New Report from ICAN: Untenable Investments: Nuclear Weapon Producers and their Financiers February 23, 2024

The International Campaign to Abolish Nuclear Weapons (ICAN) has issued a new report examining the involvement of investors in the production, maintenance or modernization of nuclear weapons. Nuclear weapons manufacturers rely on private funding for critical parts of the development process. Therefore, financial institutions are uniquely placed to leverage the weapons manufacturing industry. The report’s finding, that the number of investors in nuclear weapons development has dropped (306 to 287) for the third year in a row, is encouraging. However, the value of those investments has increased. PSR is one of 650 ICAN partner organizations in 110 countries.

Together, investors held $477 billion in shares and bonds in 24 nuclear weapons producing companies, and $434 billion was provided in loans and underwriting. These 24 companies are involved in activities outlawed under the Treaty on the Prohibition of Nuclear Weapons (TPNW), which entered into force in 2021.

Northrop Grumman and General Dynamics were the worst offenders, holding outstanding contracts with a potential value of $21.2 billion and $23.7 billion respectively. U.S. investors continue to dominate while there are almost no investments from banks in TPNW signatory countries.

The report, written together with PAX as part of Don’t Bank on the Bomb, found 287 financial institutions had significantly financed nuclear weapons producers, down from 306. While the $15.7 billion increase in share and bond holding values (compared to the 2022 report) is concerning, it is encouraging that the number of companies willing to invest in weapons of mass destruction is on the decline. Actively supporting sustainable and ethical investment is a growing trend that can strengthen norms and provide financial barriers against the continuation of these weapons.

To read the full report please click here.