Dutch bank ING says it is accelerating its shift away from funding fossil fuels after COP28 deal

THE HAGUE, Netherlands (AP) — Dutch bank ING says it is accelerating its phasing out of funding for oil and gas exploration and production activities while it increases financing for renewable energy. The ING announcement Wednesday comes a week after nearly 200 countries at the COP28 climate meeting in Dubai agreed to move away from planet-warming fossil fuels in a document that critics say contains significant loopholes. ING says its loans to oil and gas exploration and production activities will be cut by 35% by 2030. It also says it will reduce to zero the financed emissions linked to its portfolio 10 years later. Meanwhile, ING will raise financing of renewable power to 7.5 billion euros annually by 2025.