Today, a letter, undersigned by almost 60 organisations from countries that face the consequences of fossil fuel projects or stand in solidarity, has been sent to the Dutch Members of Parliament. This Thursday, a debate about the export credit facility and the policies around it, will take place in the Dutch Parliament. The coalition calls upon Dutch politicians and policy makers to stand up against any form of export support for fossil fuel projects that are to be executed by Dutch companies abroad, expecially in the global South.
A coalition of 13 Dutch organisations calls on investors like banks, pension funds and insurers to divest from TotalEnergies because of its EACOP project in Uganda and Tanzania. This new pipeline is causing human rights abuses, increased poverty, environmental pollution and climate change, and also TotalEnergies is using loopholes in the tax system to avoid taxes.
The letters has been send, among others, to the banks ABN AMRO, ING and Van Lanschot Kempen, pension funds ABP, BPL, PFZW, PMT and PNO media and the insurers Aegon, Allianz and Nationale Nederlanden. Together, the Dutch investors own shares and obligations worth more than 2.1 billion euros.
Both ENDS works with partners worldwide to amplify the voices of communities that are experiencing first-hand the devastating social and environmental impacts of unsustainable financial policies and practices – from climate change to pollution to forced displacement. For more than two decades, we have worked to draw attention to an obscure, yet hugely influential type of financial institution: export credit agencies (ECAs).
In October this year, the Dutch government published a policy to implement the COP26 statement in which it promised to stop public finance for fossil fuel projects abroad by the end of 2022 . In spite of this pledge, the Netherlands is considering granting an export credit insurance to a floating production storage and offloading (FPSO) vessel that will be used to produce oil and fossil gas in Brazil for a period of 30 years.
Last year at COP26, the Netherlands, alongside 38 other governments and institutions, committed to the Glasgow Statement on International Public Support for the Clean Energy Transition. By signing this statement, the Netherlands has committed to ending new direct public support for the international unabated fossil fuel energy sector by the end of 2022- a commitment it has yet to deliver.
With this letter, 20 civil society organisations call on the Netherlands to announce its implementation policies for the Glasgow Statement ahead of the Export Finance for Future (E3F) Summit on the 3 November. The E3F Summit is a critical opportunity for the Netherlands to uphold the commitments made in Glasgow last year, alongside all other E3F members.
The recent E3F transparency report highlighted that Netherlands insured 6x more fossil fuel transactions than renewables from 2015-2020, with 3 billion EUR in fossil fuel transactions compared to only 0.5 billion EUR in renewables. This demonstrates that a fossil-fuel exclusion policy for Dutch export support is urgent, and essential, to align the Netherlands with its Glasgow commitment and the Paris Agreement.
Utrecht/Amsterdam, 27 September 2022 - On Wednesday 28 September, Dutch civil society organisations will organise a protest at the offices of oil giant TotalEnergies in The Hague, drawing attention to the problems surrounding the East African Crude Oil Pipeline (EACOP) in Uganda. They are calling on investors to get out of TotalEnergies because of this project, which is causing human rights violations and serious environmental pollution. Two weeks ago the European Parliament passed a resolution against the human rights violations linked to EACOP.
Still, more funds are spent on the fossil industry than on sustainable solutions. Banks, pension funds, insurers and governments keep investing in fossil infrastructure which endangers people and the environment. Therefore we call on financial institutions to stop funding the climate crisis.
Join our "Stop Fossil Finance" block at the next climate march!