Victims of the Australian bushfires are the latest to have filed a complaint against banks using the OECD human rights grievance system, challenging ANZ Bank over its role in financing climate change – not long after indigenous women filed against Credit Suisse for alleged human rights abuses.
The complaints highlight the growing pressure on banks to better consider social and environmental issues. Another grievance, lodged against ING Bank over palm oil financing, will be further examined after an initial assessment.
Joseph Wilde Ramsing, head of NGO OECD Watch, said the financial sector was the fastest growing target of OECD Guidelines complaints, “with six new cases against financial sector actors just in the past six months”.
He said: “Guidance documents from the OECD in the past years [2017 for institutional investors and 2019 for banks in their corporate lending] have highlighted and clarified the responsibilities of financial sector…