Progress on the PACTA methodology for corporate lending: ING publishes its first Terra progress report
On September 19, 2019, one of our longstanding partners, ING, published their first progress report on Terra, their approach to steer its €600 billion lending book in line with the goals of the Paris Agreement to keep global warming to well-below two degrees. As ING put it: “With the Terra approach, ING aims to be a positive force in the fight against climate change. The progress report presents ING’s pathway towards climate alignment in the sectors most responsible for climate change and is intended to be published every year.
The disclosure addresses developments and climate alignment for the sectors: power generation, fossil fuels, automotive, shipping, aviation, steel, cement, residential mortgages and commercial real estate. These are the sectors in ING’s portfolio that are most responsible for greenhouse gas emissions. In a Climate Alignment Dashboard (CAD) the report presents which sectors are on track for climate alignment and where work is still in progress. This climate change disclosure is a first for banks.”