Community campaign halts bank investment in nuclear reactors

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Dutch banking group ING has withdrawn financial support for nuclear reactors in Slovakia after receiving information from environmental organisations about the risks associated with the project.

ING had been the lead bank co-coordinating an 800 million Euro loan for the Slovak utility Slovenske Elektarne’s (SE) investment project, 85% which was allocated for the nuclear power stations. After pressure from environmental groups, ING said it will not invest a single Euro in the project and that it will neither invest through project loans, nor indirectly through corporate loans.

Finsec Campaigns Director Andrew Campbell says that there is growing community demand for banks to invest only in ethical projects. “Similar pressure is coming on New Zealand banks. It’s clear that our Better Banks campaign is in step with community expectations of banks. Customers are demanding that their banks act in the interest of our communities and our environment and banks are starting to respond to those demands.”

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