PAX hosted a side event on Monday, to discuss the role of States and financial institutions in implementing the NPT- specifically looking at Article 1 of the treaty, which prohibits states from, in any way, assisting, encouraging or inducing Non Nuclear weapon states to produce nuclear weapons. The event also reflected on the prohibitions in the nuclear weapon free zone agreements, encouraged by Article VII of the NPT, which appear to be applied already to financial institutions with headquarters in many of the countries in those zones.
The event was opened by Governor Yuzaki, outlining the Hiroshima prefecture plan to help build a nuclear weapon free world- engaging youth, encouraging visits to Hiroshima and keeping dialogue open.
Susi Snyder presented information about the Don’t Bank on the Bomb report, noting in the framework of the NPT’s prohibition on assistance with manufacture of nuclear weapons. The report tells both a positive and negative story. On the positive side, since the 2017 adoption of the Treaty on the Prohibition of Nuclear Weapons 30 fewer companies are investing in nuclear weapons producers than in the previous year. These companies understand that the Treaty will impact their investments and see that it is wise to divest now. However, less companies investing does not equal less money. The remaining companies have fully embraced the new arms racing efforts as a signal to increase investment in nuclear weapons. They are cynically betting on the profitability of instability and placing their bets on nuclear war. The investors are providing the fuel for Trump’s nuclear ambitions, as the Russian weapons production information is now kept from the public.
Maaike Beenes (PAX) reflected on the impact of the 40 states with legislation or interpretative statements understanding that financing was prohibited under the Cluster Munitions convention, and how this has resulted in the end of production. Even in countries that did not sign onto the treaty. She went on to note that recently, Orbital ATK, cited divestment pressure as a reason for the United States to halt efforts to produce new cluster bombs.
Jean Marie Collin (ICAN France) explained how in France, the stigma associated with profiting from the production of nuclear weapons is pushing financial institutions, including BNP Paribas, to re-examine their policies on weapons investment, and that the adoption of the Treaty on the Prohibition of Nuclear Weapons is reinforcing this stigma- even in nuclear armed nations- even before the entry – into – force of that agreement.
During the question segment, individuals asked how they could learn more, and support this effort. More information is available on www.dontbankonthebomb.com