Bilingual Fair Finance Policy Assessment launched in Belgium
On 31 March, FairFin and Financite (Belgium) released the latest edition of the Bankwijzer, evaluating the policy of major Belgian banks. This year’s results are striking: climate ambitions have largely stalled, while policy on arms is becoming more lenient. As such, not a single major bank currently has a credible exit strategy for fossil fuels. At the same time, these banks are once again permitting investments in companies involved in the production of nuclear weapons. There is, however, a more positive note: sustainability-focused banks such as Triodos and vdk bank are demonstrating that robust, responsible policies are achievable.
The findings point to a concerning trend: climate ambition among major banks has largely stalled, while policies on arms are becoming more lenient. These developments come at a time when the urgency of the climate crisis and ongoing conflicts, along with associated human rights violations, demand stronger action and clear progress.
Climate ambition is stalling
Most major banks score below 50% on climate criteria and have taken no meaningful new steps. As such, all major banks lack a clear and adequate exit plan for fossil fuels; This despite ongoing debates around energy insecurity and dependence on fossil fuels.
Arms are in
At the same time, several banks have weakened their weapons policies. Banks such as BNP Paribas, KBC, and Belfius are once again allowing investments in companies linked to nuclear arms production, in some cases even within sustainability-labelled funds.
Even Argenta, a smaller Belgian bank that previously ranked relatively high in the Bankwijzer, has reopened the door to certain arms-related investments, leading to a drop in its score.
Among the major banks, BNP Paribas performs the worst on weapons policy. The bank lacks specific guidelines on firearms and automated weapons systems, and does not impose clear restrictions on arms exports to countries involved in serious human rights violations.
FairFin also highlights a persistent lack of transparency. None of the major banks fully disclose which companies they invest in, leaving customers in the dark about how their savings are being used.
A growing gap
In contrast, smaller ethical banks such as Triodos and vdk bank have significantly improved their scores and continue to show that stronger standards are achievable. By maintaining strict exclusions on fossil fuels and weapons, they set a clear benchmark for responsible banking.
Overall, the Bankwijzer underscores a growing divide in Belgium’s banking sector between major banks that are standing still and smaller sustainable banks that are actively aligning with ethical and environmental principles.
Public debate
The Bankwijzer has received significant national media attention. This visibility has fueled public discussion and increased pressure on banks to strengthen their policies. FairFin is also using the Bankwijzer to encourage citizens to send complaint letters to their banks and/or to switch to a more ethical bank.
