In the rolling hills of Israel’s occupied West Bank, Airbnb hosts such as Dalit Ohana offer serene stays to visitors, nestled in Biblical mountains southwest of Nablus. Her farm is ecological, boasting a ceramic studio within walking distance from a heated pool.
But beneath the tranquil veneer this settlement of 2,600 people called Yakir lies a darker reality - one intertwined with international law violations and human rights abuses. According to the International Court of Justice (ICJ), multinational corporations like Airbnb, Caterpillar, and European financial institutions such as BNP Paribas and HSBC are actively complicit in supporting Israel’s illegal settlement activity in these territories. Some companies like Volvo and Hyundai also play a significant role in perpetuating these violations by supplying the machinery used to displace entire communities and families. By discounting their legal and ethical obligations, these companies are flouting international law and directly contributing to the systemic abuse of Palestinian rights. They are also disregarding equally binding legislation on social, economic, and labour rights.
A 2024 report by Pax for Peace revealed that European banks, pension funds, and other financial institutions continue to invest heavily in the Israeli arms industry. The top 20 European creditors alone have provided over €36.1 billion in loans and underwritings to these companies. The financial backing of European banks like BNP Paribas, HSBC, and Société Générale has become crucial in keeping Israel’s military well stocked and active. Their support also facilitates the military protection Israel provides for its settler movement. As of writing, they have helped 700,000 settlers to live in the 279 settlements established across the West Bank and Jerusalem.
Without the financial backing of European banks, Israel’s settlement enterprise would struggle to survive.
The settlements are not self-sustaining; they rely on a continuous flow of European investments to maintain their infrastructure, expand their populations, and secure their place in the region. This economic dependence highlights how deeply Israel’s occupation is tied to European capital.
While many companies in Europe remain deeply invested in Israel’s occupation, there are signs of change. In June 2024, Norwegian pension fund KLP divested £69 million from Caterpillar, citing the company’s involvement in the destruction of Palestinian homes in Gaza. This decision sets an important precedent for other financial institutions to follow and demonstrates that divestment can be a powerful tool in holding companies accountable. Meanwhile, an initiative by the Starbucks Workers United group, expressing solidarity with Palestinians, led to a widespread boycott of the company, and resulted in Starbucks losing almost $11 billion in shares. More anecdotally, Puma announced it would end its sponsorship of Israel’s Football Association in 2024 following consumer boycott calls over the illegal West Bank settlements.
The ICJ’s recent ruling on the illegality of Israel’s occupation of Palestinian territories provides a clear legal framework for enforcing accountability. Countries and companies that continue to invest in settlements are not only ignoring UN resolutions: they are also violating the Fourth Geneva Convention on the protection of civilians in conflict zones and occupied territories.