March 28, 2022

ING customers call on bank to stop all fossil fuel financing

Amsterdam, the Netherlands – Today, customers of the Dutch banking giant ING are launching a new campaign, together with Fossielvrij NL, calling on their bank to stop all financing to the fossil industry. Private customers are participating, joined by business customers such as the Fietsersbond a Dutch cycling organisation. 

The ING Fossil Free campaign will officially launch on Wednesday 30 March at 15.00 CEST with a creative, photogenic action being held at ING’s Cedar headquarters in Amsterdam Zuidoost: 

  • A giant piggy bank constructed of oil barrels will take center stage to demonstrate how customer money ends up financing fossil fuel projects against their will.
  • Photos will be available online here

Campaigners are urging other large customers including FNV, the Red Cross, Scouting Netherlands, Ikea and Doctors without Borders and the Municipality of Nijmegen to join up and speak out against ING’s fossil fuel financing. Felix van Vugt, a former ING customer: “I deliberately transferred my mortgage to another sustainable bank, but I still transfer money daily to ING accounts for my shopping, taxes and charities. Large organizations can’t always switch to another bank, which is precisely why they have a responsibility to speak out against ING’s fossil funding.”

Last week, ING announced it would stop directly funding new oil and gas projects. But at present ING will continue to finance the companies that carry out such projects. Direct financing of oil and gas projects is only a limited part of ING’s fossil financing. Other financing will continue, as will all kinds of services to the fossil industry. Research by BankTrack shows that ING provided €10.7 billion in financing to the fossil industry last year.

Liset Meddens of Fossielvrij NL: “ING took a step in the right direction last week, but to be honest it is more of a stumble if ING continues to provide loans to companies setting up new fossil projects. It’s like saying: I won’t give you a loan for a super yacht, but here’s five million. At a time when we are seeing the climate crisis escalate, there is only one right decision to make: stop immediately all funding of the fossil industry. Customers want ING to take responsibility.”

ING Fossil Free is a movement of direct and indirect customers of ING. Almost everyone in the Netherlands has dealings with ING: with an account, savings account, mortgage or insurance company, or because employers, governments and associations bank with this bank. The campaign has been set up in collaboration with Fossielvrij NL and is supported by partners including Milieudefensie, Greenpeace, Banktrack, Extinction Rebellion, Eerlijke Geldwijzer and Urgenda. 


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