European Financial Institutions Funnel Billions into Israeli Settlements, Fueling Occupation and Violence in Palestinian Territory
A New Report Reveals Alarming Extent of Investment
A recent report by the Don’t Buy Into Occupation coalition has shed light on the staggering extent to which European financial institutions are investing in companies that facilitate Israel’s illegal occupation and settlement expansion in the West Bank. The report reveals that between January 2020 and August 2023, 776 European financial institutions had financial relationships with 51 businesses actively involved with Israeli settlements, providing a staggering $164.2 billion in loans and underwriting.
Companies Linked to Human Rights Concerns
The report also highlights that European investors held $144.7 billion in shares and bonds of listed businesses, many of which are linked to human rights concerns such as:
- Settlement construction
- Service provision
- Demolition of homes
- Surveillance
These companies have been listed in the United Nations database of businesses linked to Israeli settlements.
Failure to Hold Corporations Accountable
Dr. Susan Power, Head of Legal Research and Advocacy for Al-Haq, a Palestinian organization affiliated with the International Federation for Human Rights (FIDH), warned that the failure to hold corporations and financial institutions accountable for their complicity in international crimes is fueling the ongoing violence and human rights abuses in the occupied territories.
“The continued investment in companies involved in settlement activities only serves to entrench Israel’s illegal occupation, annexation, and colonization of Palestine,” Power said. “It is imperative that European financial institutions take immediate action to ensure that their investments do not contribute to these violations.”
Top 10 Creditors Provide Staggering Amounts
The top 10 creditors alone provided $116.55 billion to listed businesses, with the biggest loan and underwriting providers including:
- BNP Paribas
- HSBC
- Deutsche Bank
- Société Générale
- KfW
- Barclays
- Crédit Agricole
- Santander
- ING Group
- UniCredit
Urgent Action Required
FIDH Advocacy Director Antoine Madelin emphasized that European financial institutions have a critical responsibility to ensure that their activities do not perpetuate the expansion of Israeli settlements, which are illegal under international humanitarian law and multiple UN resolutions.
“The investment policies of these financial institutions must be re-examined to exclude involvement in settlements in occupied territories,” Madelin said. “It is essential that they take concrete steps to respect human rights and international law.”
Human Rights Groups Demand Action
The report’s findings have sparked widespread concern among human rights groups, who are urging European governments and financial institutions to take immediate action to address the situation.
“Europeans must not be complicit in perpetuating Israel’s illegal occupation,” said [Name], a leading human rights activist. “It is time for concrete action to stop financing these violations.”