The financial sector is increasingly investing in green projects, withdrawing from financing non-ecological ones. For example, most commercial banks in Poland have already resigned from financing coal companies.
The change in lending policy is the result of growing awareness, but also of subsequent regulations aimed at decarbonisation and environmental protection. ING Bank Śląski is also heading in this direction, as it withdrew from financing coal, and by 2040 it wants to reduce financing of projects for the fossil fuel industry by 19% compared to 2019. The bank itself intends to become climate neutral by the end of the decade. It also promises to support renewable energy sources and other pro-ecological investments. It will allocate PLN 5.3 billion for this purpose by the end of 2023.
“(…) Our focus on topics related to climate protection, ecology, equal opportunities or diversity is a kind of catalyst for the behavior of other entities on the market. If we promote green assets and fight the deepening climate crisis, then we direct our attention and resources to transactions and to support those clients who are close to these issues – explains Joanna Erdman, vice president of the board of ING Bank Śląski.
In recent years, most commercial banks in Poland have withdrawn from financing coal companies and companies involved in the production of energy from coal. This decision was also made four years ago by ING Bank Śląski – after 2025 it will no longer finance clients whose activities are directly dependent on steam coal to a degree higher than 5%.