Follows COP28 commitment by countries on fossil fuels
Many countries also pledged to triple renewable energy
Will see renewables finance hit 7.5 billion eurosyr by 2025

LONDON, Dec 20 Reuters Dutch lender ING will stop financing oil and gas exploration and production by 2040 and triple new lending to renewable energy over the next two years as part of an updated climate strategy, the bank39;s chief executive told Reuters.

Investors and regulators are increasingly pushing banks to cut climatedamaging emissions tied to their financing and many are looking to tighten lending criteria to companies in highemission sectors unless they have a plan to transition to netzero.

The Netherlands39; biggest lender had made its latest decision, CEO Steven van Rijswijk said, in light of an agreement this month from the COP28 climate talks in Dubai for countries to move away from fossil fuels and bolster roll out of renewables.

Under the new plan, ING will reduce loans to upstream oil and gas by 35 by 2030, a move that would cut absolute emissions from its portfolio by 50.

Initially we had said we would bring down our upstream oil and gas exposure by 50 by 2040 and now we are saying that we39;re going to be completely out, van Rijswijk said.

As well as the COP28 outcome, he also linked it to an updated report by the International Energy Agency that said to limit global warming to 1.5 degrees Celsius, advanced economies needed to phase out oil and gas by 2040.

Its renewables…