Dutch financial services group ING said on Wednesday it plans to phase out the financing of upstream oil and gas activities by 2040 and triple new financing for renewable energy by 2025.

These steps, the bank said, come after governments at the COP28 climate conference agreed to move away from fossil fuels and triple renewable energy capacity.

“We realise more work will be necessary by all parties to reach a net zero society,” chief executive Steven van Rijswijk said in a press statement. “We will therefore continue to adapt our financing and policies, collaborating with clients, sector experts, scientists, regulators, and governments in addressing the urgency to transition to more sustainable ways of doing business.”

In particular, ING aims to triple the financing of renewable power generation to €7.5 billion a year by 2025. 

The bank has been criticised by campaign groups such as Extinction Rebellion, Milieudefensie and Fossielvrij NL for continuing to finance fossil fuel development and activists blockaded the entrance to its headquarters last month.

Earlier this month, one of the biggest Dutch pension funds, engineering fund PMT said it was slashing its fossil fuel investments.