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ING Groep NV will no longer finance new oil and gas projects, its energy chief said, one of the first major global banks to commit to such a step in the fight against climate change.
The move by the Dutch financial services firm raises pressure on peers to heed a call by the International Energy Agency (IEA) for a halt to funding for new fossil fuel projects to help cap global warming at no more than 1.5 degrees Celsius.
Michiel de Haan told Reuters that ING would not finance projects approved after Dec. 31, 2021 but would still fund energy firms, although
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