Difference between revisions of "Rabobank"
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'''Coöperatieve Rabobank U.A''', stylized as '''Rabobank''', is a Dutch multinational banking and financial service company leading in food and agriculture financing. It also is a big investor in | '''Coöperatieve Rabobank U.A''', stylized as '''Rabobank''', is a Dutch multinational banking and financial service company leading in food and agriculture financing. It also is a big investor in mortgages and real estate in the Netherlands. It started as as a cooperation of small credit banks for farmers. After the Coöperatieve Centrale Raiffeisen-Bank and the Coöperatieve Centrale Boerenleenbank merged in 1972 it became the Coöperatieve Centrale Raiffeissen-Boerenleenbank B.A., or Rabobank. In 2016 local branches of the Rabobank and Rabobank Nederland fused under the name Coöperatieve Rabobank U.A.. It has 520 locations in the Netherlands and about 8,8 million customers in the Netherlands plus 0,7 million worldwide. The bank is active in 39 countries and has various subsidiaries. | ||
== Company Structure == | == Company Structure == | ||
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=== Operations === | === Operations === | ||
Rabobank is a cooperative bank, which means they don’t have shareholders but members. Currently it consists of six governing bodies. The General Members Council consists of member representatives (the chairs of the local Supervisory Boards) and is considered as the highest governing body. It approves decisions made by the Board of Directors and | Rabobank is a cooperative bank, which means they don’t have shareholders but members. Currently it consists of six governing bodies. The General Members Council consists of member representatives (the chairs of the local Supervisory Boards) and is considered as the highest governing body. It approves decisions made by the Board of Directors and Commissioners. | ||
== Paris Agreement to Today == | == Paris Agreement to Today == | ||
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In 2021 Global Witness reported Rabobank, since 2016, might have earned 72.6 million through deals with clients that are linked to deforestation practices. <ref>https://www.globalwitness.org/en/campaigns/forests/deforestation-dividends/#rabobank-growing-better-world-together</ref> The biggest corporation Rabobank invested in is Sinar Mas Group, who owns Asian Pulp and Paper (APP), a company accused of “destroying Indonesian rainforest and contributing to disastrous peatland fires.” According to Global Witness Rabobank has provided Sinar Mas with 376 million dollar in loans and credit since 2016. From these deals they could have earned about 43.8 million dollars in deforestation-adjusted earnings from these deals”. Another important client in this case is the Salim Group, a conglomerate of companies owned by Anthoni Salim, the fourth richest man in Indonesia | In 2021 Global Witness reported Rabobank, since 2016, might have earned 72.6 million through deals with clients that are linked to deforestation practices. <ref>https://www.globalwitness.org/en/campaigns/forests/deforestation-dividends/#rabobank-growing-better-world-together</ref> The biggest corporation Rabobank invested in is Sinar Mas Group, who owns Asian Pulp and Paper (APP), a company accused of “destroying Indonesian rainforest and contributing to disastrous peatland fires.” According to Global Witness Rabobank has provided Sinar Mas with 376 million dollar in loans and credit since 2016. From these deals they could have earned about 43.8 million dollars in deforestation-adjusted earnings from these deals”. Another important client in this case is the Salim Group, a conglomerate of companies owned by Anthoni Salim, the fourth richest man in Indonesia | ||
Rabobank, as the biggest investor in the Dutch agricultural industry, is also the largest investor in nitrogen emitting agricultural activities in the Netherlands. In 2019 the Dutch Raad van State ruled that the PAS programme (a programme rolled out by the government to distribute the amount of nitrogen that could be emitted by companies and farmers) was | Rabobank, as the biggest investor in the Dutch agricultural industry, is also the largest investor in nitrogen emitting agricultural activities in the Netherlands. In 2019 the Dutch Raad van State ruled that the PAS programme (a programme rolled out by the government to distribute the amount of nitrogen that could be emitted by companies and farmers) was insufficient to use when allocating permissions to emit nitrogen. As a direct result a large number of projects (mainly in construction) that had obtained permission to emit nitrogen via the PAS programma had to be halted. A so called ‘nitrogencrisis’ broke out and ever since the government is searching for ways to drastically reduce the emission of nitrogen in various sectors. Rabobank, as a leading investor in agriculture, naturally plays an important role here.<ref>https://fd.nl/financiele-markten/1415722/rabo-s-moeizame-draai-naar-een-betere-wereld-lvk1caaYMvSg</ref> <ref>https://www.hpdetijd.nl/2019-10-04/de-rabobank-moet-meebetalen-aan-oplossing-stikstofprobleem/</ref> | ||
