New MUFG policy: nuclear weapons are inhumane

One of the largest banks worldwide, Mitsubishi UFJ Financial Group (MUFG) has updated its “Environmental and Social Policy Framework” to exclude the financing of nuclear weapons production.

MUFG previously excluded companies involved in the production of cluster munitions, but not other weapons. The announcement of the policy revision now states that the group will not finance the production of nuclear, biological and chemical weapons and land-mines, because of their “inhumane nature”.

Recognizing nuclear weapons as inhumane and unacceptable is a major step for MUFG. As the largest banking group in Japan and among the 5 largest banks globally, MUFG is making a strong contribution to the norm against nuclear weapons.

To increase the practical impact of the policy, the policy should be strengthened significantly. Most importantly, it should exclude companies involved in the production of nuclear weapons as a whole, rather than only the financing of the production of nuclear weapons. Read more on elements of a comprehensive policy on nuclear weapons here.

More on MUFG’s policy change in this article by Kyodo news (in Japanese).

written by

Maaike Beenes works for the humanitarian disarmament program for PAX in the Netherlands. She researches investments by financial institutions in producers of controversial weapons, notably nuclear weapons and cluster munitions, and is co-author of the reports ‘Don’t Bank on the Bomb’ and ‘Worldwide Investments in Cluster Munitions’. As part of the Don’t Bank on the Bomb campaign of PAX and ICAN, she works together with campaigners around the world to hold banks and other investors accountable for their investments in nuclear and other controversial weapons. She was involved in the negotiations for the Treaty on the Prohibition on Nuclear Weapons on behalf of PAX and ICAN.
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