PAX and ICAN have released the latest Don’t Bank on the Bomb report “Perilous Profiteering: The companies building nuclear arsenals and their financial backers“, which names the 338 investors backing 25 nuclear weapon producing companies and the size of their investments. This report is also the first time we were able to find information on Russian and Chinese investments.
The report also found three clear signs that financial institutions are starting to see nuclear weapons as risky business, and are leaving them behind:
• From 2019 to 2021, the total amount made available for nuclear weapons producing companies dropped by an impressive $63 billion, and the total number of financial institutions willing to invest in nuclear weapons producing companies went down too.
• Nuclear weapons producing companies, despite billion dollar contracts, have debt. But investors are moving away. So instead, they’re borrowing from wherever they can to raise cash. In other words: producing weapons of mass destruction has become extremely unattractive.
• 127 financial institutions stopped investing in companies producing nuclear weapons this year!
Of course, we still have a lot of work to do to hold these profiteers accountable. Banks, insurers, asset managers and pension funds still made $685 billion available for the companies producing nuclear weapons (like Northrop Grumman, which has $24 billion in outstanding contracts).
Our banks, insurers, and pension funds have no business investing in companies that choose to be involved in illegal weapons of mass destruction, and we need to tell them. Read the key findings of the report HERE.