Investors in Israel’s Illegal Settlements
Over the years, we have focused primarily on the two largest pension funds, ABP and PFZW. We pointed out that their investments contribute to systemic violations of international law and human rights. Such investments cannot be justified, especially as they involve the mandatory pension contributions of millions of citizens working in government, education, healthcare, and the cultural sector.
One would think these arguments were sufficient. However, while small steps were taken over the years, our own research published on November 19 shows a worrying trend in the opposite direction: investments in illegal settlements have grown significantly. These institutions continue to invest in companies that appear on the UN’s blacklist for their role in sustaining and expanding the settlements, such as Booking.com. As of October, ABP and PFZW had jointly invested over half a billion euros in Booking.com.
Enough is enough. None of the financial institutions have heeded repeated calls to end their investments. Meanwhile, the Lemkin Institute for Genocide Prevention concluded in April that Israel is committing genocide in the West Bank, East Jerusalem, and Gaza. Settlements serve as bases for Jewish extremists who carry out daily pogroms against the local Palestinian population. Even amidst genocide, these investments continue.
That is why we are now choosing the legal route, despite its complexity. We aim to expedite the first step, which involves a feasibility study to identify the most impactful (inter)national approach.
Investors in Israel’s Illegal Settlements
Between January 2021 and September 2024, seventeen Dutch financial institutions collectively invested €21 billion in companies actively involved in Israel’s illegal settlement economy.
This was revealed in research by a coalition of 25 Palestinian and European organizations, published in late November under the title Don’t Buy Into Occupation (DBIO). PAX, BankTrack, and The Rights Forum represent the Dutch segment of this coalition. The recent report is the fourth since September 2021.
Israel’s colonization of Palestinian land is illegal and classified as a war crime under the Rome Statute, the founding treaty of the International Criminal Court. For decades, Israel has disregarded UN Security Council resolutions demanding an end to the colonization. Currently, at least 800,000 Jewish settlers—many of them Europeans and Americans—live in illegal settlements in occupied territories.
In July of this year, the International Court of Justice ruled that Israel’s entire presence in occupied Palestinian territory is illegal and must end. Israel violates Palestinians’ right to self-determination and the prohibition against acquiring land by force, the Court stated. On September 18, the UN General Assembly demanded that Israel fully withdraw from occupied territories and dismantle its settlements within a year.
Still, Dutch financial institutions continue to invest in these settlements. The 17 investors include banks, insurers, asset managers, and pension funds. The top three are ING, and the pension funds ABP and PFZW. Other names include Rabobank, Aegon, and Van Lanschot Kempen.
