Antinuclear

Australian news, and some related international items

ICAN and PAX show how despite $squillions still going to nuclear weapons, – $63 billion has moved away from this funding

Perilous Profiteering: The companies building nuclear arsenals and their financial backers

The 2021 report “Perilous Profiteering: The companies building nuclear arsenals and their financial backers” is a joint publication of ICAN and it’s partner PAX. The report details how 338 financial institutions made $685 billion available to 25 nuclear weapon producing companies from China, France, India, the Russian Federation, the United Kingdom and the United States.

This report looks at those with vested interests to keep a nuclear arms race going. The companies that want to get contracts to build weapons of mass destruction, and the private sector financiers and investors that want to generate a profit without apparent concern for the devastating potential consequences of any use of the products they support. It is only by knowing those who seek to maintain the status quo that we can engage and shift their behaviour……….https://www.icanw.org/perilous_profiteering_companies_building_nuclear_weapons_and_financial_backers?utm_campaign=perilous_profiteers_launch&utm_medium=email&utm_source=ican

ICAN – If you only take one thing away from this, it is that we moved $63 billion in funds away from the companies producing nuclear weapons in the last 2 years. 

Today, PAX and ICAN are releasing 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.

But that’s not the most interesting part. 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. Can you start today by reading and sharing the key findings of the report?

November 13, 2021 - Posted by | Uncategorized

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