Company: INGVF
Filing Date: 2025-03-06
Form Type: 20-F
Source: 0001628280-25-010764
Chunk: 65

Company: ING GROEP NV
Filing Date: 2025-03-06
Form: 20-F
Item: Item 4
Chunk 65
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 methodologies and alignment approach may be subject to change due to international agreements, regulations, data availability and quality, pathway availability, methodology updates, changes (or lack thereof) in public policy and government action and/ or other developments affecting our clients, the sectors in which they operate or society as a whole.

ING Group Annual Report 2024 on Form 20-F 

Contents       Part I         Part II        Part III       Additional information        Financial statements    
Our sector transition plans
Power generation
We expect the power generation industry to maximise renewable energy and boost power-storage technology. Power-storage technologies such as batteries and hydrogen are critical and, where necessary, would require incentive. In addition, permits and infrastructure for carbon capture and storage on existing waste and biomass incineration plants would create negative emissions. Finally, the market should expand, strengthen and modernise power grids to prepare for increased electricity demand, increased volatility due to rapid renewable capacity build-out and extreme weather conditions.
The key highlights of our action plan for power generation
In 2015, ING decided to end the financing of new coal-fired power plants and thermal coal mines worldwide. In 2017, we set a goal to bring our financing to coal-fired power plants down to close to zero by the end of 2025.
Oil & gas 
Oil & gas accounts for about 60 percent of all primary energy consumed worldwide. According to the International Energy Agency (IEA), the supply of crude oil & natural gas combusted for energy production will phase out in the net zero emissions by 2050 scenario. Sustainable bio- and e-fuels can replace fossil fuels, and the IEA says they need to make up 13 percent of the total energy supply by 2030 to achieve net-zero emissions by 2050. Alongside the reduction of the crude oil & natural gas supply (upstream), the industry – especially the mid- & downstream value chain - has to decarbonise. Reducing methane (CH4) leaks to the atmosphere is the single most important and cost-effective way to bring down these emissions. The pace of decarbonisation of fossil fuels can be accelerated by harnessing the potential for carbon capture and storage (CCS). These steps are all important for moving towards a low-carbon future. 
The key highlights of our action plan for oil & gas
In March 2022, we announced that we would stop dedicated financing to new oil & gas fields (upstream). In December 2023, we announced next steps in our energy approach,