ING
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Banking and financial services
One of the world's largest insurance and financial services companies.
ING Group | NLD | website |
Company Assessment
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ING Group | ||||
The 2022 Global 100 Most Sustainable Corporations in the World list is based on a rigorous assessment of nearly 7,000 public companies with revenue over US$1 billion. All companies are scored on environmental, social, governance and economic metrics relative to their peers, with 50% of the weight assigned to Clean Revenue and Clean Investment. This company ranked #61 in the Global 100, with an overall score of C+.
Source: Corporate Knights (2022) |
In 2015 the Fair Finance Guide ranked the top financiers of selected fossil fuels companies (loans & underwriting) and compared it to their financing of renewable energy. This bank appeared 18th in the list of top 25 fossil fuel funders, after providing US$22.4 billion for fossil fuels and only US$2.6 billion for renewable energy between 2009 and 2014.
Source: Fair Finance (2015)
This bank is the world's 17th largest provider of loans and underwriting for single-use plastic polymer production, according to Minderoo Foundation's 2021 Plastic Waste Makers Index. Institutional asset managers and global banks are providing billions of dollars to companies that produce polymers from fossil fuels, as much as 100 times more than they provide to companies trying to shift to a circular economy. Plastic pollution is one of the biggest, most urgent threats facing our planet and our health.
Source: Minderoo Foundation (2021)
The 2021 report "Banking on Climate Chaos" analyses the world's 60 largest banks and their financing of tar sands oil, Arctic oil, offshore oil and gas, LNG, coal mining, and coal-fired power between 2016 and 2020. This bank invested US$44.2 billion between 2016 and 2020, making it the world's 28th worst fossil fuel funder.
Source: RAN (2021)
The 2018 update of the International Campaign to Abolish Nuclear Weapons' (ICAN) global report, "Don't Bank on the Bomb" showed that 329 financial institutions from around the world invested into 20 companies involved in the production, maintenance and modernization of nuclear weapons. Since 2014 this financial institution invested over US$895 million into 2 of the 20 nuclear weapons producers named in the report.
Source: ICAN (2018)
Fair Finance Guide International's 2015 report about transparency and accountability in the Financial Sector assessed and scored banks on four key aspects: publication of policies and risk management; disclosure of investments; reporting on engagement with companies and voting behaviour; and stakeholder dialogue. The report also scored those banks on their transparency on tax-related issues, including the extent to which they provided detailed, country-by-country information on key indicators on transparency and tax. The report places assessed banks in three categories: leaders, followers and laggards. This bank scored 3.9/10 (Laggard) on the Transparency and Accountability theme, and 2.3/10 (Laggard) on the Taxes and Corruption theme.
Source: Fair Finance Guide (2015)
Forest 500 identifies the 350 companies and 150 financial institutions with the greatest exposure to tropical deforestation risk, and annually assesses them on the strength and implementation of their deforestation and human rights commitments. This financial institution received a score of 28%.
Source: Forest 500 (2022) |
This company appeared sixth on RepRisk's top ten "most environmentally and socially controversial companies of 2012". Companies on the list were severely criticised during 2012 by the world's media, governments and NGOs. Criticisms of ING include money laundering, investing in weapons manufacturers, alleged involvement in illicit transactions linked to drug trafficking, terrorism, and sanctioned countries, which led to a record settlement with US authorities for related violations. [Listed under Information due to age of report]
Source: RepRisk (2013)
This bank appeared at #18 in a list of banks backing expansion in the tar sands. They have loaned US$119 million to companies operating in the Canadian tar sands since 2007, according to Bloomberg. Extracting oil from tar sands produces between 3 and 5 times the greenhouse gas pollution of conventional oil production, pollutes water, destroys forests, and uses huge amounts of energy to process. [Listed under Information due to age of report]
Source: RAN (2010)
In June 2012 ING received the largest fine ever assessed against a financial institution for violating US sanctions on Cuba and Iran. ING agreed to pay $US619 million to the US government for secretly moving more than $US2 billion through US financial institutions in 20,000 transactions from the early 1990s to 2007, all in violation of sanctions on Cuba and Iran, according to the US Justice Department.
Source: news article (2012)
As listed on the We Mean Business website, this company has committed to the following climate action initiatives: adopt a science-based emissions reduction target; commit to 100% renewable power.
Source: We Mean Business (2021)
This company appears on the 2021 Bloomberg Gender-Equality Index, signifying a commitment to supporting gender equality through policy development, representation, and transparency.
Source: Bloomberg (2021)
This company received a score of 66.2/100 in the Newsweek Green Ranking 2017, which ranks the world's largest publicly traded companies on eight indicators covering energy, greenhouse gases, water, waste, fines and penalties, linking executive pay to sustainability targets, board-level committee oversight of environmental issues and third-party audits. Ranking methodology by Corporate Knights and HIP Investor.
Source: Newsweek (2017)
The Equator Principles (EPs) are a set of guidelines, based upon the Performance Standards and guidelines from the IFC, the World Bank's private sector lending arm for private banks to assess and mitigate risks in project finance. Banks use the Principles to guide internal operating procedures for transaction for specific projects. Although the EPs are an important step to raise overall standards of financiers and projects in the developing world, they currently fall short on transparency and governance requirements.
Source: Equator Principles (2018)
This company is a signatory to the New Plastics Economy Global Commitment, whose goal is to eliminate plastic pollution at its source.
Source: New Plastics Economy (2022)
In 2023, the Carbon Disclosure Project (CDP) asked companies to provide data about their efforts to reduce greenhouse gas emissions and mitigate climate change risk. Responding companies are scored across four key areas: disclosure; awareness; management; and leadership. This company received a CDP Climate Change score of C.
Source: CDP (2023)
This company received an S&P Global ESG Score of 40/100 in the Banks category of the S&P Global Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices (last updated 21 Oct 2022). The rankings are based on an analysis of corporate economic, environmental and social performance, assessing issues such as corporate governance, risk management, environmental reporting, climate strategy, human rights and labour practices.
Source: S&P Global (2022)
The 2022 Financial System Benchmark ranks 400 financial institutions across three measurement areas: governance and strategy, respecting planetary boundaries (environment, climate and biodiversity) and adhering to societal conventions (human rights). This company ranked #17/400, with a total score of 36.5/100.
Source: World Benchmarking Alliance (2022)
This company is listed on the Facing Finance website as a financial institution which invests in companies that manufacture weapons or profit from violations of human rights, pollution, corruption, or international law. Follow link for further details.
Source: Facing Finance (2014)
BankTrack is a global network of civil society organisations and individuals tracking the operations of the banking sector and the activities they finance. BankTrack aims to promote fundamental changes in the banking sector so that banks adopt just and sustainable business practices. Follow the link to see this bank's profile.
Source: BankTrack (2018) |
Company Details
Type | Public company |
Revenue | 142 billion USD (2011) |
Employees | 104,419 (2011) |
Subsidiaries | ING Bank (Australia) Pty Ltd
Banking and financial services Began operations in Australia in 1999. Today, ING Direct is Australia's fifth largest mortgage lender with $38 billion in mortgages and $26 billion in deposits. Over 1.4 million customers in Australia. |
Contact Details
Address | Amsterdam, Netherlands |
Website | www.ing.com |