Is your bank ready for the ban?
Banks controlling over 1.7 trillion Euros are ready, with policies that strictly prohibit any investment of any type in any kind of nuclear weapon producing company. These 18 banks are profiled in the Hall of Fame of the Don’t Bank on the Bomb, 2016 edition. These Hall of Fame institutions are based in Australia, Denmark, Italy, the Netherlands, Norway, Sweden and the United Kingdom.
“Governments have decided to negotiate a nuclear weapons ban treaty in 2017, and now is the time for banks, pension funds and insurance companies to get ready and end financial relations with companies involved in nuclear weapons,” says Susi Snyder, from PAX and author of the report.
The report also shows there are another 36 financial institutions with policies that specifically name nuclear weapons as a concern, and limit investment in some ways. Even though these policies have loopholes, they still demonstrate there is a stigma associated with investments in nuclear weapons. PAX calls on these institutions to strengthen their policies and Don’t Bank on the Bomb offers tailored recommendations for each financial institute in the Runners-Up.
Investments are not neutral. Financing and investing are active choices, based on a clear assessment of a company and its plans. Institutions imposing limitations on investing in nuclear weapons producers are responding to the growing stigma against these weapons, designed to kill indiscriminately.
All of the nuclear armed countries are modernising their nuclear weapon arsenals, and Don’t Bank on the Bomb details how 27 private companies are producing key components to make nuclear weapons as well as the 390 banks, insurance companies and pension funds that still invest in nuclear weapon producing companies
As a new treaty prohibiting nuclear weapons is negotiated in 2017, States should include a prohibition on financing to provide an added incentive for the financial industry to exclude nuclear weapon associated companies from their investment universe, and raise the economic cost of nuclear weapons deployment, stockpiling and modernisation. Financial institutions should use 2017 to get ready for the ban, put strong policies in place and divest from any nuclear weapon producing companies now. Don’t Bank on the Bomb is a tool to help financial institutions, and their clients, get ready for a ban by cutting off the flow of money to nuclear weapon producers.
Now is the time to find out, is my bank ready for a ban?
You can find the full report here.