Don't Bank on the Bomb: PAX and ICAN release new report showing how banks are financing nuclear weapons
28/6/19 - In early June, PAX and ICAN launched a new report showing how banks and pension funds are financing the companies involved in the production of nuclear weapons: "Shorting our security- Financing the companies that make nuclear weapons".
- US $748 billion is invested in nuclear weapon producing companies
- In total 325 banks and other financial institutions invested US $748 billion in nuclear weapon producers in the last 2 years.
- Just 10 financial institutions provided US $392 billion, more than half of the total investments. All of the top ten investors come from the United States.
- This is a 42% increase from last year, mostly because Boeing stock prices have increased dramatically.
- Less banks are investing: Although the total amount of money invested in the industry has increased compared to the previous update of this report, the trend shows that the total number of investors is in decline. There is almost 30% turnover in the banks with investments – showing that it is easy to get out of the nuclear weapons industry if a financial institution wants to.
Susi Snyder, author of the report: “Trying to make a short-term profit, these investors risk shorting global security for the long term. In addition, they themselves are at risk of significant reputational damage because of their involvement in the nuclear weapons industry, which is rejected by the majority of the public.”