‘Don’t Bank on the Bomb’ is an annual survey conducted by PAX and ICAN. The financial research is carried out by Profundo. Is your bank, insurance company or pension fund on the list? Get in touch with them and tell them you don’t want your money invested in the nuclear weapons industry.
The report identifies 301 financial institutions worldwide with substantial investments in the nuclear weapons industry. Last year, that figure stood at 260. This includes both loans and investments. The report details the nuclear weapons-related activities of 25 companies. These companies contribute to the arsenals of China, France, India, the United Kingdom and the United States. ING has lent €139 million to Airbus, which is involved in the development of new French nuclear missiles. Aegon has invested more than €22 million in the US company Huntington Ingalls Industries, which operates US facilities where crucial nuclear weapons components are produced.
The threat posed by nuclear weapons is currently greater than it has been for decades. Researchers at the Stockholm International Peace Research Institute (SIPRI) are warning of a new nuclear arms race. The Dutch government is in talks with French President Macron, who announced in early March that he would expand France’s nuclear arsenal for the first time since 1992. Furthermore, France’s ‘nuclear deterrent’ is taking on a stronger European dimension. This is a dangerous development. Instead of increasing nuclear risks, countries should be actively committed to disarmament.
All nuclear-armed states continue to modernise their arsenals and, in some cases, expand them. Between January 2023 and September 2025, the ‘Don’t Bank on the Bomb’ study identified 301 banks, pension funds and other financial institutions worldwide that have made substantial investments in one or more of the 25 nuclear weapons companies. Together, these institutions held more than $709 billion in shares and bonds. They also provided nearly $300 billion in the form of loans and other financial services.
Researcher Alejandra Muñoz (PAX) states: ‘Despite warnings from experts about a new nuclear arms race, financial institutions worldwide continue to invest in companies involved in the modernisation or expansion of nuclear arsenals. The geopolitical landscape may have changed, but the humanitarian consequences of any use of nuclear weapons remain unacceptable. Investors should take these human rights risks seriously and steer clear of the nuclear weapons industry.’
Nuclear weapons in the Netherlands and Europe
The Dutch government, too, should be committed to nuclear disarmament, however the opposite is happening. The new government supports European nuclear weapons. But for a safe world, the Netherlands must commit to nuclear disarmament, including in Europe. Because nuclear weapons are weapons of mass destruction, capable of devastating both humanity and the planet. The more nuclear weapons there are, the greater the chance that they will be used. That must never happen.
The government is taking the wrong path. We took action against nuclear weapons back in the 1970s and will continue to do so. It is far too important not to speak out. That is why we have launched a petition: Say No to Nuclear Weapons! With your signatures, we are stepping up the pressure. Because pressure works.
