ESG is an important box to tick for insurers as we progress through the 2020s, so ING are making a shrewd move by investing n an EU-backed alternative energy solutions quango.
Amsterdam-headquartered global financial institution ING, has become the first financial institution shareholder in EIT InnoEnergy, the innovation engine for sustainable energy across Europe supported by the European Institute of Innovation & Technology (EIT), a body of the European Union. The investment in EIT InnoEnergy is a testament to ING’s commitment to support the energy transition. ING joins other leading companies actively involved in the energy transition as an EIT InnoEnergy shareholder, such as Volkswagen, TotalEnergies, Naturgy, and EDF.
Since 2010, EIT InnoEnergy has invested €560 million in over 380 companies with a combined forecasted turnover of over €16 billion by 2026. Standout successful investments included in EIT InnoEnergy’s portfolio include lithium-ion battery manufacturer, Northvolt, ultracapacitor energy storage solutions provider Skeleton Technologies, mobility solutions innovator Hardt Hyperloop and integrated, digital greenfield steel plant H2 Green Steel. Furthermore, more than 1,400 students have completed the EIT InnoEnergy Master’s programme and many are now working for major energy companies.
Gido van Graas, global head of New Energy Technologies at ING said: “I am extremely proud that ING and our Sustainable Investment Fund became part of EIT InnoEnergy’s ecosystem, supporting the decarbonisation of society. Sustainability, energy innovations and the energy transition are focus areas at ING, as demonstrated by our commitment to the Net-Zero Banking Alliance and how we’re aligning our portfolio with net-zero climate goals, for example. Partnering with EIT InnoEnergy is a major opportunity to further support the energy transition through new and clean energies like battery storage, green hydrogen and solar PV.”
EIT InnoEnergy supports more than 30 start-ups and innovations in Benelux and another 350 across Europe.