Climate group sues ING after Shell victory
A group of climate activists in the Netherlands, which won a landmark case against Shell in 2021, has named Dutch bank ING in a new climate suit. Milieudefensie, the Dutch arm of Friends of the Earth, said ING is responsible for more emissions than Sweden through its client book of polluting companies.
Milieudefensie warned it is looking to bring more cases against other major companies, after a court ordered Shell to cut carbon emission by 45% by 2030 to align with 1.5oC Paris Agreement.
“Never before has a bank been sued in the Netherlands for its inadequate climate policy,” Milieudefensie said. “We have given polluting companies the opportunity to prepare and implement a good climate plan. Not only is hardly any company making progress, but the biggest bank in the Netherlands, ING, is not doing enough and continues to emit too much greenhouse gases.”
Milieudefensie wants ING to halve its total emissions and stop working with polluting companies, including oil and gas firms that pursue expansion projects, and those that do not have a good climate plan. It said ING should cease working with large corporate clients lacking a robust climate plan within one year.
In December, ING said it would phase out financing upstream oil and gas by 2040, alongside investments in renewable power.
At the same time, US oil firm ExxonMobil has launched legal action against activist investors in the US and the Netherlands to block them from presenting a proposal for stricter emissions reductions. ExxonMobil said the alleged climate resolution proposal from Arjuna Capital and Follow This is part of an “extreme agenda”. It said it hopes its case sets a legal precedent to challenge groups with an agenda.
“The breakdown of the shareholder proposal process, one that allows proponents to advance their agendas through a flood of proposals, does not serve the interests of investors,” ExxonMobil said in a statement.
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