The New Year has begun rather ominously for the racist state of Israel.

On 7 January one of Europe’s largest pension fund administrators, PGGM, announced that it will divest from five Israeli banks over their activity in the occupied Palestinian West Bank.

The Jewish Telegraphic Agency (JTA) reports:

PGGM announced its decision to divest from Bank Hapoalim, Bank Leumi, First International Bank of Israel, Israel Discount Bank and Mizrahi Tefahot Bank… citing the pension investment firm’s “responsible investment policy”. The text cited the banks’ “involvement in financing Israeli settlements in the occupied Palestinian territories. This was a concern, as the settlements in the Palestinian territories are considered illegal under international humanitarian law”. According to PGGM’s policy paper, the company excludes investing in bodies involved in “violations of fundamental human rights and labour rights”.

Needless to say, “violations of fundamental human rights” is one of Israel’s foremost areas of expertise on which it has advised and trained many a dictator and torturer, from Central and South America to sub-Saharan Africa.

So, hats off to PGGM. The boycott, divestment and sanctions momentum is building up and there’s no rolling back.