Plans to combat climate change drawn up by some of the Netherlands’ biggest financial institutions are of ‘insufficient quality’ to show they are on target to meet Paris agreements, according to a new report by fair finance lobby group Eerlijke Geldwijzer.

Researchers looked at the plans drawn up by the 10 biggest financial groups,  including banks, insurance companies and pension funds, to see what contribution they would make to reducing global warming to 1.5 Celsius.

None of the 10 scored more than five out of 10, six scored five, three scored four and insurance group Nationale Nederland was worst of the lot, with a score of just three. The ratings were compiled by research group Profundo.

Dutch financial groups pledged in 2019 to draw up policies to make sure their activities were in line with the Paris agreement within three years. ‘Our research shows that their climate plans are still full of holes,’ said Eerlijke Geldwijzer’s Barbara Oosters.

While all the agencies in the research project have published emission reduction targets, most have restricted them to a certain sector or investment category, the report said.

ING and ABN Amro, for example, have no plans to stop lending money to companies active in the oil and gas sectors. By contrast, pension fund ABP is fully committed to doing so.

And while all financial institutions said they would talk to their clients about their own climate ambitions, the report said fewer than half had drawn up a timetable and concrete targets to achieve this.

‘Finance minister Sigrid Kaag said she would study the financial sector’s climate plans in 2023 and did not rule out new legislation,’ Oosters said. ‘The time for being non-committal is over.’