Continuing investments in nuclear weapons
A new report has singled out the Royal Bank of Scotland as one of the heaviest investors in nuclear weapons, with an estimated USD $5,635.70 million invested or available for nuclear weapon producers.
The research, by the International Campaign to Abolish Nuclear Weapons (ICAN), argues that "by lending money to nuclear weapons companies, and purchasing their shares and bonds, banks and other financial institutions are indirectly facilitating the build-up and modernization of nuclear forces, thereby heightening the risk that one day these ultimate weapons of terror will be used again – with catastrophic humanitarian and environmental consequences.” ICAN was calling for a coordinated global campaign for nuclear weapons divestment.
The research identified a total of 298 financial institutions that were found to be significantly involved in financing the 27 selected nuclear weapons producing companies, including HSBC, Legal and General Group, Lloyds Banking Group, Prudential, Standard Chartered, Standard Life and The National Farmers Union Mutual Insurance Society.
The report, "Don't Bank on the Bomb: A Global Report on the Financing of Nuclear Weapons Producers", also identified banks which excluded investments or lending to companies which produce and sell weapons and weapon-related services. Triodos was listed in the hall of fame, while the Co-op bank was listed as a runner-up.
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