== Current Policies and Emissions == | == Current Policies and Emissions == | ||
Rabobank reported that the emissions in their | Rabobank reported that the emissions in their mortgages portfolio was 5,943 mln kg of Co2 in 2016, a slight improvement from their 2015 emissions which were 6,089 mln kg of Co2. The financed emissions of Rabobank in the Netherlands in 2018 were an estimated 19,099 kg of Co2. Both figures were calculated by the PCAF method. Rabobank does not give data on their worldwide emissions.<ref>https://www.rabobank.com/nl/images/rcc-11-ver12.pdf</ref> | ||
== Climate Plans == | == Climate Plans == | ||
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By 2023 Rabobank aims to reduce the emissions of their own operations by 20% per FTE compared to 2018, which is 40% in absolute terms. It claims to have been climate neutral with regard to their own operations since 2007, partially by compensation emissions though purchasing Gold Standard certified CO2 credits. Their own operations only account for a small portion of their total emissions. | By 2023 Rabobank aims to reduce the emissions of their own operations by 20% per FTE compared to 2018, which is 40% in absolute terms. It claims to have been climate neutral with regard to their own operations since 2007, partially by compensation emissions though purchasing Gold Standard certified CO2 credits. Their own operations only account for a small portion of their total emissions. | ||
According to Rabobank an important part of their climate change policies concerns their mortgage portfolio. The bank has set the goal to achieve an average energy label of B for all their | According to Rabobank an important part of their climate change policies concerns their mortgage portfolio. The bank has set the goal to achieve an average energy label of B for all their mortgages by 2024 but has not set a specific Co2 emission reduction as a target. | ||
Another important portfolio for the Rabobank is food and agribusiness. Rabobank supports the goal set by the Dutch Climate agreement of cutting emissions with 6Mton by 2030. It has not set any specific emission targets for their own food and agribusiness portfolio. At the moment the bank is involved in setting up Banking for Impact on Climate in Agriculture (B4ICA). This group of banks, scientists and relevant experts is set up to develop a strategy to address data gaps with regard to assessing climate impact in agribusiness. Specifically it will help estimate the carbon footprint of individual farmers and agriculture subsectors and set targets for various climate scenarios. | Another important portfolio for the Rabobank is food and agribusiness. Rabobank supports the goal set by the Dutch Climate agreement of cutting emissions with 6Mton by 2030. It has not set any specific emission targets for their own food and agribusiness portfolio. At the moment the bank is involved in setting up Banking for Impact on Climate in Agriculture (B4ICA). This group of banks, scientists and relevant experts is set up to develop a strategy to address data gaps with regard to assessing climate impact in agribusiness. Specifically it will help estimate the carbon footprint of individual farmers and agriculture subsectors and set targets for various climate scenarios. | ||
Revision as of 12:25, 10 December 2021
| Coöperatieve Rabobank U.A. | |
|---|---|
 | |
| Quick Facts | |
| Type | Cooperative |
| sector | Financial services |
| Headquarters (Benelux Organization) | Utrecht, Netherlands |
| Year of Origin | 1895 |
| Emissions (All Scopes) | Estimated 26 Megatons of CO2 (2020) |
| Net Income | EUR €3.004 billion (2020) |
| Key People | Wiebe Draijer (Chairman of the Board) Bas Brouwers (CFO) |
| Subsidiaries | |
Coöperatieve Rabobank U.A, stylized as Rabobank, is a Dutch multinational banking and financial service company leading in food and agriculture financing. It also is a big investor in mortgages and real estate in the Netherlands. It started as as a cooperation of small credit banks for farmers. After the Coöperatieve Centrale Raiffeisen-Bank and the Coöperatieve Centrale Boerenleenbank merged in 1972 it became the Coöperatieve Centrale Raiffeissen-Boerenleenbank B.A., or Rabobank. In 2016 local branches of the Rabobank and Rabobank Nederland fused under the name Coöperatieve Rabobank U.A.. It has 520 locations in the Netherlands and about 8,8 million customers in the Netherlands plus 0,7 million worldwide. The bank is active in 39 countries and has various subsidiaries.
