Climate group Friends of the Earth on Friday said it intends to hold ING (INGA.AS) liable for its climate policies, including its financing of the fossil fuel industry, the first step in a Dutch lawsuit.
Shares in ING, the Netherlands' largest financial group, fell by more than 1% after the environmental group unveiled its plans at a press conference in Amsterdam. They were down 0.3% at 12.74 euros at 1535 GMT.
"ING is very simply the banker of the climate crisis," Friends of the Earth director Donald Pols said, adding that the bank was targeted because of its size and influence.
"Because they fund polluters, they play a crucial role in climate change."
ING said in a response that it had taken note of the group's claim. "We are confident that we (already) take impactful action to fight climate change and sustainability is part of our overall strategic direction," the bank said. "We will of course respond in court if necessary."
ING in December laid out plans to phase out its financing of oil and gas development projects by 2040. That drew criticism from climate groups at the time as showing a lack of ambition.
In legal terms, Friends of the Earth has sent ING's board of directors a letter detailing its claim and its demands, a preliminary step required before filing a civil lawsuit in the Netherlands.
Friends of the Earth previously won a landmark victory in a suit against Shell(SHEL.L) that led to a court ordering the oil giant to cut its emissions in 2021.
The Friends of the Earth claim also demands that ING cut its own emissions in half by 2030 from 2019 levels, and that it stop cooperation with "polluting companies."
