The new Don’t Bank on the Bomb-report describes the involvement of 24 companies in the nuclear arsenals of China, France, India the UK and the US. Dutch bank ING is lending €317 million Euros to Airbus, which is involved in developing new nuclear missiles for France. Asset manager Aegon invests in UK-based Babcock and Rolls-Royce. Both companies are contributing to the development of new British nuclear submarines armed with nuclear missiles. The investments have a total value of more than €84 million. Investment company Exor also holds shares in Rolls-Royce, worth €324 million.
This year marks 80 years since Hiroshima and Nagasaki were hit by US nuclear bombs, killing some 210,000 people. Survivors of these horrors, the Nihon Hidankyo, received the Nobel Peace Prize in December for their efforts towards a world without these weapons of mass destruction. At the ceremony, the Nihon Hidankyo expressed their concerns about the current nuclear threat and made it clear once again: nuclear weapons and humanity cannot coexist.
‘Nuclear weapons are the most inhumane weapons ever made. Especially in the current situation of heightened nuclear tensions, it is important that financial institutions send a clear signal and end their relationship with nuclear weapons producers.’
Alejandra Muñoz, researcher at PAX
However, all nuclear weapons states continue to modernise and, in some cases, expand their arsenals. The Don’t Bank on the Bomb research counted 260 banks, pension funds and other financial institutions worldwide with substantial investments in or financing relations with one or more of the 24 nuclear weapons manufacturers. Together, institutions held nearly $514 billion in stocks and bonds and provided nearly $270 billion in loans and other financial services.
Fortunately, there are also many financial institutions that prefer to stay far away from the nuclear weapons industry. Some explicitly refer to the Treaty for the Prohibition of Nuclear Weapons (TPNW) in their policies in this regard. Since this treaty came into force in 2021, the Don’t Bank on the Bomb research counts fewer institutions with substantial investments in nuclear weapons manufacturers every year.
Don’t Bank on the Bomb is an annual report by PAX and ICAN. The financial research is conducted by Profundo. Is your bank, insurer or pension fund on the list? Contact them, and tell them you don’t want your money invested in the nuclear weapons industry.
