Major victory: More financial institutions withdraw from Israeli settlements
13 May 2025
2 minutes
Since 2021, 11.11.11 and FairFin, together with Palestinian and European partners, map out each year how European banks and companies are active in occupied Palestinian territory. And that continued pressure works!
In 2024, several Norwegian pension funds and the French insurer AXA stopped supporting companies involved in violations of international law. PalestineThis year, important steps will again follow: both the Norwegian sovereign wealth fund GPFG and Belgian banks are taking action.
NORWAY SHOWS LEADERSHIP
On May 11, 2025, the “Government Pension Fund Global” (GPFG) – one of the largest pension funds in the world – announced that it will completely divest from the Israeli company Paz Oil. Reason: Paz's role in keeping illegal Israeli settlements running, including by to supply fuel to nine illegal settlements in the West Bank.
The divestment, worth around five million euros, is the result of years of pressure from Norwegian civil society organizations that are part of our joint research.
BULLDOZER OF BLACKLISTED ETHNIC CLEANSING
Things are also moving in Belgium. Research by De Tijd shows that Belgian banks Degroof Petercam, Argenta and Triodos have placed the American company Caterpillar on their blacklist for new investments.
That's no coincidence. 11.11.11 and FairFin have been putting pressure on Belgian banks for years to stop investing in companies that profit from the Israeli occupation. Last year, the focus was explicitly on Caterpillar, whose bulldozers are systematically used in war crimes in Gaza and in the destruction of Palestinian villages, infrastructure and human lives.
On April 7, 2025, Israeli human rights organization Breaking the Silence published testimonies from soldiers about the use of Caterpillar's D9 bulldozers in Gaza. They describe how they are turning large parts of the Gaza Strip into "kill zones." The Washington Post also revealed that Caterpillar machines were used to dig a mass grave, in which Israel dumped the bodies of Palestinian aid workers.
Put pressure on your bank
Despite all the overwhelming evidence of war crimes, banks like BNP Paribas Fortis, KBC and Belfius stubbornly continue to maintain their financial relationships with Caterpillar. This is unacceptable.
Together we can put pressure on them to take responsibility. Help increase the pressure and stop investments in war crimes.
