ING (an abbreviation
of Internationale Nederlanden Groep) is a Netherlands based international financial services company and
one of the world’s largest savings banks. It is active in banking, investments, life insurance and retirement services. Its internet banking outfit ING direct is active in the US market.
ownership
listed on NYSE Euronext
headquarters
ING House, P.O. Box 810
1000 AV Amsterdam
Netherlands
position top 1000 the Banker
In million US$. Ranking according to Tier 1 capital, as per definition Bank of International Settlements (BIS)
The CDP impels organisations to record their carbon footprint in daily activities. Encouraging enterprises to calculate and disclose their carbon impact, this initiative highlights the challenge for financial institutions to determine exactly how much carbon output can be attributed to financing.
Voluntary framework to guide the finance sector in tackling the challenge of climate change. They address the management of operational greenhouse gas (GHG) emissions and provide direction on managing climate change in research activities; asset management; retail banking; insurance & re-insurance; corporate banking; investment banking & markets; project finance.
The EPs are a set of guidelines, based upon the Performance Standards and guidelines from the IFC, the World Bank's private sector lending arm for private banks to asesses and mitigate risks in project finance. Banks use the Principles to guide internal operating procedures for transaction for specific projects. Although the EPs are an important step to raise overall standards of financiers and projects in the developing world, they currently fall short on transparency and governance requirements.
The verification and full publication of company payments and government revenues from oil, gas and mining is supported by the EITI. Financial institutions can participate and encourage resource-rich countries to support the initiative that aims to defeat poverty, corruption and conflict caused by weak transparency and accountability.
As the name suggests, the GRI aims to standardise good practice in transparency. GRI provides companies with guidelines to organise their annual report with reporting indices and standards addressing environmental, social and economic issues that business ought to address when telling the world about its performance.
The UN Global Compact is a set of ten principles that companies may sign voluntarily. Signatories promise to avoid complicity in human rights violations, adhere to labour standards, protect the environment and avoid corruption. The G8 countries urge companies to participate in this initiative, and with over 2900 companies signing up, the Global Compact has momentum. A voluntary and network based framework, the Global Compact actively promotes peer review and stakeholder participation.
UNEP is the 'voice of the environment' for the United Nations system, promoting international cooperation in the field of the environment. Issues concerning the financial community are addressed by the UNEP Finance Initiative which promotes investment in clean and renewable energy by financial institutions and other investors. Financial insititutions wishing to join must sign one of two Statements (for financial institutions and a separate one for the insurance industry).
UNPRI is a set of six principles direct institutional investors may adopt to consider environmental, social and corporate governance issues when investing. Voluntary and aspirational in nature, UNPRI has since its inception in 2006 attracted 200 signatories, representing US$8 trillion worth of investments.
Since the turn of the century a group of twelve banks known as the Wolfsberg Group have collaborated to improve ethical standards. The principles provide guidance on money laundering, corruption and the financing of terrorism. They have been produced to address deficiencies in areas 'yet to be fully articulated by lawmakers or regulators'.
Website provides links to different bank policies: Animal testing, Equator Principles, gambling, suppliers, fur, forestry & plantations, etc. (date listed is date of access)
A set of summaries of policies of ING group: Defence Policy (old: there's a newer version at the BT site too), Forestry & Plantations Policy, Manufacturing & Agriculture Sector Policy, Natural Resources (Oil, Gas and Mining) & Chemicals Sector Policy, Gambling Policy, Pornography Policy, Animal Testing Policy, Fur Policy…
ING has developed a
framework for corporate responsibility throughout its business. It starts with
the ING Business Principles, on which
a range of in-depth policies are based for daily activities. ING Environmental and Social Risk policies are used in its business lines to manage financial and reputational risk and to
help clients to be more socially and environmentally responsible. ING has
shortly described the following policies: Forestry and Plantations Sector
Policy, Manufacturing & Agriculture Sector Policy, Natural Resources (Oil,
Gas and Mining) & Chemicals Sector Policy, Defence Policy and Fur Policy.
Those that provide enough information to be accredited any points are commented
below. But in most cases these summaries are too short to get a good picture of
the criteria for ING's investments.
ING's Environmental Statement is targeted at
the group's operational activities, and not on its clients' impacts
agriculture
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arms industry and trade
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fisheries
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forestry
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mining
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5
oil and gas
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5
power generation
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biodiversity
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5
climate change
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5
corruption
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5
human rights
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indigenous peoples
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labour
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operation in conflict zones
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taxation
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toxics
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5
accountability
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transparency
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5
headquarters
ING House, P.O. Box 810
1000 AV Amsterdam
Netherlands
position top 1000 the Banker
In million US$. Ranking according to Tier 1 capital, as per definition Bank of International Settlements (BIS)
In the Canadian Boreal forest just downstream of the eastern foothills of the Rocky Mountains are the Canadian tar sands. The region contains some 2 trillion barrels of oil,…
Cluster munitions pose a serious threat to civilian populations during and after a conflict. Cluster munitions are designed to blanket a large area containing one or more…
An offshore oil project in the north Caspian Sea, Kashagan is part of the North Caspian Sea Production Sharing Agreement (PSA), a 40-year contract that was signed in 1997…
The US$1.45 billion Nam Theun 2 Hydropower Project, in the small Southeast Asia country of Laos, is supposed to generate revenue for the cash-strapped Lao government by exporting…
HidroAysén - owned by European company Endesa and Chilean company Colbun - plans to dam two of Chile's most powerful and pristine rivers, the Baker and Pascua Rivers.…
Peru's Camisea gas project was designed to exploit an enormous gas field in the Amazonian region. It consists of 3 components: exploration and extraction at four drilling…
Dynegy LS Power is currently planning to construct more new coal-fired power plants than any other company in the USA, which will result in very large increases in greenhouse…
The Grasberg mine, located in the indonesian province of Papua, on the island New Guinea, just north of Australia, is being run by the mining company Freeport McMoran. The…
BankTrack has identified controversial issues
with the companies listed below that require attention from ING.
