We are direct and indirect customers of ING. We have our own (savings) account, mortgage or insurance with ING or we are linked to ING through our employers, governments and associations that do business with this bank. And we are very concerned about the climate crisis.

We are not alone in our concerns. Research carried out by the Dutch Central Bank (De Nederlandsche Bank) shows that almost 80% of bank and pension fund customers think it is important that their pensions and savings do not contribute to intensifying the climate crisis.

Supported by Fossielvrij NL we are campaigning against ING’s financing of fossil fuels projects and companies.

ING is the largest bank in the Netherlands, with no less than eight million private customers and over 600,000 business customers. It is also the main bank for the Dutch national government. ING is also an international systemic bank, which means that taxpayers have to bail out ING if it is at risk of bankruptcy.

All banks and financial institutions must do their bit to combat the dangers of climate change, but ING, as the largest bank, has an extra responsibility. Currently, ING is by far the largest financier of oil, gas and coal companies of all Dutch banks. And internationally too, ING is high on the list of the big fossil fuel financiers.

The immediate end to new oil, coal and gas projects is necessary to prevent an irreversible climate disaster. The International Energy Agency (IEA) warned in 2021 that new fossil fuel projects are not possible if we want to limit the global temperature rise to 1.5 degrees. Yet ING still puts billions into companies that set up new fossil projects or expand existing ones. These include gas or oil drilling, gas terminals, pipelines for gas and oil, and new coal mines.

The war in Ukraine is an additional wake-up call. Our dependence on coal, oil and gas is not only causing a climate crisis, but also feeds the war chests of authoritarian regimes. We must not repeat the mistakes of the past: more oil and gas from other continents is not a safe or sustainable solution. We must aim for a rapid, equitable transition to renewable energy now. And we need the billions from ING for this.

According to research by Banktrack, ING finances fossil fuel companies and projects with an annual average of more than 9 billion euros. In 2021, this was close to 11 billion.

ING offers general financing to fossil fuel companies as well as project financing. It also helps companies obtain financing from other banks or pension funds. All these forms of financing and services ensure that new fossil fuel projects are established, new infrastructure is built and companies can continue to pump, trade and sell coal, oil and gas.

Although ING recently ceased direct project financing for new gas and oil drilling projects, it is still making general finance available to the companies carrying out such projects. The bank also continues to provide project finance for new fossil fuel infrastructure such as pipelines or LNG terminals.

ING is popping up in all sorts of lists that no self-respecting bank would want to find themselves in. ING, for example, is on the Putin 100 list, which lists the banks providing the most finance to Russian fossil fuel companies, thus fuelling Putin’s war.

ING is also one of the banks that has provided the most funding and services to new fossil fuel projects in Africain recent years. These new oil and gas projects do not bring African countries the prosperity that is often promised; they primarily serve the interests of the international fossil fuel industry instead. The financial sector reaps the profits, while the consequences of these projects are often serious: environmental damage, mounting debts and corruption. It also ties African countries to polluting fuels for decades – also known as fossil fuel lock-in – at a time when investment is needed in renewable energy and other sustainable solutions.

ING is also funding the Norwegian company Var Engi, which is drilling in the Arctic region. Six young climate activists have started a lawsuit against these drillings at the European Court of Human Rights.

We demand the following from ING:

1. Stop financing fossil fuel companies and projects immediately;
2. Make a liveable and just world possible;
   • Bring all financing in line with the 1.5 degrees goal of the Paris climate agreement;
   • Finance climate-equitable solutions.

Find a further explanation of our demands here.

ING finances fossil fuel companies that set up new fossil fuel projects, such as pipelines, LNG gas terminals and fracking. If there is not enough money for such a project, it simply will not get off the ground.

At the same time, renewable energy projects need money to get started. When ING decides to finance green projects instead of fossil fuel ones, the energy transition receives a boost. This is precisely why the Paris climate agreement states that investments must be redirected from fossil fuels into renewables.

