Untenable Investments
February 21, 2024
As Russia’s invasion of Ukraine approaches its two-year mark, global tensions and risks of nuclear conflict remain at a heightened level.
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As Russia’s invasion of Ukraine approaches its two-year mark, global tensions and risks of nuclear conflict remain at a heightened level. This is the conclusion in the new PAX-report on nuclear weapon producing company and the financial institutions that fund them.
Update 30 May 2024:
A data error has come to light in the previously published version of “Untenable Investments” released on 21 February 2024. Specifically, the dataset provided by PAX’s data provider, Profundo, contained errors that showed $41.9 billion more in loans and $24.6 billion more in underwriting than it should have. See also the statement by Profundo in this regard. The report available for download below is an updated version that provides corrected values for all loans and underwriting services. The corrections did not involve removing from or adding financial institutions to the report. Where necessary, the text below has been adjusted to reflect the corrected values.
While the very real possibility of nuclear war has prompted even nuclear-armed states to explicitly condemn and delegitimize nuclear weapon threats, they simultaneously maintain that such risks can only be answered with a continued reliance on and further expansion of their own nuclear forces.
The report examines in detail the involvement of 24 companies in the production, maintenance or modernization of nuclear weapons. These companies contribute to the nuclear arsenals of China, France, India, the Russian Federation, the United Kingdom and the United States.
The financial institutions with significant financing or investment relationships with one or more of the 24 nuclear weapon producers are also listed. As shown in the report, 287 financial institutions had significant financing or investment relations with nuclear weapon producers, down from 306 institutions in previously published results.