Contents
IntroductionWhy Divestment?Nuclear Disarmament for HealthThe United Kingdom’s Nuclear Weapons ArsenalKey Campaign Targets: Financial Institutions in the UK Funding Nuclear WeaponsHow to Write an Ethical Investment Policy Excluding All Investments in Nuclear WeaponsHow to Take Action Endnotes
Creator: Zahraa Kapasi, Don’t Financial institution on The Bomb UK Challenge Coordinator.
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Investment: We’re immensely grateful for the beneficiant donation from the past due Dr Martin Hartog (1931–2023), a health care provider valued for his kindness and integrity. Dr Hartog used to be a co-founder and lively member of the Clinical Marketing campaign In opposition to Nuclear Guns (MCANW) till it merged with the Clinical Affiliation for the Prevention of Conflict (MAPW) to shape Medact in 1992. Dr Hartog served as the primary chair of Medact, and remained an lively member of the Nuclear Guns Workforce till his loss of life in July 2023. Dr Hartog’s beneficiant monetary contribution has enabled the body of workers time and sources to improve the release of the Don’t Financial institution on The Bomb UK crusade, and this crusade toolkit.
Our Thank you:
We wish to lengthen our heartfelt because of all those that have contributed to the luck of Don’t Financial institution at the Bomb UK: Sarah Lasoye, Michael Orgel, Elizabeth Waterston, Marie-Noelle Vieu, Lorna Mundy, Philip Johnstone, Alejandra Muñoz, Susi Snyder and Steve Hucklesby.
This paintings builds upon the important efforts of Pax, ICAN, Don’t Financial institution at the Bomb Scotland, and Making an investment in Trade.
Advent
Don’t Financial institution at the Bomb UK is a grassroots crusade devoted to finishing monetary improve for the manufacturing and construction of nuclear guns.
Yearly, the United Kingdom executive spends billions of kilos on nuclear guns, contracting personal corporations, like BAE Techniques and Rolls Royce, to take care of and modernise its nuclear arsenal. Many UK monetary establishments – together with Barclays, Kids’s Funding Fund Control and HSBC – nonetheless make investments closely in, or supply really extensive loans to, corporations concerned with nuclear guns.1
For the well being of other people and the planet, the removal of nuclear guns and prevention in their use is an pressing precedence. As a motion for well being justice, and thru partnerships with civil society organisations, engagement with policymakers, and an lively community of supporters, Don’t Financial institution at the Bomb UK is looking on banks, pension price range and different monetary establishments to transport their cash clear of corporations development guns of mass destruction.
This toolkit has been created to empower folks, communities, and organisations to crusade for divestment from nuclear guns, and enhance that investment mass destruction is each morally and socially unacceptable.
Through transferring towards moral and sustainable investments, we will:
Scale back the monetary incentives for nuclear guns manufacturing.
Toughen a world motion for disarmament.
Put money into a long run that prioritises well being, human safety, and environmental sustainability over destruction.
In combination, we will dismantle the monetary constructions that maintain nuclear armament. Thru strategic collective motion, we will pave the way in which for international disarmament, tough a more secure, extra equitable global.
Why Divestment?
Divestment is an efficient technique for growing social, political, and financial trade as it objectives the monetary underpinnings of dangerous industries via slicing off important get right of entry to to capital, undermining their talent to function and develop. Through encouraging folks, establishments, and governments to withdraw investments from explicit sectors – on this case nuclear guns – divestment campaigns practice financial power that may force systemic trade.
Divestment campaigns are grounded in ethical and moral arguments, spotlighting industries’ dangerous affects, while additionally difficult their social acceptability. Through associating positive investments with unethical practices, divestment campaigns cause adjustments in public opinion and result in particular person and collective motion. Those actions can push corporations to re-evaluate their insurance policies with the intention to take care of their popularity. In flip, when whole monetary establishments divest, they ship a robust message – positioning themselves towards any moral alignment to those industries.
A fossil gas divestment demonstration towards Shell in Amsterdam, Netherlands (Supply: Guido van Nispen)
Divestment campaigns have incessantly borne luck, proving to be efficient equipment in pushing thru systemic trade. Relating to South Africa, the global divestment crusade used to be a the most important element in finishing apartheid. Having established a stronghold on campuses in america, the crusade led to 155 schools and universities no less than partly divesting in 1988. Through 1989 26 states, 22 counties and 90 towns had taken financial motion towards corporations proceeding to industry in South Africa.2 The US additionally handed the Complete Anti-Apartheid Act in 1986, which banned new US funding in South Africa.3 In a similar way, the fossil fuels divestment motion has noticed over $3.4 trillion of belongings throughout over 500 establishments being divested, even receiving divestment commitments from the Rockefeller Brothers Fund, AXA and the British Clinical Affiliation.4 Moreover, for the reason that access into drive of the Treaty at the Prohibition of Nuclear Guns (TPNW) in 2021, and repeated requires extra moral insurance policies, 78 monetary establishments have divested from nuclear guns, together with the Norwegian Sovereign Pension Fund.5 Those precedents spotlight the robust affect of aligning monetary choices with moral values to disrupt dangerous techniques.
Within the context of nuclear guns, divestment now not best pressures monetary establishments to rethink their connection to the nuclear guns business but in addition amplifies broader disarmament efforts. It demanding situations the normalisation of guns of mass destruction, calls for responsibility, and reinforces international efforts for a more secure and sustainable global.
Nuclear Disarmament for Health6
For the well being of other people and the planet, the removal of nuclear guns and prevention in their use is an pressing precedence. A unmarried nuclear explosion would motive not possible brief and long-term hurt to well being, to which our well being techniques may just by no means adequately reply.
Fast Results of Nuclear Guns Use
Following detonation of a nuclear weapon, there’s a right away flash of radiation from the exploding nuclear subject matter, and a fireball of extraordinarily sizzling gasoline and extremely radioactive particles rises to shape the mushroom cloud. Temperatures at the floor achieve a number of million levels centigrade and all human tissue is vaporised. The blast drive and incinerating warmth reasons catastrophic destruction and in style fires. Tremendous storm drive winds motive additional immense injury. Additional clear of the blast web site, any survivors of the speedy blast will most likely die from burns, inner bleeding and accidents brought about via flying particles.
Survivors who’re uncovered to the flash will be afflicted by acute radiation syndrome with nausea, psychological disorientation, inner bleeding, diarrhoea, vomiting and fever – to which there’s no explicit treatment.
Longer-Time period Results of Nuclear Guns Use
Radioactive fall-out – the unfold of radioactive subject matter throughout a big house – produces additional long-term threats to human lifestyles, contaminating waterways, land and meals. If radioactive debris are inhaled or swallowed, inner radiation to the frame could cause hurt or even loss of life, basically from cancers but in addition from heart problems.
Radiation may be recognized to motive dangerous long-term genetic adjustments, and intergenerational mental affects. Even after 50 years, survivors of Hiroshima and Nagasaki had important post-traumatic tension problems; with some additionally affected by the consequences of compelled migration and social stigmatisation.
We all know that use of lower than 1% of the arena’s nuclear guns is expected to motive international local weather disruption and in style famine.
