Group of ING business clients ask bank to stop financing fossil fuel firms
A group of organizations that have a business bank account with ING is calling on the bank to stop financing oil and gas projects. They have placed a full-page advertisement in De Volkskrant in which they express their “great concern about the climate crisis.”
The signatories said, “The solution is clear: stop using fossil fuels and focus on renewable energy.” Supporters include the FNV labor union, public broadcaster VPRO, the Fietsersbond bicyclists association, the Amsterdam school group Esprit and aid organization Cordaid.
With an average of about 9 billion euros per year, ING is the largest financier of the fossil fuel sector out of all Dutch banks, the organizations said based on a review of data by BankTrack. It has previously registered all fossil fuel investments by major banks between 2016 and 2021. Globally, ING was ranked 28th.
In a press release from Fossielvrij NL, which is involved in the campaign, organizations explained why they want their main bank to stop investing in fossil fuels. Cordaid boss Kees Zevenbergen pointed out that climate change is already causing “enormous problems” in the countries where his organization is active, including Yemen and South Sudan. He cited soil depletion, extreme drought and flooding as examples.
“This touches the lives of many millions of people.” According to Zevenbergen, financial institutions have “a key position” to reduce greenhouse gas emissions.
Those who drafted the advertisement said the upheaval they want to see will take “courage, pride and leadership,” adding that it is, “Exactly what the lion stands for.” The lion has been the bank’s symbol for many years.