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Netherlands: National Contact Point issues first ever final statement in case related to climate change; specifies responsibilities of ING & other banks

Author: OECD Watch, Oxfam Netherlands, Friends of the Earth Netherlands, Banktrack & Greenpeace Netherlands., Published on: 23 April 2019

"OECD Guidelines: Banks must publish climate targets in line with Paris climate agreement", 19 April 2019

The OECD Guidelines for Multinational Enterprises demand that ING Bank sets concrete climate goals for its financial services that are in line with the Paris Climate Agreement. This is the final statement of the Dutch National Contact Point for OECD Guidelines following a complaint lodged against ING in May 2017 by [four organisations]...

It was the first time that a climate-related complaint was declared admissible by an OECD Contact Point.

After this complaint was lodged, ING published its decision in December 2017 to almost completely phase out their investments in the coal industry by the year 2025. ING also stated that it would refrain from investing in new coal-fired power stations. In September 2018, ING publicly announced that it will begin steering its lending portfolio towards meeting the Paris Agreement’s goal... In its statement, the National Contact Point does not establish whether or not the ING violated the OECD Guidelines in 2017.

ING, Banktrack, Greenpeace, Milieudefensie and Oxfam Novib call directly upon the Dutch government to request the International Energy Agency to develop as soon as possible two scenarios [...] that provide a 66% chance to limit global warming to below 1.5 degrees Celsius. This will allow banks and other financial institutions to adjust their loans and investments accordingly.

Read the full post here