ABN AMRO, the third-largest Dutch bank, has published its climate strategy and joined the Net Zero Banking Alliance (NZBA), targeting net zero across its portfolios and operations by 2050, in line with a 1.5°C temperature pathway. The bank has set intermediate targets for 2030 across five sectors – oil and gas, power generation, shipping, commercial real estate, and mortgages – which represented 62.9% of the bank’s loan book as of 31 December 2021. It has developed a road map for expanding its target-setting across other sectors. “Our strategic choice to focus on the Netherlands and Northwest Europe has already significantly reduced our loan portfolio in the carbon-intensive energy, shipping and commodities portfolios,” ABN AMRO said. It aims to achieve net zero across its own operations by 2030. The bank will be increasing its lending commitments to renewables and other decarbonisation technologies to at least €4 billion by 2030, as well as targeting €1 billion in early-stage capital that will be invested in accelerating the net zero transition of the energy economy.
