ING
$27 million estimated in direct Amazon Oil and Gas since 2016
Key Findings
Recent financing
Since 2024, the bank provided $10 million in direct financing, placing it in the 20th rank in recent financing, showing exposure increase. All of this financing went to Gunvor, suggesting that ING’s oil trade exclusion is not sufficiently effective.
Has Amazon Exclusion Policy with gaps
ING was the first bank to apply any type of Amazon exclusion. In 2021, ING committed not to enter into any new contracts for the financing of Amazon oil & gas trade flows from Ecuador and Peru.
Moderate Achiever in Oil and Gas Policy
Moderate Achiever in Human Rights and Indigenous Policy
Recommendations
Despite its existing oil trade policy, ING continues financing Gunvor, which was found guilty of bribing Ecuador officials. Since implementing its Amazon oil trade policy in 2021, ING provided $14.6 million in direct Amazon financing to Gunvor. ING should strengthen its existing policy to restrict any type of financing — including Revolving Credit Facilities, which can not be effectively scrutinized — to oil traders in the Amazon.