Nuclear famine refers back to the affect of the mud and soot thrown up into the ambience following a nuclear detonation. Analysis has discovered that nuclear conflict between India and Pakistan, involving about 1.5% of the arena’s overall stockpile, would dim the daylight for months or years, shorten rising seasons and scale back international meals manufacturing – ensuing within the loss of life of over 1 billion other people from hunger.
As a motion for well being justice, our campaigning against nuclear disarmament is very important to our efforts to succeed in a really protected, safe and wholesome society.
The ruins of the Hiroshima Prefectural Commercial Promotion Corridor following america nuclear assault (Supply: US Nationwide Archives).
The UK’s Nuclear Guns Arsenal
The UK’s nuclear guns arsenal holds a stockpile of 225 warheads of which 120 are operationally to be had for deployment on 4 Forefront submarines, every in a position to sporting Trident II D5 ballistic missiles.7 The arsenal is ready to be modernised, with the Forefront submarines being changed via Dreadnought elegance ballistic missile submarines via the early 2030s, at an estimated charge of £31 billion.8 BAE Techniques and Rolls Royce are the United Kingdom Executive’s major business companions, having been awarded contracts value £2 billion.9 Moreover, the modernisation of the deterrent may even come with expanding the stockpile cap to 260 warheads.10
Army Nuclear Facilities11
SiteRoleStatusAldermaston (Berkshire)- Atomic Guns EstablishmentWarhead design and maintenanceActiveBurghfield (Berkshire)- Atomic Guns EstablishmentWarhead assemblyActiveDevonport (Plymouth)Naval base- repairs and refitting of nuclear-powered submarinesActiveFaslane (Scotland)Submarine base for the 4 Forefront submarinesActiveCoulport (Scotland)- Royal Naval Armament DepotUK Strategic Weapon Facility- garage of warheads earlier than being suited for Trident missilesActiveBarrow-in-Furness (Cumbria)- BAE SystemsDesign and development of nuclear-armed submarinesActiveRaynesway (Derby)- Rolls RoycePropulsion device design and manufacturing for nuclear armed systemsActiveOrford Ness (Suffolk)Early nuclear weapon analysis (Chilly Conflict)DecommissionedSellafield (Cumbria)Produced plutonium for the United Kingdom’s first nuclear bombActive for decommissioning and waste garage
The Value: Monetary
The Treaty at the Prohibition of Nuclear Guns (TPNW) entered into drive on twenty second January 2021, marking an important milestone in achieving international nuclear disarmament. With 93 signatories and 73 state events,12 the treaty is the primary legally binding global settlement – banning the advance, checking out, manufacturing, stockpiling, use, and risk of use of nuclear guns.13
A lot growth has come in line with the TPNW and nuclear guns being made explicitly unlawful underneath this global criminal framework. Main monetary establishments, together with the Norwegian Executive Pension Fund,14 KBC Bank15 and Deutsche Financial institution,16 have divested their investments from nuclear guns manufacturers, the worldwide call for for disarmament is gaining momentum, and, because of the political and criminal power created via the treaty, nuclear weapon states, like the UK, are being compelled to protect their nuclear place. Nonetheless, investments into the nuclear guns business proceed to pour in.
Even though direct comparisons of in-service prices are not imaginable because of the United Kingdom Executive’s 2023 choice to take in nuclear linked expenditure into the Ministry of Defence price range,17 figures produced via the Nuclear Data Carrier display the UK’s spending on its nuclear guns amounted to £6.5 billion in 2022/23 – a 17% build up from the former 12 months.18
With the consistent build up in army expenditure 12 months after 12 months,19 the new Labour coverage shift saying the largest build up in defence spending for the reason that Chilly Conflict,20 Trident costing £12,000 a minute,21 and spending on nuclear programmes between 2022 and 2033 forecast at £117.8 billion, the sheer monetary burden of the UK’s nuclear arsenal is staggering.22
The Value: Social
While the rise in spending has been justified throughout the lens of militarised safety, incessantly bringing up the wars and conflicts the defence corporations of Europe and america have profited from, discussions on nuclear guns should additionally imagine human safety, and the monetary and social affects.
Human safety encompasses social welfare and infrastructure comparable to healthcare, training, housing and local weather resilience – all sides of society in dire want of extra investment in the UK. A A loss of NHS investment is inflicting large traces on healthcare amenities,23 30% of youngsters in the United Kingdom are living in poverty,24 the selection of other people dozing tough has greater via 91% since 2021, with 164,040 youngsters in brief lodging,25 greater than 3.1 million emergency meals parcels have been disbursed via the Trussell meals banks by myself between 2023 and 2024,26 and but important welfare cuts proceed to be introduced.²⁷ In the meantime the UK’s defence price range is ready to extend to two.5% of GDP.28
The huge sums invested into the nuclear deterrence device, moderately than such important and underfunded amenities, contributes to widening inequalities, weakening public amenities, and undermining efforts to handle pressing international demanding situations like local weather trade and poverty.
Shifting a fragment of the prices of the UK’s ten 12 months programme for its nuclear deterrent would allow the NHS to honour its dedication to its medical institution rebuilding challenge, which is estimated to price no less than £30 billion.29 The £6.5 billion spent on the UK’s nuclear programme in 2022/23 may just pay the salaries of 169,650 nurses or 59,150 experts.30
As well as, £5 billion a 12 months over the following 5 years would allow the development of 72,000 further social and inexpensive properties a 12 months.31
Within the throes of a cost-of-living disaster and rising financial lack of confidence, the justification for expanding nuclear guns spending should be seriously tested. Quite than reinforcing a militarised option to safety, campaigns for nuclear disarmament should have interaction with broader societal affects. We should paintings to shed light on that nuclear deterrence does now not give a contribution to our protection or safety. If truth be told, an international the place nuclear guns survive, and proliferate, is an international an increasing number of prone to catastrophic nuclear conflict. As an alternative, reallocating sources towards human-centred safety insurance policies is the one significant technique to reinforce the protection, balance and wellbeing of our communities.
The Value: Environmental and Well being
Nuclear guns have had devastating affects globally, with the checking out, manufacturing, repairs, garage and use leaving long-term environmental and well being penalties. The bombing of Hiroshima and Nagasaki in 1945 serves as an enduring reminder.
Then again, past this, the UK has additionally contributed to hurt thru its personal nuclear programme.
Between 1952 and 1963, the UK performed 45 nuclear assessments, of which 21 have been detonated above floor, spreading radioactive subject matter throughout the surroundings. The rest 24 have been performed underground, ensuing within the radioactive contamination of the soil.32 Carried out at places in Australia (12 assessments), the Pacific (9 assessments) and a checking out web site in Nevada (24 assessments), those assessments infected land and water, and uncovered indigenous communities and army team of workers to prime ranges of radiation, leading to long-term well being problems.33
Till lately, nuclear check websites stay hazardous, and plenty of have suffered from most cancers, beginning defects, immune problems and different radiation-related sicknesses. Indigenous communities, such because the Tjarutja other people of Maralinga, Australia, have been a few of the worst affected. Many aboriginal other people in Maralinga have been displaced from their land, whilst some remained because of being inadequately warned earlier than the assessments. This resulted in serious radiation publicity, radiation illness, blindness and different well being results.34
The Maralinga “minor trials”, which concerned the planned dispersal of plutonium and different radioactive fabrics, left poisonous contamination nonetheless discovered within the area, in spite of a couple of cleanup operations and an AU$100 million rehabilitation programme.35 Servicemen have been ordered to “run, stroll and move slowly throughout infected spaces.”36 Experiencing unfavorable well being results themselves, comparable to most cancers, their youngsters have been additionally born with disabilities and grandchildren confirmed indicators of genetic defects.37 An identical tales and penalties have been additionally skilled in different portions of Australia and the Pacific Islands on account of the UK’s nuclear checking out programmes.
