Antinuclear

Australian news, and some related international items

Financial institutions funding nuclear weapons – theme for June 20

Nobody except a few erratic multi-billionaires is willing to gamble their money on “peaceful” nuclear power.  Still, your taxes are going to so-called “commercial” nuclear power, if you live in a nuclear country.

But banks, pension funds, insurance companies and asset managers are investing in nuclear weapons – and you wouldn’t even know that your money is going there.  Don’t Bank on the Bomb has listed institutions around the world with substantial investments in nuclear arms producers. Fo example  From 2013 to 2016, United States 226 Financial Institutions made an estimated USD$ 344 billion available to 27 nuclear weapon producing companies .

International Campaign to Abolish Nuclear Weaspons, (ICAN) has identified financial organisations funding nuclear weapons The report Don’t Bank on the Bomb, updated annually by PAX, provides details of financial transactions with companies that are heavily involved in the manufacture, maintenance and modernization of US, British, French and Indian nuclear forces.

ICAN is appealing to financial institutions to stop investing in the nuclear arms industry, as any use of nuclear weapons would violate international law and have catastrophic humanitarian consequences. By investing in nuclear weapons producers, financial institutions are in effect facilitating the build-up of nuclear forces. This undermines efforts to achieve a nuclear-weapon-free world and heightens the risk that one day these ultimate weapons of mass destruction will be used again.

Engaging in dialogues with financial institutions about their investments in nuclear weapons companies can help to raise their understanding of the effects of nuclear weapons and their status under international law. Here are some tips for letter-writing:

  • How to begin: Let the financial institution know who you are. Do you hold a bank account with them? Are you a member of their superannuation plan? Do you own shares in their company? Are you writing as a representative of a particular organization? Are you simply a concerned citizen?
  • What to include: Inform the financial institution that you are aware of their investments in nuclear weapons companies. Specify which companies and briefly describe the activities these companies are engaged in. Outline why you believe that financing nuclear weapons is illegitimate.
  • Ask for information: Inquire as to whether the financial institution has a policy on investing in the arms industry. If you are already aware that such a policy exists, ask the institution to explain how its investments in nuclear weapons companies can be justified under the terms of the policy.
  • Call for action: Call on the financial institution to divest from all nuclear weapons companies. Explain that nuclear weapons are illegal to use and have catastrophic humanitarian consequences. End by making it clear that you expect a response. –  Don’t Bank on the Bomb 

June 20, 2020 - Posted by | Christina themes

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