This April, in Amsterdam (the Netherlands), plastic was on the agenda at one of Europe’s biggest banks’ Annual General Meetings. Campaigners and members of the Break Free From Plastic movement took their concerns directly to the Board of ING Bank, calling out the stark discrepancies between its public sustainability commitments and its far less publicised financing decisions.
Despite the well-documented harms plastic causes to environmental and human health, plastics are missing from many banks’ environmental policies. Banks have faced little accountability for their contribution to the plastic crisis, despite playing a central role in funding the production and proliferation of plastics worldwide.
Photo credit: Milieudefensie/Edo Landwehr, 2026
No policy, no limits
Financing is the oxygen that keeps plastic production alive and that is precisely why bank policies matter. When a bank establishes a plastics policy, it sets clear boundaries on what it will and will not fund, sending a powerful market signal that the most harmful parts of the plastic value chain carry real financial and reputational risk. Without such policies, there are no limitations, and capital flows freely to plastic producers, enabling the industry to expand unchecked. Beyond plastic production itself, banks also finance companies driving demand for single-use plastics and support downstream technological approaches that many campaigners and researchers argue risk delaying the transition to reduction, reuse and refill systems.
Policies also create accountability: once a bank makes a public commitment, it can be held to it by campaigners, shareholders, and regulators. Given that building and scaling plastic production is extremely capital-intensive, restricting access to that financing is one of the most direct levers available for reducing plastic production at its source.
Photo credit: Fair Resource Foundation, 2026
ING, like many banks, currently lacks a plastics financing policy with clear criteria for limiting or excluding financing for plastics production. ING publicly acknowledges that plastic waste and pollution are a “downside”. It also points out that plastic waste is set to triple by 2060, with half still landfilled and less than a fifth recycled. ING states that it finances clients across the plastic value chain, “from upstream production to midstream users of plastic and downstream collection, sorting and recycling.”
Taken together, this raises questions about how ING’s recognition of plastic pollution translates into its financing decisions, particularly in the absence of clear criteria to limit continued expansion of virgin plastic production.
Claiming our place at the table
Annual General Meetings are spaces where executive leadership reports to a company's shareholders and provides an opportunity to expose the gaps between sustainability commitments and corporate behaviour. Through shareholder activism, civil society organisations have gradually gained access to AGMs using small amounts of shares to pressure corporate decision-making from the inside. It is a tactic long used by climate groups, and one that is proving just as powerful in the fight against plastic pollution.
Executives can ignore emails, campaigns and press releases, but they cannot ignore a formal question asked on the record in front of their major investors. By stepping into this space, we gained direct access to the bank’s leadership and had the opportunity to ask a question directly to the board and hold ING publicly accountable.
Building alliances
Campaigners and activists from across the climate movement attended this year’s ING AGM, bringing attention to the investments ING has in oil, gas and coal. Inside, shareholders from these groups and organisations confronted the bank on a range of policies, demonstrating that civil society is united to show up where decisions are actually made.
Photo credit: Fair Resource Foundation, 2026
Deflection and defensiveness: ING’s answer to our question
At the AGM, ING was asked directly: how, while acknowledging plastic pollution as a material risk, does it justify continuing to finance companies expanding virgin plastic production, including INEOS' Project ONE, the ethane cracker currently being built in Antwerp? The bank was also pressed to provide a clear timeline for client requirements across the plastic value chain, including plastic footprint disclosure, time-bound reduction targets, and a prioritisation of reuse and refill models over downstream and technological fixes.
Their answer was deeply disappointing. ING deflected to the United Nations and the need for a Global Plastics Treaty, effectively arguing that it cannot act until international frameworks are in place.
A formal letter: demanding better answers
Attending ING’s AGM was just the first step in asking the bank to take meaningful action to address its role in the plastic crisis. This week, the Break Free From Plastic movement, together with members Fair Resource Foundation, Plastic Soup Foundation, Women Engage for a Common Future, and Fair Finance Guide Germany have sent a follow-up letter to ING bank with a series of questions. These include questions about how ING assesses clients involved in plastic production or users of plastic packaging, its policies on financing chemical recycling given its well-documented ineffectiveness, its engagement with ESG rating agencies to improve plastic-related metrics, its plans to reduce financing for fossil polymer production, and its timeline for developing a strategy that supports the investment and scaling up of reuse and refill models.
ING’s response at their 2026 AGM reflects a pattern seen before: acknowledge the problem, defer the solution and continue business as usual. The formal letter sent this week is an opportunity for ING to move beyond deflection and demonstrate that its sustainability commitments amount to more than rhetoric. Financial institutions, as the enablers of the plastic and climate crises, have the power and responsibility to develop meaningful plastics policies that shift capital away from plastic production and toward real solutions. Until then, the scrutiny will continue.
