Win! ABN AMRO is setting an absolute target to reduce its emissions

Dutch bank, ABN AMRO, has taken an important step. The bank is going to set a clear target to reduce its emissions. This applies to the emissions from all ABN AMROs’ loans, not just a small portion. It is the first major bank in the Netherlands to do so.

Campaigning works

ABN AMRO’s CEO, Marguerite Bérard, announced this news at the 2026 shareholder's meeting. We have been attending ABN AMRO’s annual general meetings for five years. Every year we ask the same question: will ABN AMRO set an absolute target to reduce its emissions? This year we didn’t need to ask the question because the CEO broke the news herself! This proves: campaigning works!

What is an ‘absolute target’?

Banks lend money to companies. Some of these companies emit a lot of CO₂. Even though the bank itself does not emit, it is responsible for the emissions of the companies it finances. This is known as their ‘financed emissions’.

Many Dutch banks have targets to reduce a small proportion of their financed emissions. This includes ABN AMRO, ING and Rabobank. But there are often two shortcomings here:

1. The targets only cover a small proportion of the emissions. For example, at ABN AMRO this is just 14%.
2. The targets set so far have not led to lower emissions. Banks often set only so-called ‘intensity targets’. This means: lower emissions per product, but often not lower emissions in total. For example: airplanes are becoming slightly more fuel-efficient. But if more airplanes are flying, total emissions can still rise.

Friends of the Earth Netherlands campaign is working

We have been campaigning for years for better climate plans from banks. We attend AGMs, produce reports and have even launched a legal case against ING, in which we demand that the bank take responsibility for its emissions.

And it’s working! The CEO of ABN AMRO now says that an absolute target is needed. Otherwise, emissions could even continue to rise. The new target will apply to the bank's full loan portfolio, not just a small proportion.

Just as Triodos and a few of the world’s largest pension funds, ABP and PFZW, have already set such a target in recent years thanks to pressure from us. ABN AMRO is now the first major bank to follow suit. A wonderful step!

What could be improved?

1. The target does not yet apply to all of ABN AMRO’s activities, such as investments and capital market financing.
2. The bank wants to set a target that ensures global warming remains ‘below 2 degrees’, whereas warming needs to be kept below 1.5 degrees.
3. ABN AMRO has not yet finalised the target. According to the CEO, this could take years. The climate crisis is already costing lives; this can and must happen faster.