Western Europe country category winners 2023: Best bank for ESG in Germany: ING
ING Bank’s commitment to sustainable and responsible banking in Germany makes the best bank for environmental, social and governance in the country this year.
The banks in each market that have excelled across a range of core banking activities over the past 12 months.
In May 2022, ING launched a pilot project to embed ESG criteria into financial markets pricing – the first bank to do so. This innovative approach factors in the ESG performance of corporate customers alongside traditional credit ratings and profitability ratios, setting a new industry standard for responsible finance.
The bank has also demonstrated solid growth in sustainable financing, participating in 55 deals in Germany in 2022, marking a 175% increase over the previous year. The bank led in 24, a 60% increase from 2021. These transactions mobilised €20.8 billion of funds, a 97% increase on the year before.
The bank's Schuldschein desk was involved in 18 transactions in 2022, totalling €4.9 billion in value. In total, 72%, or €3.864 billion worth, were green- or ESG-linked, exceeding the market average.
In the German investment-grade corporate bond market, it played a key role in 31 issues, underwriting a total of €3.5 billion. Close to 52% were ESG-linked. The bank also demonstrated leadership in green and social bonds, working on 15 issues, worth a total of €1.9 billion.