The activists held up a kind of banner and called on ING to stop ‘financing the climate crisis’. They also stamped their feet on the floor and a song was sung several times about that ‘fossil is really no longer possible’.
Activists with shares in ING are present at the meeting to ask questions about the bank’s climate policy. The activists say that ING contributes to ‘financing the climate crisis’ with its fossil investments.
According to ING CEO Steven van Rijswijk, ING listens to the criticism of climate and environmental organizations, but also says that the energy transition needs time. Van Rijswijk said he hoped to be able to discuss climate policy with the activists present. He argues that the bank’s policy is in line with the Paris climate objectives, but that a balance must be sought between those objectives and guaranteeing energy supplies. The CEO indicated that this is done in collaboration with companies, governments, regulators, climate scientists and environmental movements.
Milieudefensie asked the board of ING whether the bank will do everything it can to reduce greenhouse gas emissions in the entire chain by at least 45 percent by 2030 compared to 2019. That question was then answered with loud applause and cheering in the room . Chairman of the Supervisory Board Hans Wijers said: “You are clearly not alone”. The question was then repeated several times by Milieudefensie activists, each time followed by loud applause and jeers.
Milieudefensie is considering starting a lawsuit against ING to force the bank to adopt a stricter climate policy, just as happened against oil and gas group Shell. That case against Shell was won by Milieudefensie. The environmental group speaks of a ‘considerable failure’ for ING’s climate policy. Van Rijswijk again stated that the Paris targets will be followed and pointed, among other things, to the efforts to reduce its own emissions, but a firm commitment to the demands of Milieudefensie was not forthcoming.
Activists from Milieudefensie previously also asked the same question at the meeting of Ahold Delhaize whether the supermarket company wants to make a strong effort to reduce emissions by 45 percent within seven years compared to 2019. This led to irritation among several attendees in the room. including at investor association VEB. The VEB was also critical of Milieudefensie’s working method at ING.