ING is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. It operates in the retail banking sector, offering a wide range of financial products and services to individuals, small and medium-sized enterprises (SMEs), and large corporations. The company has a strong presence in Europe, Asia, and the Americas, with over 38,000 employees and more than 38 million customers worldwide.
ING is committed to decarbonisation and reducing its carbon footprint. The company has set ambitious targets to reduce its carbon emissions, in line with the Paris Agreement's goal of limiting global warming to below 2°C. ING aims to reduce its carbon footprint by 50% by 2025 and to achieve net-zero emissions by 2040. To achieve these targets, the company is implementing a range of measures, including energy efficiency improvements, renewable energy sourcing, and carbon offsetting.
One of the key initiatives that ING has undertaken to reduce its carbon footprint is the implementation of a corporate energy strategy. This strategy aims to reduce the company's energy consumption and increase the use of renewable energy sources. ING has set a target of sourcing 100% renewable electricity for its operations by 2020. To achieve this target, the company is investing in renewable energy projects, such as wind and solar power, and entering into corporate power purchase agreements (PPAs) with renewable energy suppliers.
Corporate PPAs are long-term contracts between a company and a renewable energy supplier, which guarantee the supply of renewable energy at a fixed price over a specified period. By entering into these agreements, ING can secure a reliable and cost-effective source of renewable energy, while also supporting the development of new renewable energy projects. ING has already signed several corporate PPAs with renewable energy suppliers, including a 15-year agreement with a wind farm in Belgium and a 10-year agreement with a solar park in Spain.
In addition to sourcing renewable energy, ING is also investing in energy efficiency improvements to reduce its energy consumption. The company has implemented a range of measures to improve the energy efficiency of its buildings and operations, such as upgrading lighting systems, installing energy-efficient HVAC systems, and implementing energy management systems. These measures have not only reduced the company's carbon footprint but also resulted in significant cost savings.
To further support its decarbonisation efforts, ING is also investing in carbon offsetting projects. Carbon offsetting involves investing in projects that reduce or remove carbon emissions from the atmosphere, such as reforestation or renewable energy projects. ING has committed to offsetting 100% of its carbon emissions from business travel and commuting by 2020, and is also exploring opportunities to offset emissions from other sources, such as its supply chain.
Overall, ING is a leader in the banking sector in terms of its commitment to decarbonisation and reducing its carbon footprint. The company's corporate energy strategy, which includes renewable energy sourcing, corporate PPAs, energy efficiency improvements, and carbon offsetting, is a comprehensive approach to reducing its environmental impact. As the world transitions to a low-carbon economy, ING's decarbonisation efforts will not only benefit the environment but also position the company as a responsible and sustainable business.