{"id":81419,"date":"2023-12-21T00:00:00","date_gmt":"2023-12-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/12\/21\/the-eu-moves-to-expand-wind-farm-industry-and-ing-set-to-phase-out-fossil-fuel-financing\/"},"modified":"2023-12-21T00:00:00","modified_gmt":"2023-12-21T00:00:00","slug":"the-eu-moves-to-expand-wind-farm-industry-and-ing-set-to-phase-out-fossil-fuel-financing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/12\/21\/the-eu-moves-to-expand-wind-farm-industry-and-ing-set-to-phase-out-fossil-fuel-financing\/","title":{"rendered":"The EU moves to expand wind farm industry and ING set to phase out fossil fuel financing"},"content":{"rendered":"

!_ImageURLWeb_ !https:\/\/ent.news\/2023\/1\/909.jpg<\/p>\n

Almost all EU countries and around 300 firms have agreed to proceed with the EU's plan <\/strong>to expand wind farms and its supporting infrastructure<\/strong>, Reuters<\/a> reports. The EU announced plans in October<\/a> to support the continent's wind energy sector to contribute to reaching the bloc\u2019s target of having 42.5% of all energy come from renewable sources by 2030. All EU member states except Hungary are going forward with the recommendations, which include changing renewable energy auctions to give local manufacturers an edge, scrutinising unfair trade practices in foreign wind product manufacturing, and stepping up investments in local manufacturing capacity for wind turbines. A number of EU countries including Germany and Poland have already kickstarted some of their initiatives last month<\/a>.<\/p>\n

The move is the push the EU's wind sector needed: <\/strong>Hurdles such as rising costs of wind turbine materials<\/a>, higher borrowing costs, and a supply chain crisis in the wind sector has severely impacted the bottomline of wind energy giants like Vestas and Siemens Gamesa over the last couple of years.<\/p>\n

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ING to phase out oil and gas financing by 2040 + triple funds for renewables:<\/strong>Dutch banking firm ING \u2014 the largest in the Netherlands \u2014 has committed to stop financing oil and gas exploration and production by 2040 and will triple its lending for renewable energy in the next two years, according to a statement<\/a>. The decision comes following agreements made at COP28 and guidance from the International Energy Agency<\/a>, which has warned that advanced economies must move away from oil and gas by 2040 to limit warming to 1.5\u00b0C, CEO Steven van Rijswijk said.<\/p>\n

How will the banking giant get there?<\/strong> ING plans to raise financing of renewable power generation to EUR 7.5 bn annually by 2025, up from EUR 2.5 bn last year. The Dutch lender will also reduce loans for upstream oil and gas activities by 35% by 2030, cutting its emissions in half, the statement said. <\/p>\n

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