Locally, nuclear guns manufacturing and garage websites in the UK have raised important environmental considerations. That is basically because of leaks and the flawed disposal of nuclear waste, ensuing within the contamination of water and soil at websites around the nation.
Till 1983, the radioactive waste from nuclear guns manufacturing used to be without delay dumped into the ocean. Even though now saved in Aldermaston on the Atomic Guns Established order (AWE) web site, considerations nonetheless persist because of the estimated 4 million litres of collected waste now sitting in 19,500 degrading bins, a few of which “are way past their standard design lifestyles.”38 Whilst plans are underway to repackage a few of this waste, 14,500 drums will stay of their deteriorating state till the past due 2030s.39
Aldermaston has additionally been matter to warnings and compliance notices following the web site leaking tritium gasoline right into a circulation.40 Moreover, in spite of the recognized dangers to marine lifestyles and public well being, liquid waste from the Faslane military base and Coulport continues to be dumped into the water at Gare Loch.41
Considerations have additionally been raised about Sellafield, labelled “Europe’s maximum hazardous nuclear web site,” and containing extra radioactive subject matter than Chernobyl.42 Having leaked waste into the Irish Sea and accountable for the 1957 hearth which unfold radioactive contamination around the geographical region,43 Sellafield is still an environmental and well being danger. 2.3-2.5 cubic meters of radioactive liquid proceed to leak out of the power on a daily basis,44 diminished, radiation publicity poses well being dangers from nausea and vomiting to heart problems and most cancers.45
General, the United Kingdom’s nuclear guns programme for a persevered poisonous legacy, highlighting the pressing want for disarmament and nuclear divestment tasks to prioritise human and environmental well being.
Trident nuclear submarine, HMS Victorious, pictured close to Faslane in Scotland (Supply: UK Ministry of Defence).
Monetary Establishments in the United Kingdom Investment Nuclear Guns
Along with executive contracts, monetary establishments in the UK additionally play an important function in maintaining the nuclear guns business. The latest Don’t Financial institution at the Bomb record via PAX and ICAN highlights the billions invested via banks, pension price range, funding corporations and asset managers, in spite of rising calls to advance the disarmament schedule.46
Between January 2022 and August 2024, 15 UK monetary establishments have been discovered to have direct monetary ties to nuclear guns generating corporations. Of those, 11 monetary establishments held $13.4 billion in stocks and bonds and 5 equipped $17.1 billion in loans and underwriting.47
Through financially supporting those corporations, the United Kingdom establishments on our goal listing are without delay enabling the ongoing risk of nuclear guns and international lack of confidence, whilst additionally diverting the most important sources clear of healthcare, social and environmental wishes.
The investments of the monetary establishments within the goal listing have both been made via the establishment themselves, or on behalf of 3rd events. Due to this fact, the monetary establishments are indexed on the staff degree, while the funding quantities come with their subsidiaries.48
Banks
Barclays
In step with its Defence and Safety Remark, Barclays has a longtime coverage detailing actions it has no urge for food for.49 While it prohibits offering any monetary amenities to corporations recognized to business in, or manufacture, cluster munitions and their elements, chemical and organic guns, and landmines, in terms of the manufacture of, or business in, nuclear guns, it limits its prohibition to direct financing “the place the usage of proceeds is understood to be for a selected challenge.”50 On this method, as dropped at mild via PAX and ICAN, Barclays has equipped important monetary amenities to nuclear guns manufacturers throughout the oblique method of offering loans and underwriting.51
Between January 2018 and October 2020, Barclays made $6,286,200,000 to be had to nuclear guns manufacturers,52 expanding to $6,439,200,000 between January 2022 and August 2024, as proven under.53
As such, even supposing Barclays restricts direct financing of nuclear guns manufacturing, it continues to interact in oblique monetary actions with corporations concerned within the nuclear guns business.
Barclays made a complete of $4.966 billion in loans to be had to those nuclear guns manufacturers:
$498 million to Airbus
$106 million to Babcock
$769 million to Boeing
$696 million to Honeywell
$191 million to Jacobs
$257 million to L3Harris
$118 million to Leonardo
$420 million to Lockheed Martin
$1.217 billion to Peraton
$181 million to Rolls-Royce
$350 million to RTX
$163 million to Thales
Barclays made a complete of $1.473 billion in underwriting to be had to those nuclear guns manufacturers:
$112 million to Thales
$218 million to BAE Techniques
$146 million to Boeing
$103 million to Honeywell
$20 million to Jacobs
$578 million to Lockheed Martin
$297 million to RTX
HSBC made a complete of $95 million in stocks to be had to those nuclear guns manufacturers:
$29 million in Bharat Dynamics
$66 million in Huntington Ingalls Industries
HSBC made a complete of $269 million in underwriting to be had to those nuclear guns manufacturers:
$103 million to Honeywell
$54 million to Jacobs
$112 million to Thales
HSBC made a complete of $3.139 billion in loans to be had to those nuclear guns manufacturers:
$498 million to Airbus
$106 million to Babcock
$257 million to Bechtel
$619 million to Honeywell
$369 million to Jacobs
$257 million to L3Harris
$88 million to Leonardo
$726 million to Rolls-Royce
$219 million to Thales
HSBC
HSBC’s Defence Apparatus Coverage Remark main points their “limited urge for food for the defence sector,” prohibiting “the financing and provisions of advisory amenities to purchasers which manufacture, business, acquire or promote guns for army use,” together with nuclear guns.54
Regardless of their coverage, HSBC has persevered to interact in financing corporations concerned within the nuclear guns business via conserving stocks, and offering loans and underwriting, amounting to $3,503,000,000 between January 2022 and August 2024.55
HSBC made a complete of $95 million in stocks to be had to those nuclear guns manufacturers:
$29 million in Bharat Dynamics
$66 million in Huntington Ingalls Industries
HSBC made a complete of $269 million in underwriting to be had to those nuclear guns manufacturers:
$103 million to Honeywell
$54 million to Jacobs
$112 million to Thales
HSBC made a complete of $3.139 billion in loans to be had to those nuclear guns manufacturers:
$498 million to Airbus
$106 million to Babcock
$257 million to Bechtel
$619 million to Honeywell
$369 million to Jacobs
$257 million to L3Harris
$88 million to Leonardo
$726 million to Rolls-Royce
$219 million to Thales
Lloyds Banking Workforce
Lloyds Banking Workforce prohibits improve for companies engaged in actions forbidden via global conventions ratified via the United Kingdom, together with cluster munitions, anti-personnel landmines, organic and toxin guns, chemical guns and everlasting blinding laser guns. Then again, as NPT nuclear guns states, Lloyds Banking Workforce does improve companies attractive in actions associated with the nationwide nuclear guns programmes of the United Kingdom, US and France.56
The establishment has invested with regards to $2.5 billion in 8 nuclear weapon generating corporations thru loans and underwriting of bond issuances between January 2022 and August 2024.57
Lloyds Banking Workforce made a complete of $1.975 billion in loans to be had to those nuclear guns manufacturers:
$424 million to Airbus
$106 million to Babcock
$402 million to Boeing
$265 to Common Dynamics
$275 million to Lockheed Martin
$52 million to Peraton
$451 million to Rolls-Royce
Lloyds Banking Workforce made a complete of $515 million in underwriting to be had to those nuclear guns manufacturers:
$218 million to BAE Techniques
$146 million to Boeing
$152 million to Lockheed Martin
NatWest
NatWest’s Environmental, Social, and Moral (ESE) Chance Defence and Personal Safety Acceptance Standards does now not improve shoppers or transactions concerned within the financing of businesses engaged within the manufacture, sale, business, servicing, or stockpiling of nuclear guns in jurisdictions outdoor NATO nations.58
Then again, this coverage lets in financing corporations concerned with nuclear guns manufacturing inside of NATO nations with accepted programmes, particularly the United Kingdom, US, or France.
