20 Companies Set to Reap Rewards of New Arms Race
Nobel Peace Prize Laureate ICAN (International Campaign to Abolish Nuclear Weapons) and PAX today released the 2018 ‘Don’t Bank on the Bomb’ Report, which found a massive increase of USD 81 billion in new investment in 2017 compared to 2016. The report shows 20 companies in particular stand to profit the most from the increase in nuclear threats.
You can read the report here: https://www.dontbankonthebomb.com/2018-report
The 2018 Don’t Bank on the Bomb Report found:
- A total of USD 525 billion (an increase of USD 81 billion) was made available to the nuclear weapon producing companies, of which USD 110 billion came from just three companies: BlackRock, Vanguard and Capital Group
- 329 banks, insurance companies, pension funds and asset managers from 24 countries invest significantly in nuclear weapons
- The top 20 nuclear weapon producing companies stand to benefit the most from this increased nuclear threat, most of which have dedicated significant lobbying resources in Washington DC
- On a positive note, since the adoption of the UN Treaty on the Prohibition of Nuclear Weapons 30 companies have ceased investing in nuclear weapons.
- Two of the top five largest pension funds in the world are divesting from nuclear weapons.
“If you have been wondering who benefits from Donald Trump’s threats of nuclear war, this Report has that answer,” said ICAN Executive Director Beatrice Fihn. “These are the companies that stand to profit from indiscriminate mass murder of civilians. We grow less safe while they cash in on chaos by banking on armageddon.”
“A new nuclear arms race has moved the Doomsday Clock closer to armageddon, but it has also started a new nuclear gold rush for those wanting to cash in on mass destruction,” said Ms Fihn.
While this Report found a massive increase of investment in mass destruction, it also profiles 63 financial institutions with policies limiting or prohibiting investment in any type of nuclear weapon producer.
Susi Snyder, of PAX and co-author of the Report highlighted the positive findings: “The nuclear ban Treaty has created a movement towards divestment, reflected in the reduction in the number of companies investing in nuclear weapons, and an increase in financial institutions comprehensively prohibiting any investment. Investments are not neutral, these companies should be congratulated for standing on the side of humanity.”
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.
The International Campaign to Abolish Nuclear Weapons (ICAN) is a coalition of non-governmental organizations in one hundred countries promoting adherence to and implementation of the United Nations nuclear weapon ban treaty. This landmark global agreement was adopted in New York on 7 July 2017. The campaign was awarded the Nobel Peace Prize 2017, for their “groundbreaking efforts to achieve a treaty-based prohibition” of nuclear weapons. More information about ICAN can be found at: www.ICANw.org