European financial institutions invest billions of euros in companies that are involved in the illegal settlements in the Occupied Palestinian Territories. Companies play a key role in the construction, maintenance, and expansion of the settlements: they supply the bulldozers to demolish properties of Palestinians or the materials to build houses and roads in the illegal settlements. Moreover, they supply telecom and IT services, provide mortgages to settlers, or offer accommodations to tourists.
Financial institutions like banks and pension funds that finance or hold shares in these companies have a clear responsibility to ensure that they do not contribute to human rights violations.
In the yearly “Don’t Buy into Occupation” report, we investigate and expose these companies as well as their investors and call upon them to act.
Urging financial institutions to take action and divest
Don’t buy into Occupation
Don’t Buy into Occupation (DBIO) is a coalition of 27 Palestinian and European civil society organizations and trade unions, of which PAX is a leading member. Since 2021, the coalition publishes a yearly report in which we expose the investments by European financial institutions (banks, pension funds, insurance companies, asset managers) in companies that are involved in the illegal settlements.
The Illegal Settlements
The Israeli settlements in the Occupied Palestinian Territories are illegal under international law. Their construction and expansion constitute severe violations of international humanitarian law and go hand-in-hand with systematic human rights violations against the Palestinian population.
Roles and Responsibilities of Companies
Companies play a key role in the construction, maintenance, expansion, and economic viability of the illegal settlements and therefore run a high risk of contributing to severe violations of human rights and of international humanitarian law. They supply the bulldozers to demolish properties of Palestinians or the materials to build houses and roads in the illegal settlements. Additionally, they supply telecom and IT services, provide mortgages to settlers and offer accommodations to tourists. Moreover, other companies are involved in the extraction of natural resources from the occupied area, which is also a violation of international law.
In 2020, the UN published a database of Israeli and international companies that run a high risk of contributing to severe human rights violations through their involvement with these kinds of activities. According to the global authoritative norms on business and human rights – the United Nations Guiding Principles on Business and Human Rights and the OECD Guidelines on Responsible Business Conduct for Multinational Enterprises – companies need to avoid causing or contributing to human rights violations through their own operations as well as in their global supply chains. This responsibility also applies to financial institutions. Financial institutions (banks, pension funds, insurers, asset managers) directly finance or hold shares in companies, thereby enabling these companies to conduct activities. Financial institutions need to ensure that their investments do not contribute to human rights violations. If a company does not change its behavior and end its involvement with illegal settlements, financial institutions should stop financing them and divest.
Don’t Buy into Occupation
Exposing the financial flows into illegal Israeli settlements
The companies arming Israel and their financiers
Dit rapport onthult de grootste Europese investeerders in bedrijven die wapens leveren aan Israël.
What does PAX do?
Through a combination of campaigning and dialogue, we urge financial institutions to take action. We also advocate with the Dutch government to fulfil their obligations under international law and stop contributing to the creation, expansion, and maintenance of illegal settlements, including by pro-actively addressing Dutch companies that are involved in the illegal settlements.
PAX also calls upon international arms producers to stop selling arms to countries where there is a high risk that these weapons are used in ways that violate international humanitarian law, including to Israel. We have investigated which European financial institutions invest in arms companies that sell arms to Israel and urge them to end all investments in companies which fail to stop supplying arms to Israel.
What can you do?
You can call upon your bank, pension fund, or insurer to stop investing in companies that contribute to human rights violations in the Occupied Palestinian Territories. You can send a complaint letter through the website of the Dutch Fair Finance Guide. Or switch to another bank or insurer. More information on switching from bank or insurer can also be found on the website of the Dutch Fair Finance Guide.
Share the Don’t Buy Into Occupation report and your message to financial institutions on social media, so we can spread awareness.
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Contact
Eva Gerritse, project lead Business, Conflict & Human Rights
Thomas van Gool, project lead Israel-Palestine