NatWest has equipped monetary amenities to nuclear guns manufacturers inside of those parameters, with over $2.5 billion in loans and underwriting actions between January 2022 and August 2024 to seven nuclear weapon corporations.59
NatWest made a complete of $2.163 billion in loans to be had to those nuclear guns manufacturers:
$394 million to Airbus
$712 million to Babcock
$619 million to Honeywell
$235 million to Jacobs
$88 million to Leonardo
$115 million to Rolls-Royce
NatWest made a complete of $341 million in underwriting to be had to those nuclear guns manufacturers:
$218 million to BAE Techniques
$103 million to Honeywell
$20 million to Jacobs
Same old Chartered
Same old Chartered has printed insurance policies relating to its involvement with nuclear weapon generating corporations. Initially, consistent with its Abstract of Way on Defence Items, the financial institution is not going to supply direct financing for “anything else designed to kill, maim or torture people. This contains nuclear, chemical or organic guns, cluster munitions and mines.”60 That is additional bolstered via Same old Chartered’s Energy Era Place Remark, which states that the financial institution will best supply monetary amenities to purchasers who “show that their operations don’t give a contribution to the manufacture or distribution of nuclear guns.”61
Then again, Same old Chartered applies a 20% threshold to annual turnover derived from “production, promoting, brokering or supplying Defence Items or amenities” when defining a defence corporate underneath its insurance policies.62 Due to this fact, Same old Chartered does now not practice its insurance policies to all nuclear guns generating corporations, or the ones concerned with joint ventures.63
Same old Chartered has equipped $2,289,000,000 to the nuclear guns business between January 2022 and August 2024.64
Same old Chartered made a complete of $2.017 billion in loans to be had to those nuclear guns manufacturers:
$143 million to Airbus
$478 million to Boeing
$100 million to Fluor
$619 million to Honeywell
$513 million to Rolls-Royce
$163 million to Thales
Same old Chartered made a complete of $272 million in underwriting to those nuclear guns manufacturers:
$146 million to Boeing
$24 million to Fluor
$103 million to Honeywell
Moral Choice: The Co-operative Financial institution
The Co-Operative Financial institution is featured in Don’t Financial institution at the Bomb’s Corridor of Reputation, awarding it 4 stars for its moral coverage towards financing the nuclear guns business. The financial institution’s moral coverage is specific in now not making an investment in any corporate that “manufactures or transfers indiscriminate guns,” or those that supply “merchandise or amenities classed as strategic to nuclear guns.” The Co-Operative Financial institution additionally refuses its amenities to shoppers discovered to be violating its moral coverage.65, 66
Pension Finances
Felony and Common
Felony and Common’s Arguable Guns Coverage excludes investments in corporations concerned within the manufacturing of cluster munitions, antipersonnel landmines, and organic and chemical guns. Then again, it additionally states that it does now not come with nuclear guns in its exclusion coverage as “their use isn’t prohibited inside the ‘nuclear weapon states.’”67
$27 million of bonds in Babcock
A complete of $5.26 billion in stocks:
$38 million in Babcock
$489 million in BAE Techniques
$625 million in Boeing
$429 million in Common Dynamics
$1.049 billion in Honeywell
$59 million in Huntington Ingalls Industries
$113 million in Jacobs
$265 million in L3Harris
$135 million in Leidos
$474 million in Northrop Grumman
$603 million in Rolls-Royce
$861 million in RTX
$121 million in Textron
Royal London Workforce
Royal London Workforce gives a Sustainable Fund Vary, then again, its default pension fund does now not have a coverage with the exception of nuclear guns or defence actions extra extensively.68
$58 million of bonds in Rolls-Royce
Funding Finances and Asset Managers
Baillie Gifford
Baillie Gifford has an exclusion coverage which “seeks to keep away from funding in holdings without delay concerned with generating arguable guns, or the elements or amenities which are crucial to and tailored for them.” While their definition of arguable guns does come with nuclear guns, it best considers them arguable when they’re in breach of the Treaty at the Non-Proliferation of Nuclear Guns (NPT). Moreover, its exclusion coverage best applies to corporations without delay held in portfolios on behalf of Baillie Gifford’s purchasers.69
$102 million of stocks in Babcock
Kids’s Funding Fund Control
Data on Kids’s Funding Fund Control’s insurance policies on making an investment in nuclear guns or different arguable guns isn’t readily to be had.
$4.306 billion of stocks in Safran
Janus Henderson
Janus Henderson applies firmwide exclusions to investments in corporations which without delay manufacture cluster munitions, anti-personnel mines, and chemical and organic guns, or minority shareholders of 20% or extra in such corporations.70 Then again, Janus Henderson does now not categorically exclude investments in corporations concerned with nuclear guns manufacturing.
A complete of $1.238 billion in stocks:
$793 million in Honeywell
$445 million in L3Harris
Jupiter Fund Control
Jupiter Fund Control limits its funding exclusions best to corporations who produce cluster munitions and anti-personnel mines.71
$108 million of stocks in Babcock
M&G
M&G applies an exclusion coverage to arguable guns. While their definition of arguable guns does come with nuclear guns, it best considers them arguable outdoor of the NPT.72
$310 million of stocks in BAE Techniques
Marathon London
Marathon-London does now not practice a proper exclusion coverage, subsequently does now not explicitly limit its investments in any sector or process. Quite, it employs a subjective Environmental, Social and Governance coverage review as a part of funding choices. As such, Marathon-London does now not have a coverage on nuclear weapon investments.73
$339 million of stocks in Rolls-Royce
Schroders
Schroders limits its funding exclusions best to corporations who’re concerned within the manufacturing, stockpiling, switch and use of cluster munitions, anti-personnel mines, and chemical and organic guns, additionally offering an exclusion listing of businesses concerned with those guns.74
Silchester World Buyers
Data on Silchester World Buyers’ insurance policies on making an investment in nuclear guns or different arguable guns isn’t readily to be had. Then again, in its UK Stewardship Code Remark, the company states it has now not agreed to any consumer explicit funding restrictions on the subject of ESG issues, in spite of purchasers having felt passionately a few given factor, together with disarmament and army investment.75
A complete of $1.549 billion in stocks:
$120 million in Babcock
$1.429 billion in BAE Techniques
A protest in Melbourne, Australia, towards investments in corporations that manufacture nuclear guns (Supply: Tim Wright by way of Wikimedia Commons).
