5 July 2019

...The growing demand for palm oil across global supply chains raises questions about the environmental and social sustainability of palm oil plantations. Concerns include potential deforestation, loss of biodiversity and wildlife, unethical labour practices and the displacement of local communities. 

These are serious issues. On the other hand, alternative oil crops need seven to nine times more land...

We can’t always prevent environmental and social issues in our clients’ operations, but we can collaborate with them to find solutions...

In September 2018..., ING decided not to engage with new clients active as palm oil producers.. traders or refiners dedicated to palm oil...

At ING, we aim to use our leverage by engaging with our clients to improve their businesses... In total we finance less than ten clients that earn 10% or more from palm-oil-plantation-related activities. More than 85% of those clients currently have a ‘No Deforestation, No Peat, No Exploitations’ policy in place. 

...As of 2020, we will report the number of clients that are RSPO certified.