ING has been named a climate action leader by global environmental non-profit CDP for a seventh consecutive year. ING was again added to CDP’s A list for our efforts to tackle climate change. We were recognised for our actions to cut emissions, mitigate climate risks and develop the low-carbon economy.
The score reflects the continuing steps we’ve taken towards climate action in 2020. We released our second Terra report, delivering on the promise we made last year to include all nine carbon-intensive sectors in scope. We also committed to reducing financing to the upstream oil and gas sector by 19% by 2040 compared with 2019 levels, in line with the IEA SDS scenario.
This year we also published our first Climate Risk report, which shows our progress on our ambition to embed climate within our risk appetite framework. We strive to build on our learnings and keep refining our approach to managing climate risk.
We also made good progress on our own environmental footprint goals. Our total carbon footprint decreased by 57% as of year-end 2019 compared to 2014, while coverage of our emissions monitoring increased. This surpassed our goal of a 50% reduction by 2020. This year we set even more ambitious targets, including an 80% reduction in our scope 1 and 2 emissions and a 25% reduction in our scope 3 emissions by 2022.
“Taking the lead on environmental transparency and action is one of the most important steps businesses can make, and is even more impressive in this challenging year marked by Covid-19,” said Paul Simpson, CEO of CDP. “Our A List celebrates those companies who are preparing themselves to excel in the economy of the future by taking action today.”