Tips on how to Write an Moral Funding Coverage With the exception of All Investments in Nuclear Guns
The time period ‘arguable guns’ is incessantly utilized in funding and environmental, social and governance (ESG) insurance policies to consult with positive forms of guns deemed to be indiscriminate or unlawful via treaties underneath global legislation. Generally, arguable guns come with landmines, cluster munitions, and organic and chemical guns. However, as illustrated above, nuclear guns are regularly excluded from this class, in spite of being inherently indiscriminate and prohibited underneath the TPNW.
As it’s not universally outlined, the paradox of the time period lets in establishments to utilise this loophole to exclude nuclear guns from any restrictions. As such, Don’t Financial institution at the Bomb UK suggest the honour and alertness of the next steps for monetary establishments to comprehensively exclude all arguable guns, together with nuclear guns from funding insurance policies:
1) State the ethical, moral and criminal causes you might be adopting this coverage, specifying the actions, amenities and merchandise that can cause divestment.
This coverage displays our dedication to moral funding practices and the provisions of treaties underneath global legislation, together with the Anti-Group of workers Landmines Treaty (1997), the Conference on Cluster Munitions (2008), the Organic Guns Conference (1975), the Chemical Guns Conference (1977) and the Treaty at the Prohibition of Nuclear Guns (2021) via with the exception of any monetary improve for firms and their subsidiaries concerned within the construction, manufacturing, checking out, repairs, or sale of all arguable guns, together with landmines, cluster munitions, and organic, chemical and nuclear guns.
2) Outline what encompasses the time period ‘nuclear guns.’
In keeping with our coverage, ‘nuclear guns’ will surround the nuclear warheads themselves, in addition to elements, related supply techniques, platforms, and the infrastructure and functions that improve the advance of nuclear guns.
3) Specify what this coverage will practice to, and that it is going to practice on the staff degree.
This coverage applies to all direct investments, passive and externally controlled price range, joint ventures, loans and underwriting on the staff degree.
4) Specify how funding alternatives will likely be assessed and what mechanisms are in position to watch compliance.
All attainable investments will likely be pass checked towards our funding exclusion listing OR go through
rigorous exams to spot any direct or oblique engagement with actions, amenities, or merchandise that can cause divestment. Our funding portfolio will likely be reviewed biannually to make sure persevered compliance.
5) After all, make sure transparency via making your moral funding coverage and exclusion listing publicly to be had and simply out there to your web site.
Tips on how to Take Motion
Getting Monetary Establishments to Divest
1) Analysis your monetary establishment
Get started via figuring out whether or not you might be not directly supporting the nuclear guns business via checking in case your financial institution, pension scheme or funding fund options in our listing of objectives.
2) Write for your monetary establishment
3) Use social media to power your monetary establishment to interact and act, the usage of our hashtag #dontbankonthebomb.
Listed here are some instance communications you’ll be able to proportion on social media:
Tips on how to Make a Non-public Divestment
In case your monetary establishments are featured in our listing of objectives and are making an investment within the nuclear guns business, you’ll be able to after all take steps to individually divest and be sure you #dontbankonthebomb.
1) Write for your monetary establishment, the usage of this template.
State your objection and say you propose to switch to a financial institution/pension/funding fund that doesn’t put money into Nuclear Guns.
2) Decide in for moral funding choices
Some pension schemes, like Royal London Workforce and Nest, be offering moral coverage choices. Ask your supplier that will help you make the transfer.
Urge them to prioritise their moral funding coverage and be offering it to shoppers because the default possibility.
3) Reinvest in moral establishments indexed in Don’t Bank on the Bomb’s Hall of Fame.
4) Percentage your monetary transfer on social media, the usage of the hashtag #DontBankOnTheBomb!
Right here’s an instance communique you’ll be able to proportion along with your monetary establishment on social media about your choice to divest:
Divesting Your Personal Investments
Through opting for to transport your cash and divest your funding portfolio from nuclear guns, you’ll be able to lend a hand scale back the monetary improve permitting those corporations to proceed compromising our international safety. Right here’s how to be told about your investments and divest your portfolio:
1) Ask your monetary guide
In the event you paintings with a monetary guide, ask them to evaluate your funding portfolio for nuclear weapons-related investments and supply moral funding choices.
Percentage our ethical investment guide for instance of insurance policies you want to make investments into.
2) Do it your self! You’ll decide the character of your investments via:
Get Concerned with Don’t Financial institution at the Bomb UK
Along with actively divesting, there are lots of tactics to do so and be a part of the rising motion. Sign up for Don’t Financial institution at the Bomb UK and transform a part of the nationwide crusade advocating for nuclear divestment and moral financing
Signal as much as the mailing list- Keep up to date on crusade movements and occasions via signing up here.
Attend a crusade assembly to connect to others and strategise on subsequent steps.
Unfold the phrase via sharing our crusade leaflet and this toolkit along with your networks.
Sign up for or collaborate with native campaigns- Connect to teams already the usage of divestment methods, such because the Palestine Harmony Marketing campaign, campaigning towards banks making an investment in corporations supplying guns to Israel.
Get started your personal campaign- Arrange a neighborhood Don’t Financial institution at the Bomb staff to suggest for divestment to your group.
Lift public consciousness via taking ingenious motion:
> Organise public occasions, discussions, and talks to interact your group.
> Arrange stalls outdoor financial institution branches to distribute data.
> Create posters, banners, and different visible fabrics.
> Use social media to enlarge the message and inspire wider participation.
Template Letter
Pricey [ ],
I’m writing to you as a buyer of [name of institution] enthusiastic about your establishment’s involvement with nuclear weapon generating corporations and the financing of those indiscriminate guns of mass destruction.
The ongoing financing of nuclear guns is neither ethically, morally or financially defensible. While the continued risk of nuclear guns undermines elementary human rights and violates global legislation, the selection of your establishment to put money into those indiscriminate guns lets in for the continuation of the local weather chaos, environmental destruction and generational well being affects they motive. It’s time to act upon the commitments of your company social accountability (CSR) and environmental, social and governance (ESG) insurance policies, and forestall endangering present and coming generations. Additionally it is time to align with global legislation and rising international norms.
Article VI of the Nuclear Non-Proliferation Treaty (NPT) binds nuclear-armed states to pursue disarmament in excellent faith- but the UK continues to modernise its nuclear arsenal, in transparent violation of its criminal commitments. As well as, the Treaty at the Prohibition of Nuclear Guns (TPNW) got here into drive in January 2021, making the financing and construction of nuclear guns unlawful underneath global legislation.
