponsor of the Luxembourg Pride Week, ING hopes to support Rosa Letzebuerg’s goal of extending this project to reach a broader public and meet the expectations of all visitors.
More info on luxembourgpride.lu
More information
Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. See how we’re progressing on ing.com/climate.