Company Structure
Board of Directors
- Wiebe Draijer (chair)
- Bas Brouwers
- Els de Groot
- Kirsten Konst
- Bart Leurs
- Mariëlle Lichtenberg
- Berry Marttin
- Janine Vos
Commissioners
- Marjan Trompetter (chair)
- Gert-Jan van den Akker
- Arian Kamp
- Jan Nooitgedagt
- Petri Hofsté
- Pascal Visée
- Annet Aris
- Mark Pensaert
Accountant
Accountant van het bedrijf
Operations
Rabobank is a cooperative bank, which means they don’t have shareholders but members. Currently it consists of six governing bodies. The General Members Council consists of member representatives (the chairs of the local Supervisory Boards) and is considered as the highest governing body. It approves decisions made by the Board of Directors and Commissioners.
Paris Agreement to Today
In 2014 Rabobank provided loans to Bumitama Agri Group (BAP) who knowingly destroyed forests home to endangered orang utangs. It also partially used prohibited peatlands and its plantations did not have proper permits.[1]
In 2015 it was reported that Rabobank was involved in, and profiting from, a corrupt landrobbing scheme in Romania. Corrupt officials in rural Romania were able to sell illegally confiscated land to the Rabobank (Rabo Farm) by falsifying documents in which farmers seemed to approve to sell their land. Rabobank stated it did not know about these illegal practices and referred to their own due-dilligence policy.[2]
In 2017 Rabobank, as well as ING, financed the import of granite from quarries that use child labor.[3] In a response Rabobank states that its clients comply with international labour legislation and if not they will discuss this with their clients, possibly leading them to stop their cooperation.[4]
In 2018 Rabobank NA (a Californian subsidiary of Rabobank Groep) was charged for money laundering practices and had to forfeit $368,701,259 as a result of allowing illicit funds to be processed through the bank without adequate Bank Secrecy Act (BSA) or AML review.[5]
In 2021 Global Witness reported Rabobank, since 2016, might have earned 72.6 million through deals with clients that are linked to deforestation practices. [6] The biggest corporation Rabobank invested in is Sinar Mas Group, who owns Asian Pulp and Paper (APP), a company accused of “destroying Indonesian rainforest and contributing to disastrous peatland fires.” According to Global Witness Rabobank has provided Sinar Mas with 376 million dollar in loans and credit since 2016. From these deals they could have earned about 43.8 million dollars in deforestation-adjusted earnings from these deals”. Another important client in this case is the Salim Group, a conglomerate of companies owned by Anthoni Salim, the fourth richest man in Indonesia
Rabobank, as the biggest investor in the Dutch agricultural industry, is also the largest investor in nitrogen emitting agricultural activities in the Netherlands. In 2019 the Dutch Raad van State ruled that the PAS programme (a programme rolled out by the government to distribute the amount of nitrogen that could be emitted by companies and farmers) was insufficient to use when allocating permissions to emit nitrogen. As a direct result a large number of projects (mainly in construction) that had obtained permission to emit nitrogen via the PAS programma had to be halted. A so called ‘nitrogencrisis’ broke out and ever since the government is searching for ways to drastically reduce the emission of nitrogen in various sectors. Rabobank, as a leading investor in agriculture, naturally plays an important role here.[7] [8]
Current Policies and Emissions
Rabobank reported that the emissions in their mortgages portfolio was 5,943 mln kg of Co2 in 2016, a slight improvement from their 2015 emissions which were 6,089 mln kg of Co2. The financed emissions of Rabobank in the Netherlands in 2018 were an estimated 19,099 kg of Co2. Both figures were calculated by the PCAF method. Rabobank does not give data on their worldwide emissions.[9]
Climate Plans
In their 2020 rapport on climate change Rabobank claims to commit to the goals of the Paris agreement and that it will adjust their policies to help keep global warming under 2 degrees Celsius.