CRH Building Materials Group
CRH is a diversified building materials group which, through its investment in the Israeli company Mashav, is deriving profits and therefore benefiting from the occupation…
E.ON is a German electricity company headquartered in Düsseldorf and is another of big beasts of energy production. E.ON operates along the entire value chain of power…
Freeport McMoRan is an international mining company with headquarters in Phoenix, Arizona. Freeport McMoran operates primarily in copper-, gold- and molybdenum mines.Freeport…
India's National Hydroelectric Power Corporation has made a name for itself as one of the country's most ruthless corporations. As a state-owned company, NHPC has been able…
As Europe's second largest electricity generator and one of Europe's five leading gas and electricity companies, this German utility is another of energy and gas production's…
Bankers on Tenterhooks - Climate change : co-funded by banks operating in Belgium
Jun 02, 2010 | Netwerk Vlaanderen
Report on investments of BNP Paribas, KBC, Dexia, Citibank, Deutsche Bank, ING and AXA in climate-threatening activities including new coal plants, oil extracted from tar sands, or the decimation of rain forests.
Apr 01, 2010 | Netwerk Vlaanderen, IKV PAX Christi
A short version of the 'Hall of Fame and runners-up'-document. Both taken from the report: "Worldwide Investments in Cluster Munitions; A Shared Responsibility" Updated April 2010.
Jun 09, 2007 | Friends of the Earth Netherlands - Milieudefensie
The report compares financed CO2 emissions by six Dutch banks (ABN AMRO , ING, Rabobank, Fortis, Triodos and ASN bank). The research results in the Climate Performance Index 2007.
Investing in Climate Change: the role of Dutch banks
Jun 07, 2006 | Milieudefensie
Milieudefensie report that describes how Dutch banks are investing in climate change both through the direct emissions of their organisation as the indirect emissions of their investments.
A Millieudefensie Report. Review of the oil palm and forestry investment policies adopted in 2001 by ABN Amro, FMO, Fortis, ING, and Rabobank. A second part gives recommendations to banks and the government on responsible investment policies and practices.
Website provides links to different bank policies: Animal testing, Equator Principles, gambling, suppliers, fur, forestry & plantations, etc. (date listed is date of access)
A set of summaries of policies of ING group: Defence Policy (old: there's a newer version at the BT site too), Forestry & Plantations Policy, Manufacturing & Agriculture Sector Policy, Natural Resources (Oil, Gas and Mining) & Chemicals Sector Policy, Gambling Policy, Pornography Policy, Animal Testing Policy, Fur Policy…
Letter to BankTrack as a response to BT letter of February 11, 2010
Mar 29, 2010 | Equator Principles Financial Insititutions, Citi
The first response ever to one of the letters BankTrack sent to the Equator Principles Financial Insititutions. It is a response to the BankTrack follow up letter after the meeting in Zuerich, February 4.
Using the 2011 Global Investor Statement on Climate Change, investors will advocate for investment grade climate change and energy policies at the national and international level.
Coal funeral at Deutsche Bank, ING & BNP Paribas Mar 01, 2011
Netwerk Vlaanderen action against ING Nov 26, 2005
videos
Coal funeral at Deutsche Bank, BNP Paribas and ING
Jan 09, 2012 - On the 1st of March 2011, Netwerk Vlaanderen and its partner organisations in the Bankroet campaign buried coal in front of Deutsche Bank, BNP Paribas and ING, putting the dirty energy source where it belongs: under the ground. Netwerk Vlaanderen handed over more than 4.000 signatures against investments in coal-fired power plants to the respective banks. These banks are among the biggest financiers of coal-fired power plants in the Belgian banking sector.
Risky Business: the Nam Theun 2 Hydropower Project
Mar 22, 2010 - The Nam Theun 2 Hydropower Project, the largest dam in Laos, was hailed by many as they way to reduce poverty and demonstrate best practice in socially and environmentally responsible dam building, still the initial signs have not been promising...
headquarters
ING House, P.O. Box 810
1000 AV Amsterdam
Netherlands
position top 1000 the Banker
In million US$. Ranking according to Tier 1 capital, as per definition Bank of International Settlements (BIS)
International website developed by BankTrack, CRBM, Les Amis de la Terre, Netwerk Vlaanderen, Platform, Setem and Urgewald.
Information in English, French, German, Italian, Dutch, Spanish.
Funeral of coal at BNP Paribas, ING, Deutsche Bank
On Tuesday 1st March NGOs handed over 4,000 signatures to representatives of banks that are active on the Belgian market. The signatories of this petition asked the banks to end their investments in coal-fired power stations.
