Report launch: Don't Bank on the Bomb (ICAN)

The Campaign for Nuclear Disarmament is pleased to support today’s launch of a groundbreaking report by ICAN - the International Campaign to Abolish Nuclear Weapons - on the global financing of the nuclear weapons industry.

The comprehensive study, entitled Don’t Bank on the Bomb, identifies more than 300 banks, pension funds, insurance companies and asset managers in 30 countries with substantial investments in nuclear arms producers.Don't Bank on the Bomb

The 180-page report provides details of financial transactions with 20 companies that are heavily involved in the manufacture, maintenance and modernisation of US, British, French and Indian nuclear forces.

Divesting from Nuclear Weapons

In his foreword to the report, Nobel Peace Prize winner Desmond Tutu has called on financial institutions to “do the right thing and assist, rather than impede, efforts to eliminate the threat of radioactive incineration”, noting that divestment was a vital part of the successful campaign to end apartheid in South Africa.

“Today, the same tactic can – and must – be employed to challenge man’s most evil creation: the nuclear bomb. No one should be profiting from this terrible industry of death, which threatens us all.”

UK financial institutions heavily involved in supporting nuclear weapons companies

The UK is home to 41 of the 322 financial institutions found to be supporting major nuclear weapons companies – the second largest amount out of the 30 countries covered by the report.

Of these, the most heavily involved in financing nuclear arms include Barclays, HSBC and the part-publicly owned banks Lloyds and Royal Bank of Scotland.

Five of the twenty major nuclear weapons companies listed in the report – Babcock International, BAE Systems, Redhall Group, Rolls Royce and Serco Group – are UK-based.