Company: INGVF
Filing Date: 2025-03-06
Form Type: 20-F
Source: 0001628280-25-010764
Chunk: 69

Company: ING GROEP NV
Filing Date: 2025-03-06
Form: 20-F
Item: Item 4
Chunk 69
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 practices. For new alternative energy projects which will involve shipping as a part of the supply chain, a cross-sector sustainable value chain approach can be explored. Meanwhile, we continue to partner with governments, development banks, and specialised institutions to enable green corridors to create a demand signal for alternative fuels. We are also actively involved in steering the sector towards climate goals through our representation on key forums and initiatives, such as Poseidon Principles, 1.5°C Initiative, UK Clean Maritime Council, NZBA, Silk Alliance, and others.
Commercial real estate 
For the commercial real estate industry to decarbonise, norms and regulation on data measurement and disclosure are important, as data measurement is a precondition for managing CO2 emissions. The sector should be required to measure and disclose the CO2 emissions of buildings and define strategies to fill in 'data gaps'. At the moment, the requirements for the real estate sector from current legislation about sustainability are still limited, and sometimes voluntary, while national regulations on building standards already adopting elements on energy efficiency or circular economy. We believe it is necessary to urgently implement a blend of subsidies, regulations, and norms that incentivise the deployment of decarbonisation measures (like insulation, heat pumps, district heating, smart meters etc.) and limit transition risks. For 

ING Group Annual Report 2024 on Form 20-F 42

Contents       Part I         Part II        Part III       Additional information        Financial statements    
assets in the EU, the Energy Performance of Buildings Directive IV (EPBD IV) is expected to drive the transformation of the low-performing assets in the coming years significantly, and will also help to create more transparency in the industry. On a global basis, it remains a major challenge.
The key highlights of our action plan for commercial real estate
For our real estate portfolio managed by Business Banking Real Estate for the Netherlands (RE BB NL), we've set and communicate a clear sustainability strategy and targets to our clients and our colleagues. RE BB NL already has a clear sustainability target in place, which is applied to both existing and new financing. All buildings should have a valid energy label 'A' by 2030. In 2024, RE BB NL focused on receiving transition plans how to reach an Energy label A in 2030 from all our clients. In 2025, these plans will be interpreted and gradually part of the credit approval process.
For Wholesale Banking Real Estate, all new Wholesale Banking transactions, where data is available, are benchmarked against the CRREM convergence pathway, and either need