Banking on Electrification (ING Group)

Summary

• The IEA and COP31 Presidency proposed a global ambition to raise electrification to 35% of final energy demand by 2035.p.7
• Research indicates that up to 75% of global end-use energy demand could be electrified using commercially available technologies.p.7
• Annual global clean-energy investment requirements are estimated to exceed US$ 4 trillion.p.7
• ING committed €9.6 billion to renewable power generation financing in 2025, surpassing its target of €7.5 billion.p.13
• ING acted as Active Joint Bookrunner on electricity grid operator TenneT Netherlands' €2.5 billion dual-tranche Green Bond issuance.p.13
• EV charging infrastructure financing highlights maturing demand, including green loan facilities of up to €200 million for Fastned and €138 million for GreenWay.p.15
• The COP31 action agenda targets a reduction in building sector energy consumption intensity of at least 25% by 2035.p.16

Key insights

1. A global initiative under COP31 aims to increase electrification to 35% of final energy demand by 2035.p.3
2. Up to 75% of global end-use energy demand can be electrified using existing commercial solutions across transport, buildings, and industry.p.7
3. Global clean-energy investments must exceed US$ 4 trillion annually to maintain progress toward decarbonisation goals.p.7
4. Large-scale private finance deployment requires technology maturity, supportive policy frameworks, and long-term revenue certainty.p.8
5. ING delivered €9.6 billion in renewable power generation financing commitments in 2025.p.13
6. Revolving warehouse facilities like Neoen's €200 million financing allow capital to flow at the fast pace required for renewable pipeline deployment.p.13
7. EV charging networks are maturing into a viable, bankable asset class across European markets.p.15
8. The COP31 action agenda seeks a global commitment to reduce energy consumption intensity in buildings by at least 25% by 2035.p.16
9. Green steel projects face systemic bankability challenges requiring synchronized clean power, green hydrogen supply, and long-term offtake agreements.p.19