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Building a Sustainable Bank: Why ING invests in clean energy (and not coal)
In this episode we talk to Christopher Steane, former Deputy Head of Wholesale Banking of ING bank. He worked for ING from 2010 until his retirement in October, 2018.
We speak to Christopher about his efforts to transform ING into a sustainable finance lender - after he was challenged to do so by a younger colleague. We cover his experience in finance and why being environmentally aware reduces risks for banks. We also discuss why coal is not a good product to finance, and why only state companies will finance these carbon intensive projects. I found the interview very interesting for how climate change and risk assessments of older energy technologies are transforming financing options for the energy projects.
For this episode, I have to thank the organizers of the Budapest Energy Summit. This interview would not have been possible without their support. They made it possible for me to attend the event and to connect with Christopher, who was a panelist on finance in the energy sector.