Both ENDS
TEGUCIGALPA/UTRECHT, January 12, 2026 – The murder of indigenous environmental activist Berta Cáceres, which took place almost 10 years ago in Honduras, appears to be the result of an organized criminal operation, in which funds from the Dutch Development Bank FMO were misappropriated to finance illegal activities. This is the conclusion of the investigation report published today by the independent commission set up by the Inter-American Commission on Human Rights, the Honduran state, and the relatives of Berta Cáceres.
For years, FMO was a major financier of the Agua Zarca project. Berta Cáceres, an indigenous leader, fought against this controversial dam and was murdered for that reason in March 2016.
Both ENDS, SOMO, Oxfam Novib and Recourse sent in a submission to FMO's public consultation on its Position Statement on Financial Intermediaries. In this position statement, FMO only takes limited responsibility for the consequences of its investments through so-called financial intermediaries. We call upon FMO to publish a position statement that focuses on protecting human rights and the environment and take full responsibility for this.
FMO's new position statement on fossil fuel investments commits to ending new direct finance in the downstream and midstream coal and oil sectors, whilst still allowing for investments in gas-fired electricity generation under exceptional circumstances only. Both ENDS welcomes this development as a step in the right direction.
Authors note rectification 13 April 2023
Most Dutch pension funds and their asset managers do not vote consistently in favour of climate resolutions at the oil and gas companies and banks in which they invest. That is the conclusion of a report published today by Both ENDS and Groen Pensioen. Eleven of the twelve* Dutch pension funds studied have made public statements and pledges about adapting their policies in line with the Paris Climate Agreement. But their voting behaviour does not sufficiently correspond with these pledges. Only pension fund PME votes for 100% in line with its own climate promises.
At the beginning of this year, the Dutch government provided Dutch companies with export insurance worth 903 million euros to enable them to participate in a gigantic natural gas project in the north of Mozambique. Together with partners from Mozambique and the Netherlands, Both ENDS has been conducting a dialogue with export credit agency Atradius DSB and the responsible Ministries of Finance and Foreign Affairs on the possible financial, environmental and social risks of the gas project.
