Friends of the Earth Netherlands (climate organization) announced that it is starting a climate lawsuit that will hold ING (Dutch multinational banking and financial services corporation) legally liable for contributing to climate change.
The group demands that ING cut its total emissions in half and stop working with polluting oil and gas companies.
Friends of the Earth director Donald Pols said in a statement: “The bank finances oil and gas companies, deforestation, and heavy industry, all of which add to the climate crisis. Whether you are drilling for oil yourself, or have paid for the drill, in both cases, you are contributing to and bearing responsibility for the climate crisis we are currently experiencing. In 2022 the bank was responsible for at least 61 megatons of greenhouse gases, even a country like Sweden has lower emissions. This is why Friends of the Earth Netherlands is going back to court, with the support of thousands of people.”
In a letter to ING, they demanded:
- ING aligns its climate policy with the Paris Agreement’s 1.5°C target
- ING cuts its emissions by at least 48% CO2 and at least 43% CO2e in 2030 compared to 2019
- ING avoids adverse climate impacts from large business clients, such as:
a. ING demands large corporate clients to provide a climate plan;
b. ING stops financing large corporate clients who do not have a good climate plan within a year;
c. ING demands that fossil fuel clients stop expansion and draw up a phase-out plan;
d. ING ceases new financing for fossil fuel clients who continue fossil fuel expansion or who do not have a good phase-out plan;
e. ING ceases all financing for fossil fuel clients who after a year continue fossil fuel expansion or who do not have a good phase-out plan
Friends of the Earth Netherlands is open to helping ING effectively implement these measures.
“As ING’s share in the climate crisis is so substantial, a lot may be expected of the bank as well. Not only because of the emissions but also because ING is a bank with a lot of power and resources (like money and knowledge). This entails that ING has a lot of influence on society and on the companies ING collaborates with. This means it also has a lot of influence on the energy transition and the climate. ING is, moreover, a rich company in a rich country. This too increases responsibility,” the company said in its statement.
Roger Cox, attorney for Friends of the Earth Netherlands added: “Since the climate agreements in Paris, it is clear what the world needs to do: reduce the CO2 emissions to limit the warming of the earth to 1.5 degrees. This means that large polluters like ING and Shell have to seriously get to work. It is evident that they are not doing enough and I am therefore confident that we will win this case too.”
ING said in a statement that it has taken notice of the announcement. “We are confident that we take impactful action to fight climate change and sustainability is part of our overall strategic direction. We will of course respond in court if necessary…We aim to play our part in the social and low-carbon transformation that’s necessary to achieve a sustainable future, steering the most carbon-intensive parts of our portfolio towards reaching net zero by 2050,” ING said.
ING stated that they follow a scientific approach and in December 2023, committed to stop funding for upstream oil and gas activities by 2040. They also plan to triple the financing for renewable power to €7.5 billion per year by 2025, compared to €2.5 billion in 2022. These decisions align with COP28 and the International Energy Agency (IEA) agreements.
