ING, Rabobank and ABN AMRO have provided €3.1 billion in loans in the past five years for goods such as soy that often encourage deforestation. At the end of last year, pension funds, insurers and banks invested 362 million euros in these goods, according to Milieudefensie and Profundo’s own research.
“The Dutch financial sector is the European champion of financing deforestation,” says campaign leader Wouter Kolk of Milieudefensie. “In the midst of a climate and biodiversity crisis, we are putting our money into exacerbating it and adding fuel to the fire! It’s the world upside down. There must be a climate obligation that obliges polluters such as the financial institutions to make their chains deforestation-free.”
Milieudefensie and Profundo investigated how much money went from Dutch financial institutions to companies that focus on palm oil, beef, pulp and paper, soy, rubber, cocoa and coffee. According to Milieudefensie, these are goods with a high risk of tropical deforestation. ING, Rabobank and ABN AMRO provided 3.1 billion euros in loans between 2016 and 2021, two thirds of which for palm oil and soy. Pension funds, insurers and banks invested 362 million euros in these six goods at the end of 2020, three quarters of which in beef and palm oil.
According to both organizations, the research showed that there is no financial sector in Europe that spends more money on these “deforestation risk goods” than the Dutch one. After China and the United States, Dutch banks, insurers and pension funds are the largest investors in beef and the most important lenders for soy. ING and Rabobank are in the international top ten of financial institutions that finance the soy trade, according to Milieudefensie and Profundo.
Milieudefensie: financial sector invests a lot in deforestation
Source link Milieudefensie: financial sector invests a lot in deforestation