ING and Aegon continue to invest in nuclear weapons

December 15, 2022

ING and Aegon keep investing in companies involved in the production, maintenance or modernization of nuclear weapons. This is stated in the new Don’t Bank on the Bomb study by peace organization PAX and the International Campaign to Abolish Nuclear Weapons (ICAN).

The report provides an overview of 24 major nuclear weapons manufacturers that contribute to the arsenals of China, France, India, Russia, the United Kingdom and the United States. The research shows that 306 financial institutions collectively invest more than $746 billion in these companies, both as loans and investments.

ING and Aegon invest over 5.000.000

The Dutch bank ING and insurance company Aegon are investing  $545.17 million (approximately €518 million) and  $280.46 million (approximately €266 million) respectively in the nuclear weapons industry. For example, Aegon is investing $200 million in the British BAE Systems, which is developing new nuclear weapons for France, among other things.

Stock goes up after the Russian invasion

The total value of investments worldwide has increased. Many arms manufacturers saw share prices go up after the Russian invasion of Ukraine, probably due to announced increased defense spending by several NATO countries. Long-term investments such as loans, on the other hand, decreased by $45.9 billion. This could indicate a greater awareness of the risks associated with the nuclear weapons industry.

In a year when tensions and nuclear threats were running high, investors should send a clear signal and end their relationship with nuclear weapons manufacturers. Alejandra Muñoz, researcher at PAX: ‘Investors enable nuclear weapons companies to continue developing and producing weapons of mass destruction. The financial sector can therefore play an important role in reducing nuclear weapons in the world.’

Read the full report 

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