...On January 19, Milieudefensie (Friends of the Earth Netherlands) announced it is initiating legal action against ING, the Netherlands’ largest bank and a major funder of U.S. liquefied natural gas (LNG). In a letter addressed to ING CEO Steven van Rijswijk and the first step in litigation,  Milieudefensie says it believes the bank is in breach of its “duty of care” obligation under Dutch law. “ING’s climate policy is miles away from what is necessary to achieve the 1.5°C target,” the letter asserts, referring to the Paris Agreement’s more ambitious climate objective. Since that agreement’s adoption in December 2015, ING has issued 83.2 billion Euros in bonds to the fossil fuel industry, Milieudefensie says. 

“We are starting a new lawsuit against ING, the biggest commercial bank in the Netherlands, because it is jeopardizing our future by continuing to finance and support companies that exacerbate the climate crisis,” Milieudefensie campaigner Nine de Pater told DeSmog... “As a financial institution, ING has the responsibility to be the banker of our future, not the banker of the climate crisis.” 

...Milieudefensie now seeks to compel ING to cut its CO2 emissions roughly in half by 2030 and align its policy with the Paris Agreement’s 1.5°C target. The environmental group also wants the bank to stop doing business with polluting companies that fail to demonstrate that they have credible climate plans...

In a statement, ING defended its ongoing financing of fossil fuel activities, saying it is simply “a reflection of the current global economy.” ING maintains that it is making progress in its transition towards a lower carbon portfolio and says it strongly believes that engaging with its clients is where it can make the most impact, as opposed to exiting certain clients or sectors — though it has parted ways with several coal firms over this issue.  

“We’re confident that we take impactful action to fight climate change,” said Arnaud Cohen Stuart, head of business ethics at ING. “We will of course respond in court if necessary.”...

ING has doled out nearly $3 billion in financing to LNG since 2016, according to a 2023 report from Rainforest Action Network and partners...

In financing such activities, Milieudefensie charges that ING is “contributing to dangerous climate change and human rights violations caused by these clients, and this is unlawful.” ...

As the climate crisis intensifies and its damages multiply, communities and campaigners are increasingly turning to courts in efforts to hold governments and corporate polluters accountable. Over the last few years, these lawsuits have begun targeting corporate defendants beyond the oil and gas industry, including sectors like transport, food and agriculture, plastics, and finance....

This is why Milieudefensie’s action against ING is so important, van Tilburg explained, because a successful outcome could reshape the wider financial sector’s support for fossil fuels. It would allow banks to align with the Paris target without fearing their competitors will jump in, he added...