Regardless of those criminal tasks and the rising dangers related to nuclear weapon financing, [name of institution] equipped [total amount] between 2022 and 2024 to the nuclear guns manufacturers who undermine the UK’s criminal tasks and violate global legislation. This monetary improve for firms instigating international instability can not be unnoticed.
Your insurance policies should be extra tough of their place towards nuclear guns and transcend the restricted exclusion of direct financing and inadequate definitions of ‘arguable guns.’ Complete exclusions of all monetary process at a bunch degree should even be applied to make sure [name of institution] does now not facilitate or improve the manufacturing of nuclear guns in any capability.
Due to this fact, I name on you to decide to comprehensively exclude all arguable guns, together with nuclear guns, making sure that no a part of your monetary services- together with direct investments, passive and externally controlled price range, joint ventures, loans and underwriting- improve the nuclear guns business.
I ask that my cash now not be used to fund nuclear guns and that my request to divest be answered to.
I look ahead to listening to from you.
Yours sincerely,
[your name]
Endnotes
1 Muñoz, A., Snyder, S. & Oudes, C. (2024) Untenable Investments: nuclear weapon manufacturers and their financiers. To be had at: https://www.dontbankonthebomb.com/wp-content/uploads/2024/05/PAX_Rapport_DBotB_Untenable-Investments_HERDRUK_JUN24_FINAL_digi_spread.pdf (Accessed 16 March 2025)
2 Knight, R. (1990) ‘Sanctions, Divestment, and U.S. Companies in South Africa,’ in R.E. Edgar (ed.) Sanctioning Apartheid. New Jersey: Africa Global Press, Inc, pp.67-90.
3 Williamson, S. (2016) ‘Complete Anti-Apartheid Act of 1986.’ The Congress Challenge, 06 April 2016. To be had at: https://www.thecongressproject.com/comprehensive-antiapartheid-act-of-1986 (Accessed 16 March 2025).
4 Fossil Unfastened UK. The Energy of the Divestment Motion. To be had at: https://gofossilfree.org/uk/the-strength-of-the-divestment-movement/ (Accessed 16 March 2025).
5 Muñoz, A., Snyder, S. & Oudes, C. (2025) At Nice Value: The firms development nuclear guns and their financiers. To be had at: https://www.dontbankonthebomb.com/wp-content/uploads/2025/02/72025004_PAX_-_DONT-BANK-ON-THE-BOMB_FINAL_WEB.pdf (Accessed 16 March 2025)
6 Medact. (2017) A More secure Global – Treating Britain’s dangerous dependence on nuclear guns. To be had at: https://www.medact.org/2017/sources/stories/safer-world-treating-britains-harmful-dependence-nuclear-weapons/ (Accessed 16 March 2025).
7 Kristensen, H.M., Korda, M., Johns, E. & Knight, M. (2024) ‘United Kingdom nuclear guns, 2024.’ Bulletin of the Atomic Scientists, 12 November 2024. To be had at: https://thebulletin.org/premium/2024-11/united-kingdom-nuclear-weapons-2024/ (Accessed 16 March 2025).
8 Turbines, C. (2024) ‘Changing the United Kingdom’s Nuclear Deterrent: Development of the Dreadnought Elegance.’ Area of Commons Library, 02 August 2024. To be had at: https://commonslibrary.parliament.uk/research-briefings/cbp-8010/ (Accessed 16 March 2025).
9 Pfeifer, S. (2022) ‘BAE Techniques and Rolls-Royce win £2bn UK nuclear deterrent contracts.’ Monetary Instances, 10 Would possibly 2022. To be had at: https://www.ft.com/content/5babc991-6c47-4e6a-afa9-2725c68cff4c (Accessed 16 March 2025).
10 Kristensen, H.M., Korda, M., Johns, E. & Knight, M. (2024) ‘United Kingdom nuclear guns, 2024.’ Bulletin of the Atomic Scientists, 12 November 2024. To be had at: https://thebulletin.org/premium/2024-11/united-kingdom-nuclear-weapons-2024/ (Accessed 16 March 2025).
11 Marketing campaign for Nuclear Disarmament. Map of Nuclear Britain. To be had at: https://cnduk.org/resources/nuclear-britain-map/ (Accessed 16 March 2025).
12 ICAN. TPNW signature and ratification standing. To be had at: https://www.icanw.org/signature_and_ratification_status (Accessed 16 March 2025).
13 Treaty at the Prohibition of Nuclear Guns. (2021) To be had at: https://d3n8a8pro7vhmx.cloudfront.net/tectodevms/pages/2417/attachments/original/1571248124/TPNW-English1.pdf?1571248124 (Accessed 16 March 2025).
14 Olsen, J. M. (2021) ‘Norway fund divests from corporations tied to weapon manufacturing.’ Related Press, 04 November 2021. To be had at: https://apnews.com/article/technology-business-europe-middle-east-west-bank-4a86df6d4d911bb7876dc1b7f3767905 (Accessed 16 March 2025).
15 KBC. (2021) ‘KBC nuclear hands coverage absolutely in keeping with UN Treaty on Prohibition of Nuclear Guns.’ KBC Press free up, 22 January 2021. To be had at: https://www.kbc.com/content/dam/kbccom/doc/newsroom/pressreleases/2021/20210122_PB_VNverdrag_Kernwapens_ENG.pdf (Accessed 16 March 2025).
16 Deutsche Financial institution. (2019) Anti-nuclear guns stance: Deutsche Financial institution’s coverage receives seal of approval. To be had at: https://www.db.com/news/detail/20191018-anti-nuclear-weapons-stance-deutsche-bank-s-policy-receives-seal-of-approval?language_id=1 (Accessed 16 March 2025).
17 Turbines, C. (2024) ‘The price of the United Kingdom’s strategic nuclear deterrent.’ Area of Commons Library, 22 August 2024. To be had at: https://commonslibrary.parliament.uk/research-briefings/cbp-8166/ (Accessed 16 March 2025).
18 Cullen, D. (2024) ‘UK nuclear guns spending rises to £6.5bn.’ Nuclear Data Carrier, 20 June 2024. To be had at: https://www.nuclearinfo.org/comment/2024/06/uk-nuclear-weapons-spending-rises-to-6-5bn/ (Accessed 16 March 2025).
19 Stockholm World Peace Analysis Institute (2024) ‘International army spending surges amid conflict, emerging tensions and lack of confidence.’ Stockholm World Peace Analysis Institute. To be had at: https://www.sipri.org/media/press-release/2024/global-military-spending-surges-amid-war-rising-tensions-and-insecurity (Accessed 16 March 2025).
20 High Minister’s Place of business, 10 Downing Side road (2025) Press free up: High Minister units out largest sustained build up in defence spending for the reason that Chilly Conflict, protective British other people in new technology for nationwide safety. To be had at: https://www.gov.uk/government/news/prime-minister-sets-out-biggest-sustained-increase-in-defence-spending-since-the-cold-war-protecting-british-people-in-new-era-for-national-security (Accessed 16 March 2025).
