THE INTERNATIONAL CAMPAIGN TO ABOLISH NUCLEAR WEAPONS (ICAN) and PAX, the largest peace organisation in the Netherlands, have released the 2022 ‘Don’t Bank on the Bomb’ report, Rejecting Risk.
The report finds that the number of financial institutions with policies excluding nuclear weapons is growing. Many financial institutions are citing the Treaty on the Prohibition of Nuclear Weapons (TPNW) as part of the justification for these exclusions in their policies.
The Report, Rejecting Risk found:
- One year on from the effective date of the TPNW, it is making a difference – many financial institutions are citing the Treaty on the Prohibition of Nuclear Weapons (TPNW) for these exclusions in their policies
- 101 financial institutions excluding nuclear weapon producers are highlighted in this report: 24 have been added to the list since last report in 2019
- The growing numbers of financial institutions listed in this report provides a snapshot of the emerging norm within the financial sector to avoid companies contributing to existential risks
- It has become increasingly common for the financial sector to recognise that it is embedded in a broader social context, and therefore has responsibilities to do more than make money at any cost.
“This report shows exactly how the Treaty on the Prohibition of Nuclear Weapons is shifting norms and forcing the finance sector to reexamine their priorities, one year after entry-into-force of the treaty”, said ICAN Executive Director Beatrice Fihn. “The international nature of finance requires banks and investors to exclude this illegal and inhumane weapon, whether their state has joined the treaty or not. She added, “These finance leaders are rejecting a new nuclear arms race.”
This report shows institutions representing more than $14 trillion with strict and comprehensive policies preventing any type of financial support for the companies involved in the nuclear weapons industry.
Susi Snyder, of PAX and author of the Report highlighted the positive findings: “Investors know the best way to secure a prosperous future is to sever ties to illicit industries and now that the Treaty on the Prohibition of Nuclear Weapons is in effect, that includes the nuclear weapons industry.”
“When we talked to all of these investors, maybe the only thing they all had in common was that investing in nuclear weapons is controversial. Whether because of the industry’s negative history on human rights, or the risk to the environment, or their indiscriminate and inhumane nature, nuclear weapons are a problem and no one should invest in that industry.”
* Read Rejecting Risk here.
* PAX works together with committed citizens and partners to protect civilians against acts of war, to end armed violence, and to build a just peace. More information here.