By 2023 Rabobank aims to reduce the emissions of their own operations by 20% per FTE compared to 2018, which is 40% in absolute terms. It claims to have been climate neutral with regard to their own operations since 2007, partially by compensation emissions though purchasing Gold Standard certified CO2 credits. Their own operations only account for a small portion of their total emissions.
According to Rabobank an important part of their climate change policies concerns their mortgage portfolio. The bank has set the goal to achieve an average energy label of B for all their mortgages by 2024 but has not set a specific Co2 emission reduction as a target.
Another important portfolio for the Rabobank is food and agribusiness. Rabobank supports the goal set by the Dutch Climate agreement of cutting emissions with 6Mton by 2030. It has not set any specific emission targets for their own food and agribusiness portfolio. At the moment the bank is involved in setting up Banking for Impact on Climate in Agriculture (B4ICA). This group of banks, scientists and relevant experts is set up to develop a strategy to address data gaps with regard to assessing climate impact in agribusiness. Specifically it will help estimate the carbon footprint of individual farmers and agriculture subsectors and set targets for various climate scenarios.
Conclusion
Beschrijving of de plannen in lijn zijn met 'Parijs'
Bedrijfsspecifieke Passage in 'de brief'
SOWIESO
U heeft uw duurzaamheidsbeleid vastgelegd in [opsomming stukken].
INDIEN ER DOELEN ZIJN
Wij constateren dat uw ambitie is om [doelen van het bedrijf over alle emissies]. Het is duidelijk dat u daarmee 1 niet binnen een gezond pad van anderhalve graden blijft OF niet transparant/duidelijk/ of als deze ambitie gehaald wordt dat u daarmee binnen uw budget binnen een anderhalve graden scenario blijft.
INDIEN ER GEEN DOELEN ZIJN
Wij constateren dat u geen ambities heeft gesteld om de emissies uit uw hele waardeketen binnen de anderhalve graden te brengen.
INDIEN VAN TOEPASSING
In uw plannen blijkt niet goed u uw ambities gaat realiseren. Dat is een grote tekortkoming en dat maakt de ambitie niet geloofwaardig.
SOWIESO
Daarmee draagt uw bedrijf bij aan gevaarlijke klimaatverandering en loopt u het materiële risico om mensenrechtenschendingen te veroorzaken.
References
- ↑ https://www.oecdwatch.org/complaint/friends-of-the-earth-vs-rabobank/
- ↑ https://decorrespondent.nl/3298/hoe-gestolen-landbouwgrond-in-handen-van-rabobank-terechtkwam/726684980780-31faa12d
- ↑ https://eerlijkegeldwijzer.nl/media/373956/2017-12-qic-financiering-granietimporteurs-door-banken.pdf
- ↑ https://www.rtlnieuws.nl/geld-en-werk/artikel/3766551/ing-en-rabobank-financieren-granietbedrijven-die-betrokken-zijn-bij
- ↑ https://www.justice.gov/opa/pr/rabobank-na-pleads-guilty-agrees-pay-over-360-million https://violationtracker.goodjobsfirst.org/parent/rabobank
- ↑ https://www.globalwitness.org/en/campaigns/forests/deforestation-dividends/#rabobank-growing-better-world-together
- ↑ https://fd.nl/financiele-markten/1415722/rabo-s-moeizame-draai-naar-een-betere-wereld-lvk1caaYMvSg
- ↑ https://www.hpdetijd.nl/2019-10-04/de-rabobank-moet-meebetalen-aan-oplossing-stikstofprobleem/
- ↑ https://www.rabobank.com/nl/images/rcc-11-ver12.pdf