A new report from the Don’t Bank on the Bomb group has shown the extent to which financial institutions are moving away from funding nuclear weapons.
The report Beyond the Bomb looks at 77 financial institutions including banks, pension providers and insurance companies which have a policy position of not investing in nuclear weapons provers. The figures show a 14% increase of such policies compared to last year.
Of the 77 policies, 36 are comprehensive and earn their place in the Hall of Fame with a further 41 policies being non-inclusive and taking their place in the runners-up section of the report.
Among UK based companies the Co-operative bank is in the Hall of Fame while Royal Bank of Scotland, Standard Chartered and Barclays are among those in runners-up spots.
The move away from financing nuclear weapons comes as the Treaty on the Prohibition of Nuclear Weapons gets closer to entering into force. Agreed by the United Nations in 2017 with the support of 122 states, the Treaty will enter into force once 50 states have completed the process of ratification. So far 33 have done so.
Christian CND, along with other UK based faith groups, have been working on a UK report to complement the work of Don’t Bank on the Bomb. That report should be published before the end of the year.