All the big Dutch banks have signed up to a United Nations charter for sustainable banking which was launched in New York at the weekend.

In total, banks with more than $47tn in assets, or a third of the global industry, signed up to the charter which, the UN says, provides a ‘massive boost for climate action and the shift from “brown to green” models of economic growth’.

ING’s Ralph Hamers, Kees van Dijkhuizen of ABN Amro and Peter Blom from Triodos were at the ceremony which took place on Sunday. Rabobank and Volkskbank (SNS. ASN and RegioBank) are also signatories.

Dijkhuizen told broadcaster NOS that ABN Amro will phase out its loans to oil and gas companies and plans to invest only in sustainable energy. ‘It is too early to say when that will be, but it will be well before 2050,’ Dijkhuizen said.