Original Source: www.fidh.org
A recent report from a coalition of 28 organizations, including the International Federation for Human Rights, has revealed a disturbing truth: over 800 European financial institutions are facilitating Israel’s illegal annexation of Palestinian territories. Between January 2021 and August 2024, these institutions provided a staggering $211 billion in loans and underwriting to 58 companies actively involved in the controversial Israeli settlement enterprise.
The report underscores the crucial role that financial institutions play in perpetuating violations in the Occupied Palestinian Territory. Gaëlle Dusepulchre, a Deputy Director at FIDH, laments their unwillingness to recognize the severity of their actions. This revelation comes on the heels of an alarming escalation of violence against Palestinians, including bombings in Gaza and rampant settlement expansion in the West Bank.
In July 2024, the International Court of Justice deemed Israel’s occupation illegal, calling for an end to any trade and investment that supports this unlawful situation. A subsequent UN resolution reiterated this, demanding that countries ensure their businesses do not contribute to Israel’s illegal activities, a plea that has mostly gone ignored by European financial entities.
Key financial players highlighted in the report include BNP Paribas, HSBC, and Deutsche Bank, which have heavily invested in companies linked to Israeli settlements. Notable corporations benefiting from these investments include Coca-Cola, Airbnb, and Siemens, raising serious ethical questions about their involvement in the ongoing conflict and occupation.
The report urges financial institutions to exercise greater diligence and leverage their influence to conform to international laws, calling for divestment from those companies that disregard these standards. It also presses European governments to implement bans on trade with illegal settlements and restrict the transfer of military technology to Israel.
The issue of Israeli settlements in the Occupied Palestinian Territory has long been a contentious subject on the global stage. Many consider these settlements a violation of international law, which has led to widespread calls for accountability and responsible investment. The compounded effects of violence against Palestinians and the financial support for the settlement enterprise create a complex interplay of ethics and economics that demands attention from both governments and institutions.
The findings of the coalition’s report shed light on the extensive financial support provided by European institutions to Israel’s illegal occupation activities. With over 800 financial entities implicated, the urgency for action becomes even more pressing. By calling for accountability and responsible investment, the report not only seeks justice for those affected but also aims to uphold international laws regarding human rights and ethical governance.
