opinion

BankTrack, et al. vs. ING Bank - opinion

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BankTrack, et al. vs. ING Bank - complaint

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BankTrack, et al. vs. ING Bank - decision

Filing Year For Action

BankTrack, Greenpeace Nederland,  Milieudefensie,  Friends of the Earth collectively filed a complaint against ING for failure to commit appropriately to achieving targets under the 2015 Paris Agreement. The complaint alleged that ING had violated environment and consumer interest provisions of the OECD Guidelines by failing to set targets to reduce the emission of greenhouse gases from its financial products. Further, ING had not reported the indirect product emissions of companies and processes that it financed, amounting to a disclosure breach under the guidelines, according to the complaint. 

In its initial assessment, the Dutch NCP accepted the case for further examination, noting the complexity with respect to calculation of CO2 emissions. It opined that this deliberation could purposely enhance the effectiveness of the guidelines. The final statement by the NCP held that ING is obliged under the OECD Guidelines for Multinational Enterprises to set climate goals that are aligned with the Paris Agreement. 

Pursuant to the willingness of both parties to participate in mediation, agreement was reached with respect to ING’s adoption of the Terra approach, and the PACTA and PCAF methodologies to measure and set targets with respect to the bank’s climate impact. Further, a collaboration was established between ING, Banktrack, Greenpeace, Milieudefensie, and Oxfam Novib to urge the Dutch Government to request the IAEA to develop response models to limit global warming. 


BankTrack, et al. vs. ING Bank

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

Groups  of people who are adversely affected by climate change or the response to it

A set of principles, processes, and practices that build economic and political power to shift from an extractive economy to a regenerative economy.

Renewable energy means all forms of energy produced from renewable sources in a sustainable manner.

Fossil fuel is a generic term for non-renewable energy sources such as coal, fossil gas, and oil (including crude oil, and petroleum products), that can be used for electricity and heat generation. Fossil fuels are hydrocarbons formed from pressurised and heated organic material buried over millions of years.

Molecules in the atmosphere that play a key role in the greenhouse effect by trapping heat radiating from Earth’s surface.

Area of the economy in which actors engage in identical or related activities.

In human systems, the process of adjustment to actual or expected climate change and its effects, in order to moderate harm, increase resilience or exploit beneficial opportunities. In natural systems, the process of adjustment to actual climate change and its effects; human intervention may facilitate adjustment to expected climate change and its effects.

The management and allocation of funds, assets and investments to meet various objectives

Slow onset events evolve gradually from incremental changes over many years or from increased frequency or intensity of recurring events. As defined in the Cancun Adaptation Framework (2010), slow onset events include risks and impacts from rising temperatures, desertification, biodiversity loss, land and forest degradation, glacial retreat, ocean acidification, sea level rise, and salinization.

A target to reduce the prevalence of a greenhouse gas over a specific time frame

Coal is a combustible sedimentary rock formed from carbonised plant matter, rich in carbon and hydrocarbons, and occurring in several main types including hard coal and brown coal.

Either money or something of monetary value is transferred between two or more organisations, people or countries.

Heavy precipitation refers to any form of weather where substances fall from the sky, including rain, snow, sleet, or hail.

This sector includes firms and individuals offering specialised expertise in fields such as law, accounting, consulting, science and engineering.

Activities of businesses and institutions that provide financial services and products to individuals and organisations.

A loan is a policy instrument where funds are provided to a borrower with the expectation of repaying the principal plus interest.

This sector provides communication services, software development, and IT solutions.

The activities of industries that transforms raw materials into finished goods through industrial processes.

The activities of industries involved in the production, distribution, and sale of energy, including electricity, gas, and renewables.

A commitment to balance GHG emissions with removal by a certain point in time, effectively reducing the net emissions to zero

Oil is a combustible liquid fossil fuel composed mainly of hydrocarbons, occurring as crude oil and refined into petroleum products such as petrol, diesel and kerosene.

This sector involves activities to move goods and people, alongside the storage of products.

Extreme weather refers to events where a weather variable exceeds (or falls below) a threshold. Meaning it is significantly different from the average or usual weather pattern.

Fossil gas, commonly known as natural gas, is a fossil fuel consisting chiefly of methane with smaller amounts of other hydrocarbons and trace gases, found in underground deposits.

BankTrack, et al. vs. ING Bank - opinion

Target

Policy instrument

Risk

Renewable energy

Fossil fuel

Economic sector

Finance