Report: Dutch banks invested $27 billion in fossil fuels

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No image availableNL Times

Dutch banks invested a massive 27 billion dollars in fossil fuel companies over the past five years. This accounts for 77 percent of the total investments in energy.

This is according to research done by the Eerlijke Bankwijzer, the Fair Bank Guide, RTL Nieuws reports.

ING is responsible for as much as 25 billion dollars of the total investments in environmentally unfriendly energy sources. In a response the bank stated that oil and gas are stillimportant energy sources for the time being. "We therefore still finance fossil fuel extraction to provide Dutch and foreign households with the necessary energy", the bank said according to RTL.

ING also invested 3 billion dollars into renewable energy, which in absolute terms is also the highest of all banks. But according to the Fair bank guide, it stands in no relation to the eight times larger investments in climate-unfriendly sources. "The dramatic effects of climate change are already visible. ING also already knows what needs to happen now, but nevertheless continues to invest heavily", Evert Hassink, spokesperson for the guide, said to RTL.

Over the past year Rabobank invested about the same amount -1.9 billion dollars - on fossil fuels and renewable energy. ABN Amro invested 209 million in renewable energy and 600 million in gray fuels.

ASN Bank, Triodos Bank and NIBC Holding all only invested in renewable energy.