ING is a major bank, also highly regarded internationally. If ING brings its financing policies in line with what is needed for climate justice, other banks will certainly follow ING’s example.

Your savings are not at risk if ING stops financing fossil fuel companies. Banks such as ASN and Triodos have shown that it is perfectly possible to exclude the fossil fuel industry without any negative consequences.

ING is actually taking a big financial risk by continuing to finance fossil fuel projects. We know that coal, oil and gas must remain in the ground to prevent climate catastrophe. There is simply no room for new fossil fuel projects. Therefore, it is risky to continue financing fossil fuels, because there is a risk that loans cannot be paid back.

The Dutch Central Bank puts it this way: “As a result of climate policy, technological developments and changing consumer preferences, loans to companies that emit a lot of CO2 or other greenhouse gases may lose their worth quicker than expected.”

Yes, as an individual you can switch to a Dutch ‘green’ bank like Triodos or ASN. It is very easy to do so using the banks’ transfer service (‘overstapservice’), and we definitely recommend you do so!

But ING also has many business customers. These include the Dutch national government, municipalities, associations and charities. So our money often ends up at ING after all.

Large companies, organisations and governments sometimes cannot switch because sustainable banks such as ASN and Triodos do not provide the services they need. Since they cannot leave, they have a responsibility to speak out against ING’s policy.

Yes, ING claims to be green, as do almost all banks, insurers and pension funds. For example, ING says it is committed to the Paris climate agreement and has signed up to the Net Zero Banking Alliance.

But it is important to look at what a bank does in practice, in addition to what it claims to do. It is also important to read the small print. And that paints a much less rosy picture.

For example, ING has targeted companies that pump oil and gas, but not for companies that build pipelines. For example, ING is financing US company KinderMorgan, which wants to build new pipelines for gas and oil extracted from fracking. Fracking is one of the most damaging ways of extracting oil and gas. By pumping water and chemicals into the ground, oil and gas comes to the surface. Fracking often leads to methane leaks and pollution of the water supply. Local groups in the US have been campaigning for years against the new pipelines, which can still be financed by them even under ING’s new policy.

ING also says it will no longer finance the expansion of coal mines, but, for example, still finances the Swiss company Glencore. This company wants to start new coal mines as well as expand existing ones. This company is also partly responsible for dangerous conditions in cobalt mines, about which journalist Twan Huys made a shocking documentary last year.

This policy tracker shows how ING’s oil and gas policy falls short. Also read this blog by BankTrack for a critical analysis of ING’s policy.

In short, ING may say it is green, but the reality is very different.

ING has recently decided to stop directly funding new fossil fuel projects – and that is a good step forward – but it is still funding companies that want to drill for more oil and gas. ING keeps providing corporate loans to these companies, and also helps them to secure financing from other financial institutions (underwriting). The bank also continues to finance new fossil fuel infrastructure such as pipelines.

We call on ING to exclude fossil fuel companies that continue to set up new fossil fuel projects. Only then will ING ensure that its customers’ savings no longer finance the climate crisis.

Yes, there are many banks worldwide that exclude the fossil fuel industry. For example, here in the Netherlands the ASN bank and Triodos, or the French La Banque Postale. Also the European Investment Bank (EIB) decided in 2019 to stop financing new fossil fuel projects after pressure from citizens.

We are part of a large movement: all over the world, citizens are putting more and more pressure on financial institutions, because we need the ‘big money’ for a just world.

We desperately need ING’s billions to finance just climate solutions. It is important that we do not repeat the mistakes of the past, with large multinationals making profits at the expense of ordinary people. Renewable energy must be in the hands of communities and accessible to all.

1. Sign and share the petition. Make sure to sign up for email updates so we can keep you informed about how to take action.
2. Come to a ‘meet-up’ to meet others and make plans together. Please note that most meet-ups are in Dutch!
3. Take action now (page in Dutch). Whoever you are and whatever you are good at, your help is needed! We have actions ready for you to get started right away.

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We are happy to get in touch with you! Send an e-mail to jesse@fossielvrij.nl