They do not emit a cloud of dirty air themselves, but are nevertheless considered to be the biggest polluters in the Netherlands. According to Milieudefensie, thirteen Dutch financial institutions are jointly responsible for the emission of 244 million tons of CO2, because they invest in companies that do cause a lot of climate damage.
Emissions from the Dutch financial sector are equivalent to almost one and a half times the annual domestic emissions in the Netherlands, according to research carried out by Profundo on behalf of Milieudefensie. ING is in first place in the survey with financed emissions of 102 million tons of CO2. Insurer Aegon follows with 35 million tons of CO2. Two other insurers were also investigated, seven pension funds and ABN AMRO and Rabobank.
Milieudefensie director Donald Pols believes that the companies are fueling climate change with their investments. “It is precisely banks, insurers and pension funds that can reduce their emissions fairly quickly by choosing to finance the clean economy instead of the polluting economy,” says Pols.
Milieudefensie wants the government to intervene to stop investments in the fossil fuel industry. “Only then can the financial sector become a flywheel for sustainability,” says Pols. “A government that continues to rely on the voluntary efforts of financial institutions that are failing stitch after stitch is failing.”
The ultimate emissions from the use of goods and services, called scope 3, are not included in the study. This is because it is often not clear how much is emitted in this category. Profundo has made an estimate, which amounts to 869 million tons of CO2.
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