Friends of the Earth, an international environmental organization, has set its sights on Dutch bank ING over its financing of fossil fuel projects. The group has accused ING of being a key player in the funding of fossil fuel infrastructure, and is calling for the bank to stop financing these projects.
In a recent report, Friends of the Earth highlighted ING’s role in providing billions of euros in funding to fossil fuel companies, including those involved in the extraction and production of coal, oil, and gas. The organization argues that this financing is not only contributing to the climate crisis, but also perpetuating environmental and social injustices around the world.
Friends of the Earth has launched a campaign to pressure ING to end its financial support for fossil fuel projects. The group has called on the bank to adopt a comprehensive policy that excludes financing for new fossil fuel infrastructure, and to establish clear timelines for phasing out existing investments in these projects.
The campaign against ING is part of a broader push by environmental organizations to hold financial institutions accountable for their role in funding climate-destructive activities. In recent years, there has been growing public scrutiny of banks and other financial entities that continue to support the fossil fuel industry, despite the overwhelming evidence of its negative impact on the environment and human health.
ING has responded to the criticism by stating that it is committed to addressing the climate crisis and has set a target to steer its lending portfolio towards a low-carbon economy. The bank has pledged to align its credit portfolio with the goals of the Paris Agreement, and to support clients in the transition towards a sustainable future.
However, Friends of the Earth argues that ING’s commitments are not enough. The organization insists that the bank must go further in divesting from fossil fuel projects and redirecting its financial resources towards renewable energy and other sustainable initiatives.
The campaign against ING reflects a growing awareness and concern about the financial sector’s role in driving climate change. As public pressure builds, more and more banks and investment firms are likely to face similar demands to divest from fossil fuels and to prioritize sustainable investments.
It remains to be seen how ING will respond to the campaign by Friends of the Earth, but one thing is clear – the push for financial institutions to stop financing fossil fuel projects is gaining momentum, and will continue to be a major focus for environmental activists in the years to come.