21 Norton-Taylor, R. (2024) ‘Britain spends £12,000 a minute on nuclear guns.’ Declassified UK. To be had at: https://www.declassifieduk.org/britain-spends-12000-a-minute-on-nuclear-weapons/ (Accessed 16 March 2025).
22 Turbines, C. (2024) ‘The price of the United Kingdom’s strategic nuclear deterrent.’ Area of Commons Library, 22 August 2024. To be had at: https://commonslibrary.parliament.uk/research-briefings/cbp-8166/ (Accessed 16 March 2025).
23 Fund Our NHS. 9 results of underfunding. To be had at: https://nhsfunding.info/symptoms/10-effects-of-underfunding/ (Accessed 16 March 2025).
24 Save the Kids, Kid Poverty in the United Kingdom. To be had at: https://www.savethechildren.org.uk/what-we-do/child-poverty/uk-child-poverty (Accessed 16 March 2025).
25 Disaster (2025) 3rd successive upward thrust in tough dozing because the homelessness disaster deepens throughout England, 27 February 2025. To be had at: https://www.crisis.org.uk/about-us/crisis-media-centre/third-successive-rise-in-rough-sleeping-as-the-homelessness-crisis-deepens-across-england/ (Accessed 16 March 2025).
27 Trussell. Finish of 12 months meals financial institution stats. To be had at: https://www.trussell.org.uk/news-and-research/latest-stats/end-of-year-stats (Accessed 16 March 2025).
27 Cooke, M. (2025) ‘Starmer braces for revolt over welfare cuts as Labour accused of ‘pushing disabled other people into poverty’.’ Impartial, 10 March 2025. To be had at: https://www.independent.co.uk/news/uk/politics/welfare-cuts-labour-starmer-rebellion-b2712095.html (Accessed 16 March 2025).
28 High Minister’s Place of business, 10 Downing Side road (2025) Press free up: High Minister units out largest sustained build up in defence spending for the reason that Chilly Conflict, protective British other people in new technology for nationwide safety. To be had at: https://www.gov.uk/government/news/prime-minister-sets-out-biggest-sustained-increase-in-defence-spending-since-the-cold-war-protecting-british-people-in-new-era-for-national-security (Accessed 16 March 2025).
29 Kirk-Wade, E. (2024) ‘Sanatorium development in England: Plans and growth.’ Area of Commons Library, 21 February 2024. To be had at: https://commonslibrary.parliament.uk/hospital-building-in-england-plans-and-progress/ (Accessed 16 March 2025).
30 The King’s Fund (2024) Key info and figures in regards to the NHS, 25 June 2024. To be had at: https://www.kingsfund.org.uk/insight-and-analysis/data-and-charts/key-facts-figures-nhs (Accessed 16 March 2025).
31 College Faculty London (2023) Construction extra social and inexpensive housing may just save UK executive £1.5 billion a 12 months, 4 October 2023. To be had at: https://www.ucl.ac.uk/news/2023/oct/building-more-social-and-affordable-housing-could-save-uk-government-ps15-billion-year (Accessed 16 March 2025).
32 Palms Keep watch over Affiliation (2024) Nuclear Checking out Tally. To be had at: https://www.armscontrol.org/factsheets/nuclear-testing-tally (Accessed 16 March 2025).
33 Unal, B., Lewis, P. & Aghlani, S. (2017) The Humanitarian Affects of Nuclear Checking out: Regional Responses and Mitigation Measures. London: Chatham Area.
34 Pearson, L. (2020) Nuclear Guns, the Local weather and Our Setting: Running against a simply, sustainable and non violent long run. Don’t Financial institution at the Bomb Scotland. To be had at: https://nukedivestmentscotland.org/wp-content/uploads/2020/08/nwce-report-final-1.pdf (Accessed 16 March 2025).
35 Ibid.
36 BBC Information (2001) ‘Servicemen uncovered to radiation.’ BBC Information, 12 Would possibly 2001. To be had at: http://news.bbc.co.uk/1/hi/uk/1326410.stm (Accessed 16 March 2025).
37 Seale, J. (2024) ‘Britain’s Nuclear Bomb Scandal: Our Tale review- how the United Kingdom’s atomic checking out programme devastated lives.’ The Dad or mum, 20 November 2024. To be had at: https://www.theguardian.com/tv-and-radio/2024/nov/20/britain-nuclear-bomb-scandal-our-story-review (Accessed 16 March 2025).
38 Parkinson, S. (2020) The Environmental Affects of the United Kingdom Army Sector. Scientists for International Accountability & Declassified UK. To be had at: https://www.sgr.org.uk/sites/default/files/2020-05/SGR-DUK_UK_Military_Env_Impacts.pdf (Accessed 16 March 2025).
39 Ibid.
40 BBC Information (2013) ‘AWE atomic guns web site leaks tritium gasoline into circulation.’ BBC Information, 14 October 2013. To be had at: https://www.bbc.com/news/uk-england-berkshire-24518372 (Accessed 16 March 2025).
41 Pearson, L. (2020) Nuclear Guns, the Local weather and Our Setting: Running against a simply, sustainable and non violent long run. Don’t Financial institution at the Bomb Scotland. To be had at: https://nukedivestmentscotland.org/wp-content/uploads/2020/08/nwce-report-final-1.pdf (Accessed 16 March 2025).
42 Irish Instances (2023) ‘Sellafield nuclear web site has leak that will have ‘probably important penalties’, Dad or mum stories.’ Irish Instances, 05 December 2023. To be had at: https://www.irishtimes.com/world/uk/2023/12/05/sellafield-nuclear-site-has-leak-that-could-have-potentially-significant-consequences-guardian-reports/ (Accessed 16 March 2025).
43 ICAN (2020) ‘The Environmental Legacy of Nuclear Guns Manufacturing: 5 Case Research.’ ICAN, 22 April 2020. To be had at: https://www.icanw.org/the_environmental_legacy_of_nuclear_production_five_case_studies (Accessed 16 March 2025).
44 Irish Instances (2023) ‘Sellafield nuclear web site has leak that will have ‘probably important penalties’, Dad or mum stories.’ Irish Instances, 05 December 2023. To be had at: https://www.irishtimes.com/world/uk/2023/12/05/sellafield-nuclear-site-has-leak-that-could-have-potentially-significant-consequences-guardian-reports/ (Accessed 16 March 2025).
45 BBC Information (2024) ‘Nuclear plant radioactive leak ‘slowing down’’ BBC Information, 17 September 2024. To be had at: https://www.bbc.com/news/articles/c7v6646l9emo (Accessed 16 March 2025).
46 Muñoz, A., Snyder, S. & Oudes, C. (2025) At Nice Value: The firms development nuclear guns and their financiers. To be had at: https://www.dontbankonthebomb.com/wp-content/uploads/2025/02/72025004_PAX_-_DONT-BANK-ON-THE-BOMB_FINAL_WEB.pdf (Accessed 16 March 2025).
47 Be aware: Monetary figures are introduced in USD to make sure consistency and comparison with the unique supply subject matter.
