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Foreign News: ING takes lead on climate risk

17 September 2018 4:10PM
ING is to assess its entire US$600 billion lending portfolio based on climate impact, and put pressure on clients whose businesses do not conform with the goals of the Paris climate agreement, reports the FT. The bank will use climate scenarios developed by the International Energy Agency and apply them to each sector in its portfolio to determine which companies have "aligned themselves with a low-carbon economy". At this stage it will not use the assessment to deny specific loans, but is hoping the "Terra" process (as it is dubbed) will prompt clients to start considering climate impacts at board level.

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