48 Ibid.
49 Barclays (2023) Defence and Safety Remark. To be had at: https://home.barclays/content/dam/home-barclays/documents/citizenship/our-reporting-and-policy-positions/policy-positions/Barclays-Statement-on-the-Defence-Sector.pdf (Accessed on 16 March 2025).
50 Ibid.
51 Muñoz, A., Snyder, S. & Oudes, C. (2025) At Nice Value: The firms development nuclear guns and their financiers. To be had at: https://www.dontbankonthebomb.com/wp-content/uploads/2025/02/72025004_PAX_-_DONT-BANK-ON-THE-BOMB_FINAL_WEB.pdf (Accessed 16 March 2025).
52 Snyder, S. (2021) Perilous Profiteering: The firms development nuclear arsenals and their monetary backers. To be had at: https://d3n8a8pro7vhmx.cloudfront.net/ican/pages/2331/attachments/original/1637141262/2021_Perilous_Profiteering_Final.pdf?1637141262 (Accessed 16 March 2025).
53 Muñoz, A., Snyder, S. & Oudes, C. (2025) At Nice Value: The firms development nuclear guns and their financiers. To be had at: https://www.dontbankonthebomb.com/wp-content/uploads/2025/02/72025004_PAX_-_DONT-BANK-ON-THE-BOMB_FINAL_WEB.pdf (Accessed 16 March 2025).
54 HSBC (n.d.) Defence Apparatus Coverage Remark. To be had at: https://www.hsbc.com/-/files/hsbc/our-approach/risk-and-responsibility/pdfs/240628-defence-equipment-policy-statement.pdf?download=1 (Accessed 16 March 2025).
55 Muñoz, A., Snyder, S. & Oudes, C. (2025) At Nice Value: The firms development nuclear guns and their financiers. To be had at: https://www.dontbankonthebomb.com/wp-content/uploads/2025/02/72025004_PAX_-_DONT-BANK-ON-THE-BOMB_FINAL_WEB.pdf (Accessed 16 March 2025).
56 Lloyds Banking Workforce (2019) Defence Sector Remark. To be had at: https://www.banktrack.org/download/defence_sector_statement/190415_defence_sector_statement_jan2019.pdf (Accessed 16 March 2025).
57 Muñoz, A., Snyder, S. & Oudes, C. (2025) At Nice Value: The firms development nuclear guns and their financiers. To be had at: https://www.dontbankonthebomb.com/wp-content/uploads/2025/02/72025004_PAX_-_DONT-BANK-ON-THE-BOMB_FINAL_WEB.pdf (Accessed 16 March 2025).
58 NatWest (2025). Environmental, Social and Moral Chance Defence and Personal Safety Acceptance Standards. To be had at: https://www.natwestgroup.com/content/dam/natwestgroup_com/natwestgroup/Docs/web-pages/2025/sustainability/NWG-2025-ESE-Defence-Private-Security.pdf.coredownload.pdf (Accessed 16 March 2025).
59 Muñoz, A., Snyder, S. & Oudes, C. (2025) At Nice Value: The firms development nuclear guns and their financiers. To be had at: https://www.dontbankonthebomb.com/wp-content/uploads/2025/02/72025004_PAX_-_DONT-BANK-ON-THE-BOMB_FINAL_WEB.pdf (Accessed 16 March 2025).
60 Same old Chartered (N.d). Abstract of Way on Defence Items. To be had at: https://www.banktrack.org/download/summary_of_approach_on_defence_goods/190805_defencesummaryofapproachondefencegoods.pdf (Accessed 16 March 2025).
61 Same old Chartered (2024) Energy Era Place Remark. To be had at: https://www.banktrack.org/download/power_generation_position_statement_6/240226_standard_chartered_powergenerationpositionstatement.pdf (Accessed 16 March 2025).
62 Same old Chartered (N.d.) Abstract of Way on Defence Items. To be had at: https://www.banktrack.org/download/summary_of_approach_on_defence_goods/190805_defencesummaryofapproachondefencegoods.pdf (Accessed 16 March 2025).
63 Muñoz, A. (2023) Transferring Clear of Mass Destruction: 109 exclusions of nuclear weapon manufacturers. To be had at: https://www.dontbankonthebomb.com/wp-content/uploads/2023/07/PAX_Rapport_DBotB_Moving_Away_FINAL_digi_Single_Page.pdf (Accessed 16 March 2025).
64 Muñoz, A., Snyder, S. & Oudes, C. (2025) At Nice Value: The firms development nuclear guns and their financiers. To be had at: https://www.dontbankonthebomb.com/wp-content/uploads/2025/02/72025004_PAX_-_DONT-BANK-ON-THE-BOMB_FINAL_WEB.pdf (Accessed 16 March 2025).
65 Ibid.
⁶⁶ For more info at the Corridor of Reputation and the moral insurance policies of banks see Muñoz, A. (2023) Transferring Clear of Mass Destruction: 109 exclusions of nuclear weapon manufacturers. To be had at: https://www.dontbankonthebomb.com/wp-content/uploads/2023/07/PAX_Rapport_DBotB_Moving_Away_FINAL_digi_Single_Page.pdf & Financial institution Observe. To be had at: www.banktrack.org
67 Felony and Common (2020) LGIM (H) Arguable Guns Coverage. To be had at: https://cms.lgim.com/globalassets/lgim/_document-library/capabilities/lgimh-controversial-weapons-policy.pdf (Accessed 16 March 2025).
68 Making an investment in Trade. Take Motion: Royal London. To be had at: https://investinginchange.uk/action/royallondon/ (Accessed 16 March 2025).
69 Baillie Gifford (2024) Exclusion Coverage. To be had at: https://www.bailliegifford.com/en/global/existing-investors/literature-library/corporate-governance/exclusion-policy/ (Accessed 16 March 2025).
70 Janus Henderson Buyers (2024) Accountable Funding Coverage. To be had at: https://cdn.janushenderson.com/webdocs/2024%2520Responsible%2520Investment%2520Policy.pdf (Accessed 16 March 2025).
71 Jupiter Fund Control (2024) Accountable Funding Coverage. To be had at: https://www.jupiteram.com/global/en/corporate/sustainability-at-jupiter/reports/#accordion-81e38ffbd7-item-8a94cf2c35 (Accessed 16 March 2025).
72 M&G Investments (2024) Arguable Guns Coverage. To be had at: https://www.mandg.com/~/media/Files/M/MandG-Plc/documents/mandg-investments-policies/2024/mg-investments-controversial-weapons-policy04-24.pdf (Accessed 16 March 2025).
73 Marathon (2024) Environmental, Social and Governance Coverage. To be had at: https://www.marathon.co.uk/media/iorjymho/esg-policy.pdf (Accessed 16 March 2025).
74 Schroders (N.d.) Workforce Exclusions. To be had at: https://www.schroders.com/en-gb/uk/individual/what-we-do/sustainable-investing/our-sustainable-investment-policies-disclosures-voting-reports/group-exclusions/ (Accessed 16 March 2025).
75 Silchester World Buyers LLP (2025) UK Stewardship Code Remark. To be had at: https://www.silchester.com/pdfs/Stewardship%20Code%20and%20Proxy%20Voting%20Policy%20-%200125.pdf (Accessed 16 March 2025).
